NFT marketplaces continue to bring a mainstream audience into the crypto and blockchain world. Although OpenSea remains in a league of its own, the competition keeps creeping closer. These marketplaces all generated a decent trading volume this past month.
Magic Eden (Solana)
While Ethereum remains the go-to blockchain for NFTs, DeFi, and dApps, other networks try to catch up. Solana has made strong inroads in the NFT industry, primarily due to its lower fees and better scaling. Moreover, the Magic Eden marketplace is home to over 265,000 monthly active users, who generated over $913 million in volume last month. The platform is home to collections such as Okay Bears, DeGods, Communi3, SOLgods, etc.
One may think there is little reason to compete on the Ethereum blockchain with entities like OpenSea. That is not the case, though, as OpenSea is far from perfect. GEM is one of those marketplaces that has found its niche despite the odds. It has a userbase of over 37,000 NFT enthusiasts and marked $520 million in volume last month. Those are very respectable numbers, indicating NT collectors want to give alternative platforms a try.
When LooksRare launched, the platform gained tremendous traction right away. Unfortunately, most of its volume came from wash trading, leading to heavily inflated numbers. Now that things have normalized, the marketplace still represents nearly $400 million in trading volume this month. Moreover, the platform maintains a user base o over 29,000, which is relatively impressive.
There are many NFT marketplaces on the Ethereum blockchain today. Although X2Y2 is not necessarily the best-known option, it is a marketplace generating over $228 million in volume last month. That volume comes from 8,240 users, indicating there are some large-volume trades taking place. Moreover, it is another slice of trading volume not going to OpenSea. Competition on Ethereum is fierce, but it seems there is a method to this madness.
Special Mention: NFTrade
It is worth mentioning the top NFT marketplaces all focus on projects on one chain or two chains. Gem, LooksRare, X2Y2, and Magic Eden are Ethereum or Solana exclusively. OpenSea supports Ethereum and Polygon, with Solana to be added shortly. NFTrade is the only top marketplace spanning multiple chains- Ethereum, Polygon, BNB Chain, Avalanche, etc. – yet it has just $12.4 million in volume and 21,300 users. It is a project worth keeping an eye on, as multi-chain NFT support may be the way to go.
Top 10 #NFT Marketplaces By Volume In The Last 30 Days 📊
— CryptoRank Platform (@CryptoRank_io) May 9, 2022
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.