Analysis: Although OpenSea's market share has rebounded, the overall performance of NFTs is still not out of the woods

On April 5th, according to The Block, at the beginning of 2022, OpenSea accounted for about 97% of the Ethereum NFT market transaction volume. Just two years later, the platform seemed to be shrinking in the fierce competition, and its market share fell to just under 20%. However, in the 10 months since then, OpenSea's share of the Ethereum NFT market transaction volume has steadily climbed, and now it has exceeded 51%. However, the analysis believes that OpenSea's market share seems to be recovering, but not because the OpenSea protocol itself is performing well, but probably because its main competitor Blur is not performing well on a relatively competitive basis. Since reaching its latest peak in December 2024, Blur's monthly NFT transaction volume has been continuously declining, with an average monthly decline rate of 55%. During the same period, OpenSea's monthly NFT transaction volume has been more variable, falling by 48% from December to January. It is worth mentioning that Ethereum NFT transaction volume has dropped significantly in the past three months, and the industry as a whole has performed poorly.