Nonfungible token (NFT) marketplace Opensea has seen its competitors chomping at its ankles this year as they gain market share — turning the market from a “monopoly” into an “oligopoly," a new report states.
Binance Market Pulse released on Oct. 20 says there has been a slow and steady change in market leadership, noting that while OpenSea is still the dominant marketplace in terms of users and volume, Ethereum (ETH)-based exchanges X2Y2 and Looksrare have been gaining their share of the market over 2022.