The rise of multichain NFT marketplaces
Digital collectibles aggregator and marketplace NFTrade has broken through the $2 million trading volume barrier thanks to its increased activity on BNB Chain this week. The multichain marketplace, which aggregates NFTs across six Ethereum, Polygon, and Avalanche networks, has shown the most growth on BNB Chain.
- NFTrade has broken through the $2 million trading volume barrier on BNB Chain
- Mines of Dalarnia in-game NFTs are the main driving force
- NFTrade is now third place in the DappRadar NFT marketplace rankings over 24 hours
NFTrade is an aggregator of NFT marketplaces, hosting NFTs from across six blockchains allowing anyone to create, buy, sell, swap, and farm NFTs. In the last seven days, 1,143 traders interacted with NFTrade on BNB Chain, pushing the trading volume to over $2.6 million. The number of traders has risen by more than 73% on BNB Chain, pushing the average price of NFT collectibles on the platform by around 96% to just under $900 at writing.
Interestingly, the $2.62 million represents more than 77% of the total trading volume flowing through NFTrade this week and shows impressive growth on BNB Chain as the Binance branded network begins to make a solid mark in categories away from DeFi.
Mines of Dalarnia launch on BNB Chain
One major cause of the rush to buy NFTs on the BNB Chain this week was the launch of Mines of Dalarnia on April 26. The correlation is clear from looking at the latest sold items on NFTrade. The majority of recently sold collectibles are in-game items usable in Mines of Dalarnia.
After months of testing by the community, Mines of Dalarnia launched its play-to-earn game, downloadable on PC and built on BNB Chain. The game allows users to interact with NFTs and the protocol’s native DAR token.
Mines of Dalarnia allows players to use their avatars to mine land plots while other players own the land. Lands are obtained in land sale events using DAR tokens, and each has different attributes like Depth, Aspects (Biomes), Resources, Power Levels, and Terrains. Players mine LAND to obtain resources needed to improve their equipment, including Terraforming Capsules required by landowners to preserve their plots. In addition, LAND owners generate revenue by renting their properties to players.
The game is currently only available to play on a PC desktop computer. However, the GameFi platform will launch a mobile application soon. According to a Medium blog article on April 26, plans are already in place to launch a marketplace plus a mobile version in 2022.
Compared to the big boys
NFTrade’s performance has pushed it right up the rankings, where it now proudly sits behind OpenSea and LooksRare when considering 24-hour data. The figures are way below the two leading marketplaces, but NFTrade’s performance can not be overlooked in such a crowded space.
Will multichain NFT marketplaces make an impact?
Like NFTrade, OpenSea is multichain and welcomed Polygon and Solana NFTs into its curated marketplace over the last 12 months. Additionally, the leading NFT market integrated MoonPay in April 2022 to make it easier for users to buy NFTs as competition heats. Arguably, the leaders are preparing to take on the anticipated Coinbase NFT marketplace later this year, placing user onboarding at the heart of its operations.
Moreover, if one single game dapp can spike the figures so much on a given day, NFTtrade could find itself propelled even further this year as more games launch on networks like Avalanche, BNB Chain, Polygon, Moonriver, and Moonbeam.
Where OpenSea and LooksRare predominantly deal with the high end of NFT sales, NFTrade appears to be going after the in-game NFT item market, where sales values are lower but frequency higher as players jostle to outperform one another and climb the leaderboards. The multichain approach is working as people discover blockchain technology and the plethora of networks available to use. The latest Blockchain Behavior Report by DappRadar backs this claim as the use of Ethereum alternatives continues to climb.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies, including BTC, ETH, and RADAR.