Opensea reclaims NFT market share, surging to 71.5% after SEA token announcement

OpenSea, a leading NFT marketplace, has recently reclaimed a significant portion of the Ethereum NFT market share, surging to 71.5% in the past week. This marks a substantial increase from 25.5% just four weeks prior.

The primary catalyst for this resurgence is the announcement of OpenSea's native token, $SEA, on February 13, 2025. Following the announcement, the platform's daily NFT trading volume increased nearly fivefold, averaging $17.4 million per day, up from $3.47 million in the five days prior. Additionally, daily transactions more than doubled, averaging 14,700 trades per day post-announcement compared to 6,100 before.

The $SEA token is designed to enhance user engagement within the NFT ecosystem. While specific details about the token's functionality are yet to be fully disclosed, it has been confirmed that U.S. users are eligible, and historical platform usage will play a significant role in determining airdrop allocations.

In conjunction with the $SEA token launch, OpenSea introduced OS2, a comprehensive upgrade to its platform. OS2 expands support to over a dozen blockchains, enables fungible token trading, and offers an overhauled user experience.

This strategic shift has not only bolstered OpenSea's market position but also intensified competition within the NFT marketplace sector. As the platform continues to innovate and expand its offerings, it aims to provide enhanced value to its users and maintain its leadership in the evolving NFT landscape.

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