CryptoSlate appeared into Glassnode information to judge OpenSea’s efficiency in 2022 and revealed that {the marketplace}’s dominance fell to 33% from 50% in January.
Originally of the 12 months, OpenSea corresponded to twenty% of the overall Ethereum (ETH) fuel utilization. This share declined all year long to see 9%. {The marketplace}’s NFT switch rely additionally recorded a 25% lower in 2022.
The chart under represents the variety of transactions within the Ethereum community in relation to the transactions that work together with NFTs by calculating a share share.
This metric consists of each ERC721 and ERC1155 token contract requirements that transacted on main NFT marketplaces — OpenSea, LooksRare, Rarible, and SuperRare. The info begins from the start of the 12 months and represents the shares of every NFT market with a selected colour.
The pink areas characterize the main NFT market OpenSea. It may be seen that OpenSea began the 12 months at round 50% market dominance. Nevertheless, {the marketplace}’s dominance began to decrease on the finish of Could, and it ended the 12 months at round 33%.
NFT switch rely
The NFT switch rely on marketplaces represents the variety of NFT transfers facilitated by being paid with ETH or Wrapped Ethereum (wETH). This metric solely consists of information from OpenSea and LooksRare, ranging from the start of the 12 months.
An analogous decline in OpenSea’s account can be seen on this metric. In response to the info, OpenSea began the 12 months with round 80,000 transfers and steadily declined all year long. As of Dec. 31, OpenSea facilitates round 60,000 transfers, marking a 25% lower in quantity.
Gasoline utilization by NFTs
The fuel utilization by NFTs metric calculates a share share that represents the relative quantity of fuel consumed by the Ethereum community on account of transactions interacting with NFTs.
OpenSea’s decline might be seen from its fuel utilization share as effectively. {The marketplace} began the 12 months by corresponding to twenty% of the entire fuel utilization and recorded a pointy decline to finish it with 9%.
