NFT sales and trading volumes have surged to all-time highs in recent months. Surprisingly, not all NFT marketplaces are seeing the spoils. OpenSea has been the obvious winner, having established itself as the go-to marketplace for the long tail of NFTs on Ethereum. In October 2020, OpenSea represented only 33% of the NFT market’s monthly volume. Less than a year later, it’s pulled away to ~97% of all NFT volume on Ethereum. It’s important to note that the Axie Infinity marketplace has been excluded from this calculation, and the chart below, since it lives on the Ronin sidechain.
How OpenSea Blitzed The Market
NFT marketplaces have become a crowded space but there is variety across niches, curation designs, etc. OpenSea’s value proposition is simple, serve as the permissionless market for NFT minting, discovery, and trading. This has attracted a diverse group of creators (even a 12 year old making $160k in a day!). User numbers have followed, reaching 117k MAU in August. This in turn has led to a more liquid marketplace. If Uniswap is the marketplace for any altcoin, then OpenSea is the marketplace for any NFT.
Rarible’s early success can partially be attributed to its introduction of token incentives. The boost in growth from this saw Rarible hit ~$77m in volume for March and April, while hitting a peak of 16k MAUs in March. Incentivizing market activity like
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