Ethereum, Solana NFT Marketplace ‘Wars’ System as businesses get started

Even in the middle of nowhere the NFT market is weak in the last two months, the market has been high OpenSea held a position of power in the open. But that first tool can be threatened by competitors who are increasing numbers and aggregation.

Where aa new business show do not blockchain analytics firm DappRadar, which has cited the large number of NFT markets and aggregators available in recent months, can set up what has been described as “ongoing NFT market wars.”

OpenSea made its first acquisition in recent months. available NFT marketplace aggregator Gem in April. Gem allows users to buy NFTs at retail outlets on multiple sites, and OpenSea CEO and founder Devin Finzer described the move as a “must -serve better for more knowledgeable pro users. “

Gem will remain an independent site, however some of its features will also be integrated into OpenSea’s own platform. And OpenSea has started on its own again Marine market consultingwhich combines top features and cuts down Ethereum gas fees (costs associated with working online).

However, the Gem move was probably the first domino to fall, as it was followed by some high -profile moves from other major players. In June, Uniswap Labs — manufacturer DeFi protocol and decentralized exchange Uniswap–Gem has the biggest competitor, Geniethe thing provides a similar feature set.

The move will see the more complex DeFi protocol, which allows unsecured transactions between users, now try to recreate that transaction in the NFT space. “These acquisitions will put OpenSea and Uniswap in independent competition with each other immediately,” DappRadar reported.

A day later, the eBay online marketplace announced found by KnownOrigin, a long -term NFT market. While the site has not generated a large amount of traffic, KnownOrigin has given eBay the opportunity to quickly become a player in the NFT space.

An NFT he blockchain symbol it can guarantee the ownership of an object, including digital assets such as artwork, photographs, video players, and sports and entertainment collectors. The market will have about $ 25 billion in retail sales by 2021, and DappRadarand gave first about $ 20 billion in organic trading now in 2022 for the latest report.

But there is more to the potential to change the tide in the NFT market than just availability. New competitions are taking place, that is Magic Eden and X2Y2.

Magic Eden is now winning the Solana areas with a market share of 90% or more, even among OpenSea strengthen the Solana marketand now announced a $ 130 million Series B expansion That’s a net worth of $ 1.6 billion. The market is looking to expand into more blockchains, and DappRadar says they account for 10% of all NFT transactions.

X2Y2on the other hand, a Ethereum a store that offers commercial gifts to users such as what LooksRare doesWhile LooksRare is the model convicted of promoting “laundry,” or trade between the user himself money bags at increased prices. X2Y2, according to DappRadar data, has been acquired by LooksRare in the form of a major retailer.

Now, Coinbase’s own NFT market is expected to create waves across the industry, but for now Even though it was hard for him to pull the trigger. A Coinbase representative tell me Decrypt He is investing in the social aspects of the market today. We’ll see in the long run if that path translates into critical on-chain metrics.

OpenSea has avoided a lot of headlines as it grew rapidly over the past year, with Called “insider trading” from a former director and a user who knows the NFT values ​​of users unintended sales for money below the market. The firm’s recent moves, however, with the acquisition of Gem and the release of Seaport, indicate significant work ahead for the market.

Whether it will be enough to defend against the oncoming rivals, however, remains to be seen. But NFTs are always on saleAs prices fall and the volume of trade decreases amid the collapse of the crypto market, so there is still an opportunity for strong competition between the platforms.