Beyond Ethereum: Theta and Tezos Defy NFT Market Downturn with Solid Trading Figures

Beyond Ethereum Theta and Tezos NFTs
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Exploring the unique selling points of Tezos, Theta, Hedera, and Algorand NFTs

The world of non-fungible tokens (NFTs) has witnessed a remarkable evolution, moving beyond the dominance of established giants and embracing a multichain revolution. From technological to cultural innovations, new contenders bring their unique contributions to the growing landscape. Today, we uncover the journeys of Tezos, Theta, Hedera, and Algorand as they shape their distinctive paths in the world of NFTs.

Key takeaways

  • In May, the NFT market experienced a 44% decrease in trading volume, largely influenced by a drop in Blur, which declined from $826 million in April to $442 million in May.
  • Tezos and Algorand maintained steady NFT trading volumes, while Hedera experienced a modest 20% decline in May, outperforming the industry’s 44% decline.
  • In the last 30 days, Tezos marketplace Objkt recorded 6,764 traders, while X2Y2 and LooksRare, two renowned Ethereum NFT marketplaces, attracted 2,204 and 1,654 traders, respectively.
  • Theta Network recorded a trading volume of $1.6 million in May. Meanwhile, the ThetaDrop marketplace continues its dominance, accounting for over 91% of the sales activities on Theta.
  • Hedera NFTs achieved a trading volume of $400,000, with the Zuse Market representing 97% of Hedera’s NFT activities.
  • Algorand demonstrated stability in its NFT sector, averaging around $0.3 million per month from March to May. 

Table of Contents

  1. Filtering out the noise and identifying untapped opportunities
  2. Tezos: carving a unique path with generative art NFTs
  3. Theta Network: unleashing the power of video content creators
  4. Hedera: empowering creators with protocol-level royalties
  5. Algorand: resilient trading performance in the volatile NFT market
  6. Navigating the evolving NFT landscape with DappRadar

Filtering out the noise and identifying untapped opportunities

May’s NFT trading volume fell to $675 million, marking a sharp decline from the previous month. However, this apparent drop in volume does not tell the whole story. A closer examination reveals that the previous surge in trading volume was predominantly driven by NFT whale farmers on Blur, who were accumulating points in anticipation of future token airdrops. 

This “disguised interest” in the market artificially inflated the numbers, creating a distorted perception of sustained growth.

In May, the trading volume on Blur plummeted from $826 million to $442 million, significantly impacting the overall NFT figures. We can attribute this decline to shifting interests among traders as they explore alternative opportunities, such as NFT lending. 

Blur Vs OpenSea

Our in-depth reports delve into the reasons behind this shift, shedding light on the changing dynamics within the NFT ecosystem.

While attention may be focused on the decline in volume and activities on Blur, it is vital to look beyond these surface-level fluctuations.

In May 2023, Blur stood out with a market dominance of 65% in terms of trading volume. However, it is important to recognize that OpenSea boasts a much larger user base, with 377,087 traders, compared to Blur’s 36,673. This indicates that OpenSea has a broader reach and a more significant presence in terms of user adoption within the NFT market.

The diversity of NFT spaces is noteworthy

We believe that smaller chains, often overlooked in mainstream discourse, are silently building their own NFT scenes with unique selling points that could potentially aid in broader NFT adoption.

Emerging contenders, including Tezos, Theta, Hedera and Algorand are gradually shaping their own NFT cultures. While their trading volumes may not rival those of larger platforms, their commitment to innovation, stability, and distinctive experiences sets them apart.

The chart below provides a glimpse into the recent trading volumes of these chains. In the following sections, we will probe deeper into each chain to uncover its stories and unique dynamics.

Protocol NFT Volume

Tezos: carving a unique path with generative art NFTs

Tezos is an open-source, self-amending, and eco-friendly blockchain with a strong focus on generative art. From its inception, the blockchain has provided an affordable digital canvas for artists to express their ideologies.

NFT trading volume on Tezos in May remained consistent with April, amounting to $1.1 million. Two leading marketplaces have emerged as the driving forces behind Tezos’ NFT ecosystem. 

Objkt, with a 30-day trading volume of $711.98k, witnessed a marginal 0.1% dip, while fxhash recorded a 22% drop with a 30-day volume of $217.91k. Notably, these marketplaces exhibit a strong emphasis on generative art, making them integral components of Tezos’ NFT landscape.

Tezos NFT marketplaces

Hic et Nunc, once a dedicated generative art marketplace on Tezos, now has evolved into a collection on Objkt, generating $177,390 in the last 30 days with the participation of 6,764 traders. In comparison, X2Y2 and LooksRare, two renowned NFT marketplaces, have attracted 2,204 and 1,654 traders, respectively, for the same period.

This solidifies Objkt’s legacy as an NFT art pioneer. 

As the contemporary art scene embraces generative art, Tezos is well-positioned to capitalize on this trend and forge a unique path within the NFT world.

