Ethereum NFT traders rebound to 2022 levels as OpenSea and game devs revamp utility
Quick Take
- Ethereum NFT trading activity is rebounding, driven by OpenSea’s new rewards program and broader utility-focused developments like gaming integrations and IP acquisitions, signaling a shift from speculation to functional use cases.
- The following is excerpted from The Block’s Data and Insights newsletter.
Total Ethereum NFT traders recently surged to nearly 40,000, approaching their June 2022 figures. This spike coincided with OpenSea’s OS2 exit from beta and the launch of its rewards program.
OpenSea's "Voyages" program incentivizes users to use the platform to earn "XP," which are seen as counters for OpenSea's future airdrop. OpenSea also saw its highest monthly user count since 2022, following OS2's exit from beta.
The recent uptick in trader activity also comes after some key moves by major NFT companies to expand beyond traditional collectibles. Orange Cap Games, the company behind the Vibes trading card game, recently acquired the Moonbirds collection IP, hinting at the potential for a third edition of the card game featuring the Moonbirds collection. Mythical Games also announced that their upcoming FIFA Rivals will feature Adidas-branded digital assets and follow the company's successful NFL Rivals mobile game.
The gaming synergies draw from proven centralized digital asset economies, particularly Steam’s in-game items, which have demonstrated substantial market success and user engagement. This evolution comes as the speculative NFT traders of 2021 have largely migrated to other venues such as memecoins, potentially leaving behind a more focused user base interested in actual utility.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
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