OpenSea Reclaims Its Throne – Market Share Climbs to 78.5%

Over the past ten days, a dramatic transformation unfolded: OpenSea’s share of trading volumes soared from 42.4% to 78.5%, a leap driven by the announcement of the SEA token. Meanwhile, Blur—a platform that had long enjoyed unrivaled dominance since its October 2022 launch—is witnessing a swift downturn. In essence, traders who once favored Blur are now flocking back to OpenSea in droves.

What has spurred this reversal? Initially, traders moved to Blur for its attractive fees and the allure of a BLUR token airdrop. Today, OpenSea appears to have adopted a similar strategy with great success, evidenced by its daily trading volume jumping nearly six times—from $3.5 million to $17.4 million—after the SEA token was announced.

The volume of transactions has soared—now averaging 14,700 daily, up from a mere 6,100. This dramatic rise is evidently fueled by the anticipation of a potential SEA airdrop, as traders explore every avenue to compile the necessary data for forthcoming rewards.

Check this out: OpenSea Unveils OS2 Beta, Hints at SEA Token Airdrop

At this point, documentation regarding SEA has not been released, so the exact number of tokens available for the airdrop and the terms governing their distribution are still unknown. It is expected that key factors such as user activity history and overall trading volume will be critical in the distribution process. However, it is also possible that the developers have already captured account balances, or that the airdrop will be relatively modest compared to the fees paid.