OpenSea dominance wanes, Azuki skateboards fetch $2.5 million and up

OpenSea’s dominance is beginning to wane

OpenSea, the non-fungible token (NFT) marketplace, has seen its rivals hot on its heels this year as they gained market share – turning the market from a “monopoly” to an “oligopoly,” according to the a new report.

Binance Market Pulse, published Oct. 20, says there has been a slow and steady shift in market leadership, noting that while OpenSea is still the dominant marketplace in terms of users and volume, Ethereum-based exchanges X2Y2 and Looksrare have however gained their share of the market over 2022.

The report also noted that OpenSea faces stiff competition when it comes to Solana-based NFTs, with its most-used native marketplace Magic Eden being “a close second” behind multichain exchange OpenSea.

OpenSea’s volume-wise market dominance peaked in May 2022, but has been declining since then. Picture: binance

It comes amid a potential sea change in the NFT marketplaces.

On Oct. 14, Solana-based NFT marketplace Magic Eden decided to launch optional royalties on its platform, after Ethereum-based marketplace X2Y2 made a similar move in August.

It noted that the “market has been shifting towards optional royalties for creators for some time”.

Binance’s Q3 report added that Ethereum still dominates overall, holding 65% of NFT volume market share at the end of Q3, but NFT buyers could shift blockchains in search of profits or follow the latest trends.

The data also shows that Solana’s NFT sales volume is up 13% in Q3 and Ethereum’s is down 16% since the end of Q2.

Record-Breaking Bids for First Wave of Physical Backed Tokens

The Azuki NFT project broke the record for the most expensive skateboard ever sold, with the highest bid for a limited-edition 24k gold-plated skateboard that fetched 309 Ether (ETH) or $400,000.

A total of eight skateboards were sold via the new Physical Backed Token (PBT) technology, earning the project a total of $2.5 million in ETH.

The highest bid far beat the previous record holder, the $38,000+ “Blowin’ in the Wind Skateboard,” created by skateboarder Jamie Thomas and featuring handwritten lyrics by singer Bob Dylan.

It was the first time the project implemented its Physical Backed Token (PBT) technology standard.

PBT is a token standard developed by the project that uses a cryptographic chip to authenticate ownership of a physical item and generate an NFT in a user’s crypto wallet after it’s scanned with a mobile phone.

MLB Players’ Union Seeks NFT License Managers

The union, which represents all Major League Baseball (MLB) players, appears to be considering expanding its members’ presence on Web3 as it seeks to hire a licensing manager to help expand its portfolio to NFT, the Metaverse, digital games as well as expand augmented and virtual reality technology.

The MLB Players Association job posting states that “NFTs, the Metaverse, wearable technology, and AR/VR are part of our expanding business model,” with the role requiring the individual to build “strong relationships” with “crypto projects.”

An important role of the MLB Players Association is to support sponsors who wish to associate their brand or product with players. The association owns the rights to license and use MLB players’ names, nicknames, likenesses and other identifying information for this purpose.

Warner Bros launches NFT gated exclusive films

Entertainment company Warner Bros is set to use NFTs to distribute exclusive content and movies after announcing Oct. 20 that it has partnered with Web3 company Eluvio to launch its NFT-powered WB Movieverse.

The “Movieverse” essentially consists of Warner Bros films available online, using NFTs as authentication for users to access the film, along with associated exclusive content such as behind-the-scenes videos and pictures.

The first offering in his Movieverse is an enhanced 4K resolution edition of one of his films Lord of the rings Titles, along with bonus material made available across two tiers of NFTs.

Related: Magic Eden defends the launch of the NFT royalty enforcement tool

The sold-out top tier of 999 NFTs was priced at $100 but is now seeing an average list price of $2,500, according to the official secondary listing site, while the bottom tier of 10,000 NFTs is priced at $30.

Warner Bros has been involved with NFT before, recently licensing characters from its DC Comics-owned properties to pop culture brand Funko to sell Walmart-exclusive NFTs.

More nifty news:

Metaverse Casino Slotie has been hit with multiple cease and desist orders from state authorities in the United States, who allege that Slotie failed to register as a broker-dealer, failed to provide proper disclosures as a gaming platform, and treated its NFTs as unregistered securities.

Ethereum-based NFT marketplace Rarible updated its platform on October 20, adding an aggregation tool that allows users to browse and buy Ethereum NFTs from other marketplaces such as Rarible, OpenSea, LooksRare, X2Y2, and Sudoswap.