- OpenSea’s market share jumped from 25.5% to 71.5% in four weeks.
- Daily transactions more than doubled post-announcement.
OpenSea has regained dominance in the Ethereum NFT marketplace, capturing 71.5% of the market share this past week. Four weeks ago, it held only 25.5%, with Blur leading the space. The surge aligns with OpenSea’s announcement of its long-awaited native token, $SEA, on Feb. 13.
Since the announcement, OpenSea’s daily trading volume has surged, averaging $17.4 million. This is nearly five times its pre-announcement average of $3.47 million. Daily transactions also more than doubled, rising from 6,100 to 14,700 trades. Most of this growth occurred last week, as OpenSea’s market share jumped from 42.4% to 71.5%, taking volume away from Blur.
Despite this momentum, OpenSea has faced challenges with its incentive rollout. The platform paused its XP-based rewards system following criticism from users. Many argued the system encouraged wash trading and prioritized fee production over real engagement. In response, OpenSea introduced “XP shipments,” a new rewards model focused on early adopters of its OS2 marketplace.
OpenSea Refines Rewards System
Users who provided feedback on Discord received the first batch of XP rewards. A second round is being distributed to those who purchased NFTs on OS2. Additionally, XP multipliers are available for users who held top-volume NFT collections for over three months. This shift aims to promote sustainable participation rather than artificial trading activity.
The SEA token remains largely undisclosed, but OpenSea confirmed that U.S. users qualify for the airdrop. Allocation will depend on past platform activity, benefiting traders who were active during the 2021 NFT bull run. This could provide a major incentive for long-time users to return and engage with the platform.
The marketplace remains focused on rewarding buyers and holders rather than traders seeking to exploit the system. As competition with Blur continues, OpenSea’s ability to refine its rewards model will be crucial in sustaining its regained market share.
Highlighted Crypto News Today
Canary Capital’s Litecoin ETF Edges Closer to Approval with DTCC Listing
