X2Y2 ETH Transaction Volume Continues to Top the Charts as OpenSea Slumps to Third

Leading NFT marketplace OpenSea has fallen behind X2Y2 and LooksRare in terms of daily transaction volume accounting for just 11.7% on June 17.
Image source: X2Y2

Quick take:

  • X2Y2 daily transaction volume surpassed OpenSea’s On June 15.
  • It has maintained the top position since then, with OpenSea falling further on Friday to settle for third, behind LooksRare.
  • On June 17, X2Y2 accounted for more than 72% of total transaction volume, with LooksRare also eclipsing OpenSea with 15.4% versus 11.7%.

X2Y2 NFT transaction volume has maintained the top spot above OpenSea’s for the third day in a row. The highly incentivised NFT marketplace has topped the charts since June 15, following a rapid decline in transaction volume on OpenSea.

As a result, X2Y2 closed on Friday, June 17 with a market share of more than 72%, while LooksRare and OpenSea accounted for 15.4% and 11.7%, respectively.

Source: @zxsasha Dune Analytics

On Tuesday, OpenSea was still the most popular platform accounting for more than 57% of the total transaction volume with 26.76k in ETH versus X2Y2’s 15.74k ETH and LooksRare’s 3.85k ETH.

However, X2Y2 took over on Wednesday with 15.77k while OpenSea slumped to 7.87k and LooksRare edged lower to 3.37k. Even though X2Y2 experienced a slight decline on June 16 to 15.33k, it maintained the top spot after OpenSea fell further with 4.45k, as LooksRare edged above it with 4.47k. 

The trend continued on Friday with X2Y2 remaining relatively unchanged with 15.34k while both OpenSea and LooksRare fell to 2.47k and 3.25k, respectively.

Source: @zxsasha Dune Analytics

Nonetheless, according to a dashboard prepared by @zxsasha on Dune Analytics, OpenSea still has the highest number of daily active users, with 14.48k transacting through the platform on June 17. In comparison, X2Y2 maintained the second spot with 2.33k users trading NFTs on Friday, while only 905 traders showed up on LooksRare.

X2Y2 has had the second most amount of daily NFT traders behind OpenSea since surpassing LooksRare in late May.

The data shows that the number of users on OpenSea has been declining since Tuesday.

This is due to the platform migrating to its newly launched and more secure community NFT platform Seaport. Seaport’s user numbers have been soaring since launching earlier this week.

According to a dashboard prepared by @Marcov on Dune Analytics, the number of users on Seaport has surpassed 74,000.

Source: @Marcov Dune Analytics

This may also explain the sharp decline in NFT transaction volume on OpenSea. It looks like OpenSea users have quickly migrated to conduct their business on the new platform. Another dashboard prepared by @Marcov shows transaction volume has been more than $12 million per day for the last three days.

Source: @Marcov Dune Analytics

Overall, OpenSea’s new platform has locked a cumulative transaction volume of $42.13 million from just under 100k transactions, while the number of users stands at 74,700, as of this writing.

The story is developing and will get frequently updated on this section:

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