In recent years, NFT, as a unique, scarce and interesting asset class, has quickly swept through all circles. No one expected that this was originally just a small test of technology in the art circle, but it has created the current “NFT”. Everything” scene.
As of June 1, according to Ouke Cloud Chain’s “On-chain Master NFT Special Ranking Data”, the total market value of the NFT market was US$16.972 billion , an increase of 533 times compared with the data of US$31.7781 million on the same day two years ago .
The direct impact of the explosion of NFT is that NFT trading platforms have sprung up like mushrooms after a spring rain. Whether it is a comprehensive market or a subdivided track focusing on art, music, photography, sports, games, etc., you can see new competitors running into the market. field figure.
Due to the obvious aggregation effect of top projects on Ethereum, its total NFT transaction volume still ranks first, but due to issues such as handling fees, efficiency, and environmental protection, Solana, Flow, Tezos and other public chains have ushered in a period of opportunity for development , the NFT market on the chain has flourished .
By 2022, with the growing maturity of the multi-chain ecosystem, supporting multiple mainstream public chains has also become the development goal of many NFT platforms. For example, OpenSea has begun to introduce projects on the Solana chain .
Based on this, this article researches, summarizes and organizes 6 major blockchains, including Ethereum, Solana, Flow, Tezos, Ronin, and Polygon, as well as 30 trading platforms. During this period, it also finds some points worthy of attention:
What are the top 15 NFT platforms? What are their characteristics?
Changes in mainstream public chains and the inclination of the proportion of NFT market transactions;
Who will be the next OpenSea? (Review the head NFT projects of major public chains)
Status of the NFT market: one super, many strong
Considering that different NFT platforms were born at different times, and in order to better get close to and reflect the current hot spots, we have sorted the main NFT trading platforms according to two data dimensions – total transaction volume and transaction volume in the past 30 days . Now get the following two tables:
Changes in ranking of Top 15 NFT platforms (transaction volume, All, 30d)
Source: OKLink Data
Proportion of Top 15 NFT trading platforms (transaction volume, All, 30d)
Source: OKLink Data
1. Among the top 15 platforms, OpenSea still occupies more than 40% share
When it comes to NFT trading platforms, for most people, OpenSea must be the first thing that comes to mind. As a comprehensive NFT trading platform born at the end of 2017, there were MakersPlace, SuperRare, CryptoPunks, KnownOrigin, Axie Infinity and Nifty Gateway at the same time as it at that time (with a difference of 1 year), 2 of which are single NFT trading platforms, 4 are trading platforms for artworks and limited editions. It can be seen that OpenSea has certain advantages in positioning screening and creation time .
Dune Analytics data shows that OpenSea’s total transaction volume exceeded $10 billion in November 2021, exceeded $15 billion in January 2022, and then reached $30 billion in mid-to-late May. As of now, OpenSea The total transaction value of 30.9 billion US dollars , which means that its total transaction value has doubled in half a year .
OpenSea monthly transaction volume
Source: Dune data, graphed by OKLink
According to the data of the last 30 days, the transaction volume of OpenSea reached 1.986 billion US dollars , accounting for 42.72% of the top 15 platforms. Among them, the transaction volume accounted for 43.91% of the Top 15.
It can be seen that OpenSea has dominated the market for a long time, although it has been criticized for being too centralized and operating Web3 with the thinking of Web2. challenge, but OpenSea is still a well-deserved leader at the moment , especially since it recently added support for the Solana NFT project, increasing the number of public chains it supports to 4, taking another step in the multi-chain field, and Another major move – the launch of the Seaport agreement .
Let’s briefly explain the Seaport protocol first.
Seaport is a brand new Web3 marketplace protocol that will be used to buy and sell NFTs securely and efficiently.
Users who have browsed the OKLink Hot Contract interface should have noticed “OpenSea Wyvern Exchange v2”, which is firmly on the top of the list of destroyed volume. This Wyvern is the protocol currently used by OpenSea. Its main function is to trade any encrypted assets and NFTs, including ENS domains, virtual land, and the smart contracts themselves.
