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How Ethereum marketplaces are riding the NFT boom

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DappRadar

NFT marketplaces traders count steep rise by 87% in October

Over the past few months, the hype has started to grow around art and games Non-Fungible Tokens (NFTs), with activity on marketplaces that support the trading of such NFTs spiking in terms of traders count and trading volumes.

Within this overview, we are going to overview the top three NFT marketplaces running on Ethereum.

Key Takeaways

  • NFT traders count on the average rise by 87% in October.
  • NFT trading volume hit $13 million in October. 
  • OpenSea holds the number one position in trading volume.
  • Rarible holds the leadership position in terms of the number of traders.
  • Axie Marketplace ranks third with a steady increase during October of both traders count and trading volume.

NFT marketplaces traders count steep rise by 87% in October

According to the DappRadar NFT Marketplace page, we see an upward trend in October to-date in terms of the number of traders. 

Total count is up 87% in October to-date compared to September. The biggest contributors were OpenSea and Rarible; accounting for 76% of this growth.

Rarible holds the leadership position in terms of total traders.

Fluctuation in trading volumes

The trading volumes during September hit an all-time high but in October trading they shrank due to the fee introduced on the Rarible platform, which reduced the amount of wash trading. 

This resulted in OpenSea taking the leadership position within the NFT marketplace category.

Total trading volume in October to-date was worth $13 million, which is 5% lower compared to September. However, the October month is not yet completed which means there is still a chance to beat the previous month’s volume. 

Digging deeper into OpenSea

OpenSea is a peer-to-peer marketplace for crypto collectibles where users can buy, sell, auction, and discover non-fungible tokens. The platform was the first of its kind on the Ethereum blockchain.

In terms of trading volume, OpenSea experienced 50% growth in October to-date compared to September, securing its leadership position.

It’s total trading volume increased from $2 million in September to $4 million in October.

According to the OpenSea 7 day volume, an increase in the trading volume is attributed to the items sold from other top NFT marketplaces. 

The biggest contributors were NFTs from Rarible, Axie Infinity and SuperRare.

Digging deeper into Rarible

Rarible is an open-source marketplace built on the Ethereum network in early 2020. Users can mint, sell, and create collectibles. The platform introduced the $RARI token that fueled growth back in September.

Rarible has experienced a wild fluctuation in both volume and traders. While the number of traders rose by 9% in October compared to September, the trading volume dipped by 29%.

The price of $RARI also plunged in October by 70%, currently standing at $1.94, compared to a peak of over $9 in mid-September. 

Digging deeper into Axie Marketplace

The Axie Infinity game has its own in-house marketplace called Axie Marketplace, where players can find items to buy, sell, auction, and receive offers. 

Before we dig deeper into current growth, Axie Infinity is expected to launch its governance token Axie Infinity Shards (AXS) at the beginning of November. The token might affect the metrics on Axie Marketplace in the near future too.

Axie Marketplace has been steadily growing month-over-month. It stands third by total trading volume and traders count with $1.3 million and 349 traders respectively. 

The volume increased by 54% and traders count by 41% in October compared to September. Axie Infinity proves that in-game NFTs have gathered more attention recently too.

Conclusions

NFT marketplaces started experiencing a rise in trading volumes and trader count in September due to the yield farming. 

This trend continued into October, with Ethereum-based NFT marketplace growing steadily month-over-month. 

The dapps such as Rarible and OpenSea are competing to beat each other for the leadership position in the general NFT marketplace. The game-specific Axie Marketplace is experiencing strong growth too.

As always we will continue to analyze and report on the quickly-evolving world of NFT Marketplaces. You can continue to track and monitor the space through the DappRadar Marketplace rankings page.

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