Analysis: Although OpenSea's market share has rebounded, NFT's overall performance is still in trouble

PANews reported on April 5th that according to The Block, in early 2022, OpenSea's market share in Ethereum Non-Fungible Token market transactions was around 97%. Just two years later, the platform seemed to shrink in fierce competition, with its market share dropping to slightly below 20%. However, in the following 10 months, OpenSea's market share in Ethereum Non-Fungible Token market transactions steadily climbed, now exceeding 51%. Analysts believe that while OpenSea's market share appears to be recovering, it is not necessarily due to the platform's own good performance, but likely because its main competitor Blur is performing poorly on a relatively competitive basis. Since reaching its latest peak in December 2024, Blur's monthly Non-Fungible Token trading volume has been continuously declining, with an average monthly decline rate of 55%. During the same period, OpenSea's monthly Non-Fungible Token trading volume changed more dramatically, dropping 48% from December to January. It is worth noting that Ethereum Non-Fungible Token trading volume has significantly declined in the past three months, with the entire industry performing poorly.