Opensea Regains NFT Market Share, Reaches 71.5% After Southeast Asia Token Launch

The Ethereum NFT market has seen a surge for Opensea, with its market share reaching 71.5% over the past week, marking an impressive resurgence from 25.5% just four weeks ago. Much of this increase is due to the announcement of the platform’s $SEA token launch, which has helped Opensea reclaim market share from rival Blur.

According to the latest data, Opensea’s market share has increased from 42.4% to 71.5% over the past week, taking a large share from Blur in total NFT trading volume. This shows the impact the $SEA token launch has had on trading volume and transaction counts on the platform.

The $SEA token was officially announced by Opensea on February 13, and since then, the platform has recorded an average trading volume of $17.4 million per day, compared to an average of just $3.47 million in the five days prior to the token’s announcement. Transaction volume has also skyrocketed, with an average of 14,700 transactions per day following the announcement, more than double the previous level of 6,100.

While details about the $SEA token remain limited, several sources have confirmed that eligible US users will be considered for the airdrop, with platform usage history being a key factor in determining allocations. This is especially beneficial for users who have been heavily using Opensea during the NFT boom in 2021.

Opensea regaining this large market share not only reflects the success of the $SEA token launch, but also shows the positive development of the platform amid increasing competition from rivals such as Blur.