Theta Network: unleashing the power of video content creators

Theta Network, with its specialization in decentralized video streaming, is poised to redefine the entertainment industry. It harnesses the power of NFTs to create transformative experiences for content creators and viewers alike. 

Earlier this year, Theta experienced a surge in popularity with notable NFT drops, including those featuring Katy Perry, and a live-streaming event for the World Poker Tour.

ThetaDrop Marketplace

In May, Theta Network generated a trading volume of $1.6 million. Notably, the ThetaDrop marketplace emerged as the primary hub for sales, with over $1.18 million in trading volume and 1,855 traders participating in the last 30 days. It accounted for over 91% of sales activities on the Theta Network, showcasing its dominance over the ecosystem.

ThetaDrop on DappRadar

While May was a relatively quiet month for Theta, the platform continued to showcase its innovation by introducing the MetaCannes Film3 Festival and unveiling the Streaming Pass collection. The latter offered exclusive access to a curated selection of short and feature films from the Cannes film festival.

The celebrity factor has played a significant role in driving interest in Theta NFTs. However, the platform has the potential to further tap into the vast market of user-generated content.

By combining its video technology with NFTs, Theta can empower content creators and provide them with new avenues for monetization. Perhaps the ongoing issues between Twitch and its portfolio of content creators could usher in a new growth spurt for video content powered by Theta’s Web3 stack.

Hedera: empowering creators with protocol-level royalties

One key aspect that sets Hedera NFTs apart is the ability to implement royalties directly at the protocol level. Unlike centralized marketplaces where control over NFT royalty fees is often in the hands of intermediaries, Hedera’s decentralized approach ensures that creators retain full sovereignty. 

By guaranteeing royalty payments, Hedera enables artists to benefit from the appreciation of their work over time, addressing a historical challenge where many artists remained financially unrewarded despite the skyrocketing value of their artwork.

Hedera experienced a small decline in trading volume, reaching $400,000 in May, a decrease of around 20% from the previous month. In the last 30 days, the trading volume amounted to $320,000 , predominantly driven by the activities on Zuse Market. The marketplace accounted for an impressive 97% of the trading volume on Hedera, accumulating $310,000.

Zuse Market

The Hedera NFT space is still relatively young and evolving, and Zuse Market alone has already attracted 1,897 traders in the last 30 days. Currently, collections on the network center around profile pictures, such as SIWAS and Dead Pixels Ghost Club. But creators on Hedera are actively pushing boundaries and embracing the potential within the ecosystem.

Hedera NFTs

The protocol-level enforcement of royalties on Hedera gives creators a distinct advantage. It emphasizes ownership and ensures a fair share of value as their creations circulate in the market.

Algorand: steady trading performance in the volatile NFT market

Algorand has demonstrated consistent performance in the NFT space, maintaining a steady trading volume of around $300,000 from March to May. Such stability highlights Algorand’s reliability as a platform for creators seeking secure and efficient transactions. 

Algorand NFTs

However, it was during the FIFA World Cup in Qatar that Algorand experienced a surge in attention through its partnership with FIFA+. It opened up new possibilities for football fans to collect and own special moments of the event as NFTs. 

This venture has propelled Algorand to the forefront of the sports collectibles space. In recent news, Algorand made waves with the launch of NXTG3NZ, an NFT phygital collection created by hip-hop star Lil Durk. This collaboration further exemplifies Algorand’s ability to attract high-profile artists and expand its influence in the NFT ecosystem.

When it comes to acquiring NFTs on Algorand, Rand Gallery has emerged as the go-to venue. It generated over $160,000 in trading volume in the last 30 days.

Rand Gallery

Additionally, Exa Market has curated an art event on Algorand, showcasing the platform’s commitment to nurturing a vibrant creative community.

The Algorand network continues to attract prominent collaborations and provide a seamless experience for collectors. It paves the way for a future where digital ownership and creativity flourish.

Navigating the evolving NFT landscape with DappRadar

As the World’s Dapp Store, DappRadar provides comprehensive insights into the ever-changing NFT world. Our mission is to guide NFT collectors, creators, and enthusiasts in finding valuable opportunities amidst the noise. By examining emerging contenders such as Tezos, Hedera, Theta, Algorand, and others, we uncover a growing diversification within this space.

Furthermore, we have witnessed the rise of purpose-built blockchains, such as Avalanche’s Subnets, Polkadot’s parachains, and SKALE’s dapp chains. These specialized designs have gained considerable traction for their targeted capabilities. The NFT ecosystem is undergoing similar advancements, with a focus on enhancing functionality and meeting the specific demands of the market.

As the NFT market evolves, DappRadar remains committed to providing valuable insights and analysis. By exploring the diverse offerings of emerging blockchains and identifying key trends, we empower our readers to confidently navigate the NFT landscape and seize the opportunities that lie ahead.

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