OpenSea regains ground against Blur in the NFT market

OpenSea is regaining its leading position in the Ethereum NFT token market, reaching 80% market share in the past week, thanks to the interest generated by the announcement of its native token, SEA.

According to recent data extracted from the report Data & Insights The Block, the marketplace platform managed to operate close to 80% of NFT trading volume on Ethereum, which is a notable advance compared to its previous figures. 

Analysts of the platform attribute this growth, in large part, to the announcement of the SEA token, an initiative that has sparked the interest of the community and revived enthusiasm for the platform.

The resurgence of OpenSea

OpenSea, which has historically been a benchmark in the NFT market, had lost ground to its competitors, particularly Blur, which stood out for offering lower fees and a decentralized approach to its users. However, the launch of SEA seems to have been the key factor in reversing this trend. 

According to analysts, the numbers speak for themselves: in the days following the token announcement on February 13, OpenSea facilitated an average of $17,4 million in daily volume, a significant figure compared to the $3,47 million the platform had facilitated in the days leading up to the announcement. 

The growth in Opensea’s trading volume not only reflects a change in user preferences, but also a strategic shift by the NFT marketplace platform to maintain its relevance in an increasingly competitive market.

What is SEA?

SEA has been introduced as the official token of Opensea and is considered the central axis of the renewed interest and demand that the platform is currently experiencing. Although the specific details of its operation are still in development, it is known that its distribution will be accessible to historical users of the platform, a strategy that Opensea will use to reward those who have been loyal over the years.

The developers of the marketplace platform announced that SEA will be launched via an airdrop that will be available to US users. 

Although developing a native token and launching an airdrop is not a new strategy in the crypto space, its implementation on OpenSea has generated a significant impact. On the one hand, it has reactivated the participation of users who had abandoned the platform during the NFT market downturn in 2023. On the other hand, it has attracted new traders and collectors interested in taking advantage of the opportunities offered by the token.

Furthermore, the announcement of the SEA token coincides with the launch of OS2, an upgraded version of the marketplace platform that includes support for 14 new blockchains and a reduction in transaction fees. This new version not only improves the user experience, but also expands OpenSea’s reach in the blockchain ecosystem.

Blur and the competition in the NFT market

Blur, which burst onto the market in 2022 with its own token and more attractive fees, had become OpenSea's main rival. For several months, Blur led the trading volume of NFTs on Ethereum, thanks to its decentralized approach and lower fees for creators.

However, the announcement of the SEA launch has displaced Blur in the user rankings. Although Blur maintains a significant market share, its volume has declined compared to the record numbers it previously recorded.

In short, the upcoming token launch is not only strengthening OpenSea’s position, but has also created a broader impact on the NFT market, proving that traditional platforms can regain ground against new players, as long as they introduce significant innovations.

Breaking: SEC ends investigation into OpenSea

Un report According to a recent Bloomberg report, the US Securities and Exchange Commission (SEC) has decided to close its investigation into OpenSea, which represents a significant milestone for the non-fungible token (NFT) market and the crypto ecosystem in general. After receiving a notice from Wells last year, indicating a possible enforcement action, OpenSea faced a regulatory challenge that created uncertainty in the industry. However, the resolution of this case not only relieves the platform, but also sends positive signals to the market about a possible change in the SEC’s stance towards cryptocurrencies.

This development coincides with the renewed activity that the non-fungible token marketplace is experiencing. The closure of the SEC investigation, coupled with the platform’s new initiatives to launch a native token, could mark the beginning of a new stage of growth for OpenSea and, by extension, for the entire NFT ecosystem.

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