Source: OKLink Hot Contract interface
Since Wyvern can carry such a large-scale operation of OpenSea, why should Seaport be launched? There are two reasons:
First of all, Seaport emphasizes more efficiency and contains a lot of low-level assembly code, which can greatly reduce the user’s gas fee . We mentioned in the article “Ethereum’s “Heart-changing Surgery”, Understanding the EVM Successor” that “computer languages are divided into low-level languages and high-level languages. The programming we usually talk about generally refers to human-readable high-level languages. programming, and what a computer can really understand is a low-level language, expressed in binary numbers, specifically for controlling hardware.”
This means that the closer the computer language is to 0 and 1, the faster the program will run and the less memory it will consume .
Second, Seaport provides more options for OpenSea’s transaction forms, such as barter and combination transactions, and users can post quotes including ERC 20, ERC 721, and ETH, instead of only ETH transactions currently.
For example: For example, the current value of BAYC is 100 ETH. Users can use Seaport to create an offer, which can be in the form of BAYC to exchange ERC20 assets such as CryptoPunks, Azuki, and UNI.
In addition, Seaport is an open source protocol, which means that it is not only applicable to OpenSea, but also to all NFT builders, creators and collectors, in line with the core spirit of Web3, which is also a step in the direction of decentralization for OpenSea .
2. A market driven by token incentives: Decentralization is not a master key, and product is king
LooksRare and X2Y2 are comprehensive NFT trading platforms launched in January and February 2022, respectively. In order to snatch the accumulated users of OpenSea, the two launched a vampire attack invariably to invest assets in their users.
In the short term, both of them have had an impact on OpenSea, through asset incentives (listing rewards, mining rewards) for users, and cheaper handling fees (OpenSea 2.5%, LooksRare 2%, X2Y2 officially launched version 2%, adjusted to 0.5% in May), the two major platforms have seized a part of OpenSea’s market share since their launch.
However, since February, LooksRare has been caught up in a series of controversies, mainly a series of problems such as team cash out, halving of pledge mining, and a large number of wash transactions brought about by the transaction mining model.
The later X2Y2, which proposed pledged NFT pending order mining, although it increased the amount of pending orders, it also attracted a lot of invalid pending orders from wool parties, which also forced the project party to finally adjust the computing power of the pending order reward. In addition, prior to this, the X2Y2 airdrop claim went wrong, and the two incidents of being questioned by Shenyu about the security of the contract also left the impression of “unreliable” in the minds of users.
However, in the follow-up, LooksRare has optimized products compared with OpenSea , such as one-click quotation, NFT scarcity, synthesis with Gem, Ethereum chat room, providing daytime mode, mobile phone browsing to dual-column display, etc. X2Y2 optimizes products, For example, in addition to one-click purchase of NFTs of different collections after adding them to the shopping cart, there is also a price war, including transaction fees as low as 0.5%, and transaction fees and copyright fees can be permanently waived for designated users at specified prices (similar to OTC, Private Sale ).
In the past 30 days, LooksRare and X2Y2 ranked second and third among the Top 15 NFT platforms with a total transaction volume of $958 million and $686 million, respectively.
At present, OpenSea is still the first choice for most users , and its initially established user stickiness is still difficult to shake in a short period of time, but the regulatory problems it faces, insufficient Web3, and unissued certificates have also become a shortcut for OpenSea challengers. .
The core of Web3 is to change from traffic thinking to community thinking . From LooksRare and X2Y2, we can easily see that the community is an excellent entry point. In addition, through token incentives, you can gain huge attention and popularity in a short time, but it needs to be clear that decentralization is not a panacea, and excellent product experience is a necessary condition for improving user stickiness and project results.
3. NFT aggregation platform attracts attention, OpenSea acquires Gem
On April 25, 2022, OpenSea announced the acquisition of Gem. As soon as the matter came out, it was considered by many users as an NFT giant in order to consolidate and strengthen its own position and strength, when the new power emerged but did not pose a threat. acquisition.
In traditional NFT trading platforms, users cannot buy NFTs in bulk, and the liquidity between different platforms is isolated from each other. Based on this, the importance of NFT market aggregation platforms is becoming more and more prominent.
