CryptoSlate examined Glassnode data to assess OpenSea’s performance in 2022, revealing that its market dominance has dropped from 50% in January to 33%.
Earlier this year, OpenSea represented 20% of total Ethereum (ETH) gas usage. This percentage decreased over the year to 9%. His NFT transfers on the marketplace also registered a 25% drop in 2022.
The chart below represents the number of transactions in the Ethereum network related to transactions interacting with NFTs by calculating share percentages.
This metric includes both ERC721 and ERC1155 token contract standards traded on major NFT marketplaces (OpenSea, LooksRare, Rarible, SuperRare).Data starts at the beginning of the year and represents shares For each NFT Marketplace of a specific color.
The pink area represents OpenSea, the leading NFT marketplace. We can see that OpenSea started the year with around 50% market dominance. However, the market dominance he began to decline at the end of May, to about 33% at the end of the year.
Number of NFT transfers
Marketplace NFT transfers represent the number of NFT transfers facilitated by being paid in ETH or Wrapped Ethereum (wETH). This metric includes year-to-date OpenSea and LooksRare data only.
A similar decline in OpenSea accounts can be seen in this metric as well. According to the data, OpenSea started the year with about 80,000 transfers and declined gradually throughout the year. As of December 31st, OpenSea has processed about 60,000 transfers, a 25% drop in transaction volume.
Gas usage by NFT
The Gas Usage by NFT metric calculates a percentage share representing the relative amount of gas consumed by the Ethereum network for transactions interacting with NFTs.
The decline in OpenSea can also be seen in the share of gas usage. The market started the year by serving 20% of all gas usage and recorded a steep decline ending at 9%.