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

News on April 5, according to The Block report, at the beginning of 2022, OpenSea accounted for about 97% of the trading volume in the Ethereum NFT market. Just two years later, the platform seems to have shrunk in fierce competition, with its market share dropping slightly below 20%. However, in the following ten months, OpenSea's share of trading volume in the Ethereum NFT market has steadily climbed and currently exceeds 51%. However, analysts believe that while OpenSea's market share appears to be recovering it is not due to good performance by OpenSea protocol itself but likely because its main competitor Blur is underperforming relative competition. Since reaching a new peak in December 2024, Blur's monthly NFT transaction volume has been continuously declining at an average rate of 55% per month. During this same period, changes in OpenSea’s monthly NFT transaction volumes were even greater; they fell by 48% from December to January. It is worth mentioning that Ethereum NFT trading volumes have significantly decreased over the past three months indicating poor performance across the entire industry.