Gem and Genie are hailed as the forerunners of NFT aggregation platforms , and their launch time is approaching, at the end of December 2021 and mid-to-late November 2021, respectively. In the development of nearly half a year, the total transaction value of Gem and Genie reached US$982 million and US$455 million respectively. According to the transaction volume in the past 30 days, the two can occupy the fifth and sixth positions of the Top 15 NFT trading platforms with US$206 million and US$40.4905 million, which shows that they have developed rapidly in half a year.
According to the number of transactions and NFT sales , Gem is 318,200 and 1,191,300, while Genie is 113,000 and 596,600. In terms of the number of new addresses, Gem and Genie are 75,200 and 40,800 respectively.
It can be seen that Gem was launched slightly later than Genie, but due to its product optimization, such as supporting users to pay with a variety of ERC20 assets, adding Web3 shopping cart function, rarity ranking function, and opening up special sections for users Put forward function requests and suggestions, etc., which enabled Gem to overtake on a curve in the initial competition of the NFT aggregation platform, and won the victory. However, Genie followed with a number of features, and its interface style began to resemble Gem, and the battle between the two continued.
4. A single NFT trading platform: Axie Infinity, CryptoPunks, NBA Top Shot…
Among the top 15 NFT trading platforms, 3 platforms in the past 30 days are platforms that only provide a single NFT transaction-CryptoPunks, NBA Top Shot and Axie Infinity, which belong to the three major fields of PFP, sports and games respectively.
After CryptoPunks was acquired by Yuga Labs, Yuga Labs now holds six top IPs, namely BAYC, MAYC, BAKC, Otherdeed, CryptoPunks and Meebits. On the full-time rankings provided by OpenSea, Yuga Labs has four of the top five projects. , which shows its influence.
Like Yuga Labs, from BAYC’s completion of chasing and surpassing CryptoPunks, to the acquisition of CryptoPunks, to publishing land and games, with the popularity and evolution of Web3, Yuga Labs’ follow-up measures are worthy of our imagination .
NBA Top Shot is an official NBA authorized card collection application built on Flow. The team behind it, Dapper Labs, is the one who created CryptoKitties that congested Ethereum. Dapper Labs has cooperated with the NBA to successfully turn the star card into a huge on-chain business, and also changed the originally scattered and indistinguishable star card market.
The all-time total transaction value of NBA Top Shot is $1.005 billion, and the transaction value in the past 30 days is $13.3743 million. Although its current transaction volume is far less prosperous than it was when it was first launched, with the continuous popularity brought by the opening of the game every year, NBA Top Shot can still break through the siege of a number of NFT trading platforms.
Axie Infinity has previously brought about the GameFi boom. The huge wealth-making effect has made its total transaction volume soar in a short period of time, and has dominated the NFT project for several months. As the originator of “X to Earn”, Axie Infinity relies on continuous growth to maintain its operation, which means that Axie Infinity will face long-term sustainability issues.
At the beginning of this year, Axie Infinity showed a downward trend, and with the $625 million stolen from Ronin, we can see that although Axie Infinity ranked third in the full-time rankings with $4.072 billion, it has fallen in the past 30 days. To No. 11, the transaction volume was only US$6.7178 million. It can be seen that Axie Infinity will not have much improvement until its economic model, playability and sustainability problems are solved.
Image: Axie Infinity
5. Multi-chain ecological prosperity: the rise of emerging NFT trading platforms
The head effect of Ethereum is still obvious, but the NFT boom has also brought opportunities for the development of competitive chains. For example, Solana has formed a market dominated by GameFi, PFP, etc., Tezos focuses on the field of art, and Flow is in the field of sports IP. Cooperation is the best.
Earlier news, Magic Eden’s transaction volume reached $45.71 million on May 25, surpassing OpenSea’s $28.6 million in real-time transaction volume, and the number of users surpassed in 24 hours. Among them, Magic Eden welcomed about 50,600 users, while OpenSea had 36,900. And this is not the first time Magic Eden has completed a counterattack against OpenSea.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/nft-market-who-controls-the-ups-and-downs-who-will-be-the-next-opensea/
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