OpenSea has staged a dramatic comeback, reclaiming 71.5% of the Ethereum NFT market share up to now week.
Simply 4 weeks in the past, its share stood at 25.5%, with Blur dominating the area. The Block reports that this surge coincides with OpenSea’s long-awaited announcement of its native token, SEA, on Feb. 13.
For the reason that token reveal, OpenSea’s each day buying and selling quantity has skyrocketed, averaging $17.4 million, practically 5 occasions its pre-announcement common of $3.47 million.
The variety of each day transactions additionally greater than doubled, leaping from 6,100 to 14,700 trades. The majority of this progress got here up to now week, as OpenSea’s market share spiked from 42.4% to 71.5%, largely at Blur’s expense.
OpenSea has encountered obstacles in its incentive rollout, regardless of the momentum. After customers accused the platform of selling wash buying and selling and giving price manufacturing priority over precise ecosystem engagement, it just lately suspended its XP-based incentives system.
Devin Finzer, CEO of OpenSea, acknowledged the criticism and mentioned the crew is reassessing its technique despite the fact that liquidity incentives are nonetheless essential.
Instead of the XP system, OpenSea has launched “XP shipments,” a brand new rewards mannequin focusing on early adopters of its OS2 market. Customers who supplied suggestions by way of Discord have already obtained the primary batch of XP rewards, whereas a second spherical is being distributed to those that have bought NFTs on OS2. As well as, XP multipliers can be found for individuals who’ve held top-volume NFT collections for greater than three months.
Though details about the SEA token remains to be restricted, OpenSea has acknowledged that U.S. customers are eligible for the airdrop and that allocation shall be primarily based on previous platform exercise, which may probably compensate merchants who had been lively through the 2021 NFT bull run.