We analyzed data from Glassnode to assess OpenSea’s performance in 2022 and found that the marketplace’s market share declined to 33% from 50% in January. In the beginning of the year, OpenSea accounted for 20% of total Ethereum (ETH) gas usage, but this percentage decreased throughout the year to reach 9%. The marketplace also saw a 25% decrease in NFT transfer count in 2022.
The chart below illustrates the percentage of transactions on the Ethereum network that involve NFTs, including both ERC721 and ERC1155 token contract standards, on major NFT marketplaces such as OpenSea, LooksRare, Rarible, and SuperRare. The data starts from the beginning of the year and shows the share of each NFT marketplace with a specific color.
According to the data represented by the pink areas, OpenSea, the leading NFT market, started the year with approximately 50% market dominance. However, the marketplace’s dominance began to decline towards the end of May and ended the year at around 33%.
NFT switch depend
The NFT switch depends on marketplaces and represents the variety of NFT transfers facilitated by being paid with ETH or Wrapped Ethereum (wETH). This metric solely contains knowledge from OpenSea and LooksRare, ranging from the start of the 12 months.
An analogous decline in OpenSea’s account can also be seen on this metric. In accordance with the information, OpenSea began the 12 months with around 80,000 transfers and steadily declined all year long. As of Dec. 31, OpenSea facilitates around 60,000 transfers, marking a 25% lower in quantity.
Gas utilization by NFTs
The “gas usage by NFTs” metric calculates the percentage of gas consumed by the Ethereum network for transactions involving NFTs. This can provide insight into the relative importance or popularity of NFT transactions on the network. In the case of OpenSea, the marketplace started the year with a gas usage share of 20%, but saw a significant decrease to end the year with a share of 9%. This decline in gas usage may reflect a decrease in the overall activity or popularity of the marketplace.
