NFT markets continue to bring audiences into the crypto and blockchain world. Although OpenSea remains in its own league, the competition is getting closer. All these markets generated decent trading volume last month.
Magic Eden (Solana)
While Ethereum remains the main blockchain for NFT, DeFi and dApps, other networks are trying to catch up. Solana has made a strong breakthrough in the NFT industry, primarily due to lower fees and better scaling. Moreover, the Magic Eden market is home to over 265,000 monthly active users, who generated more than $ 913 million last month. The platform is home to collections such as Okay Bears, DeGods, Communi3, SOLgods, etc.
One might think that there is no reason to compete on the Ethereum blockchain with entities like OpenSea. However, this is not the case, because OpenSea is far from perfect. GEM is one of those markets that has found its niche despite its prospects. It has a customer base of over 37,000 NFT enthusiasts and marked $ 520 million last month. These are very respectable figures, indicating that NT collectors want to try alternative platforms.
Looks rare (Ethereum)
When LooksRare launched, the platform immediately gained tremendous traction. Unfortunately, most of its volume comes from the laundry trade, which has led to highly inflated numbers. Now that things have returned to normal, the market still represents nearly $ 400 million in trade volume this month. Moreover, the platform maintains a user base of over 29,000, which is relatively impressive.
Today there are many NFT markets on the Ethereum blockchain. While the X2Y2 isn’t necessarily the best-known option, it’s a market that generated more than $ 228 million last month. That volume comes from 8,240 users, which indicates that some large stores are taking place. Moreover, it is another part of the trading volume that does not go to OpenSea. The competition on Ethereum is fierce, but there seems to be a method for this madness.
Special Mention: NFTrade
It is worth mentioning that the top NFT markets are focused on projects in one or two chains. Gem, LooksRare, X2Y2 and Magic Eden are exclusively Ethereum or Solana. OpenSea supports Ethereum and Polygon, with Solana be added soon. NFTrade is the only top market that includes several chains – Ethereum, Polygon, BNB Chain, Avalanche, etc. – but has only $ 12.4 million in volume and 21,300 users. It is a project worthy of attention, because support for several NFT chains can be the right way.
Top 10 #NFT Markets by volume in the last 30 days 📊
– CryptoRank platform (@CryptoRank_io) May 9, 2022
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