What Coinbase’s entry into the NFT market means for OpenSea

Nifty Gateway, SuperRare, and MakersPlace were among the early entrants to establish a foothold in the market for non-fungible tokens (NFTs). OpenSea, which handled about 35% of NFT trading volume between February and April (including a Quartz article sold at auction in March), has increased its market share to more than 95%, making it the top player by far in the business of matching buyers and sellers of what is essentially proof of ownership, stored on a blockchain, for a digital asset. Of the $2.8 billion spent on NFT marketplaces in September, $2.72 billion changed hands on OpenSea, according to data from the crypto websites Dapp Radar and CryptoArt, compiled by the The Block.