Market-leading NFT marketplace OpenSea has now seen more than one million users make a transaction on its platform as the space continues its recent revival.
This is in stark contrast to the same date in 2021, where only a paltry 37,400 users had made a transaction on OpenSea.
The data shows that so far in January 2022, OpenSea has seen $2.85bn in volume and shows no signs of slowing as more and more crypto-natives begin to seek more diversified investments and yield to the almost magnetic appeal of NFTs.
However, despite its record-breaking performance and undoubted influence in the success of NFTs, the marketplace is now facing fierce criticism of its operations.
In order to address these issues, OpenSea recently raised $300m in funding to improve its customer service and remove barriers of entry for newcomers – which was again met with opposition from the space.
The negative sentiment surrounding OpenSea was further compounded when challenger marketplace LooksRare embraced the flourishing Web3 environment and launched with appealing participation rewards and incentives for using the platform.
The emergence of NFT marketplaces from crypto exchanges including Coinbase, FTX, Binance and the Gemini-owned Nifty Gateway will also continue to pose a challenge to OpenSea’s market dominance in 2022.
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