OurNetwork #151 (Part 2)
Coverage on NFT Marketplaces.
📈 31% of collections accept OpenSea's new royalties policy
In spite of the frigid NFT winter, OpenSea has remained Ethereum’s leading NFT marketplace and boasts a dominant marketshare vs. its competitors when it comes to users (70%) and sales (60%). While its monthly trading volume peaked at $4.8b (1.6m ETH) in early 2022 before declining in June and then seeing a yearly ATL in November ($255m or 194k ETH), there has been a noticeable recovery recently. Declines on unique traders and trade counts were much smaller at ~40%. Unique traders fell from 500k to 300k, whereas trade counts fell from 2.4m to 1.5m. In 2022, 93% of trades on OpenSea honored royalties, compared to 19% on other marketplaces, which has made it extremely attractive to creators.
OpenSea's new royalty policy officially started this week. NFT collections must block royalty evading marketplaces in smart contracts to be eligible for assured royalties on OpenSea. During trial period, 31.6% of new collections abide by the new policy. Adoption rate rose progressively, from 14% to 40%.
The new policy increased OpenSea's market share. OpenSea occupied 83% of volume, and 91% of trades among royalty enforced collections. Whereas the numbers for other collections were 59% and 79%, respectively.
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