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Biggest Ethereum NFT Marketplaces record $2.7 million weekly trading volume

Posted by
Ian Kane

SuperRare outshines competitors

The top five biggest Ethereum NFT Marketplaces have recorded a combined 2.7 million dollars in trading volume over the past seven days. Out of those five SuperRare is the one that’s leading the charts. The crypto art platform recorded more than one million dollars in trading volume from 484 transactions.

Recently, we took a closer look at some of the leading non-fungible token (NFT) initiatives within t DappRadar NFT Marketplaces page. NFTs have been rising to prominence over the last 6 months and it is vital to understand which projects are leading the charge.

The top three dapps are generating the lion’s share of the volume. 

NFT art store SuperRare generated over $1 million in transaction volume over the last 7-days accounting for over 30% of total volume. Long-standing marketplace OpenSea is close behind having generated almost $840k whilst Rarible is hot on the heels of both with a very respectable $716k. 

The drop from the 3rd to the 4th position is noticeable when observing transaction volume. The Axie Infinity Marketplace accounts for just $160k over 7-days. Likewise, the drop from 4th to 5th is sizable, with KnownOrigin adding just under $60k. 

What’s happening on SuperRare?

SuperRare makes it easy to create, sell, and collect rare digital art by artists around the world. The smart contract platform allows artists to release limited-edition digital artwork tracked on the blockchain, making the art rare, verified, and collectible. 

Looking at first and secondary market sales on SuperRare through Non-Fungible.com shows that there wasn’t one huge sale responsible for the trading volume observed in the last 7-days but more a series of higher value sales.  

The top 10 sales over the last 7-days range from a high of over $31,000 to $11,000. The top sale saw an artist named Coldie sell an Alan Turing – Decentral Eyes – Variant 01 for just over $31,000. 

Source: SuperRare
Source: SuperRare

The overall trend on NonFungible.com shows that in Q1 and Q2 2020 gaming was booming. The floor prices for gaming NFTs went up, and transactions dropped during the summer of 2020 due to an explosion in DeFi activity which drove gas prices too high for gamers on Ethereum. 

In the last three months, we see the value of NFTs increasing but overall activity decreasing.  

Source: Nonfungible.com

Ethereum’s market dominance in the NFT space is noticeable. But other blockchain platforms are vying for attention. WAX is mounting a significant challenge to both the growth of an NFT ecosystem and growing metrics so it is important to compare.

WAX – King of the NFT’s? 

WAX is the self-proclaimed ‘King of the NFT’’s’. A title they attached to themselves after a slew of highly successful, brand affiliated NFT product launches throughout 2020 propelled them to new highs. 

Looking at the comparative data for WAX over the last 7-days we can see the gap between Ethereum and WAX is still vast. 

Over the last 7-days, the top 5 WAX Marketplaces ranked by volume generated under $450k.  

Atomic Market is the clear leader of the category at the time of writing, contributing over $417k to the total, or 93% of the total transaction volumes observed. 

It can be argued that WAX marketplaces are trading WAX NFTs and are not as widely adaptable as Ethereum Marketplaces are currently. Moreover, WAX is nurturing an NFT ecosystem without dependencies on Ethereum that could prove to be a bold, yet powerful play in 2021. 

Strong marketing and tie-ins with brands such as Blockchain Heroes, Topps, and William Shatner, seem to have struck a chord with users and it will be fascinating to observe the development of the WAX NFT ecosystem as they look to go head to head and challenge Ethereum’s current dominance in this category.

In the coming months, they are bringing collectibles surrounding brands like Alien Quadrilogy and Street Fighter to the market.

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