All is fair in the competition of NFT markets – we take a closer look at market share across the top 5 markets for NFT: OpenSea, x2y2, LooksRare, BloctoBay and Magic Eden.
Amid NFT Bear, OpenSea continues to lose market share
NFTs continue to dump and see lower volumes, seeing a 593% drop since January 2022. In parallel, NFTs lead the market open sea It sees its lowest monthly trading volume in August 2022, down 450% from its all-time high in March 2022.
x2y2 It was initially launched in February 2022 with a massive vampire attack on OpenSea. Despite its incentives to launder trade, the protocol only took off recently, in May, when volumes soared. Since then, x2y2 has overtaken OpenSea over Ethereum in June and maintained the number one position in Ethereum NFTs.
Some factors drove the growth of x2y2. First, the growing popularity of NFT aggregators such as jewel And the Jenny Allow buyers to purchase NFT sets across different markets in a single transaction. Added features like rarer ratings and cheaper gas costs are attractive and can make users market neutral.
With a simplified user experience, price (selling fee) becomes the most important consideration.
x2y2 is currently the cheapest price on Ethereum, with a selling fee of just 0.5% (fee reduced in July). Compare this with OpenSea at 2.5% and MagicEden and LooksRare at 2%. BloctoBay has a sales fee of 2.5% technically, but it is the only platform to charge a flat ownership fee of 7.5%. Other platforms allow creators to dictate their royalty fees.
|NFT . Market||Selling Fee|
|magic of eden||2.00%|
|BloctoBay||10% (fixed 2.5% for platform + 7.5% for creator)|
In August, x2y2 made the controversial decision to scrap royalties for collection, giving buyers the option to pay royalties or not. This followed the launch in July of Sudoswap, a decentralized protocol that allows users to buy/sell NFT through an automated market maker (AMM) and bypass royalties.
The dark horse of NFT Markets: Bloctobay
Bloctobay is a marketplace built on the blockchain Flow (FLOW). Although its trading volumes are not comparable to that of Ethereum, Flow has been known as the home of the NBA Topshot, which arguably ignited the NFTs’ rise in 2021. Since then, it has sponsored a newbie-friendly image of potential NFT adopters, becoming The main operating panel for licensed NFTs, including CNN, OVO and MotoGP. While starting as a more centralized market, blocktoby It loosened its tight restrictions over time, going so far as to allow NFTs to be moved off-chain through wallets like MetaMask. However, it should be noted that Magic Eden in Solana has overtaken Bloctobay in terms of trading volumes since April.
Julia leads Growth Marketing and PR at CoinGecko and is excited to get more women on Web3. However, they are generally poor in market timing, so they are DCAs for safety. Follow the author on Twitter Tweet embed