One of the numerous topics covered in DappRader’s “Dapp Industry Report for Q2” 2022 was the potential imminence of a non-fungible token (NFT) platform war.

According to the research, which Cointelegraph was given access to, OpenSea recently acquired Gem and UniSwap recently acquired Genie in a move to broaden their respective businesses to incorporate NFT aggregation tools, which “accumulate NFT offers from other trading platforms.” In the meantime, emerging platforms like Magic Eden and X2Y2 keep eroding OpenSea’s existing domination of the NFT market, which is 75%.

These acquisitions will likely put OpenSea and UniSwap in direct competition with one another in the near future, according to DappRadar. Even though OpenSea and UniSwap are well-known companies in the cryptocurrency area, they both compete with businesses outside of the sector. In a recent move to broaden its digital product offering and NFT capabilities, eBay purchased the Ethereum-based digital art marketplace KnownOrigin.

As NFT platforms spread across several blockchains, OpenSea has had to contend with growing competition. The company “has seen its market share diminished with the entry of challengers like Magic Eden, LooksRare, and X2Y2,” according to the study.

OpenSea had “more than 1.5 million active users,” CNBC reported in April. DappRadar’s most recent statistics shows that while MagicEden attracted 272.97 thousand users in the past 30 days, the platform added 66.03 thousand users. MagicEden recorded 14.1 million transactions in the past 30 days, compared to OpenSea’s 955.69 thousand, according to the same DappRadar data. Additionally, according to the research, “This quarter Magic Eden accounts for 10% of all NFTs transactions.”

After a 10-month pilot experiment, Meta announced that the Novi wallet would be shut down. Recently, Ethereum gas fees on average decreased to their lowest level since 2020. Experts have discussed how music NFTs will strengthen the relationship between their producers and fans in other NFT news.