Umbrella marketplace sees lower volumes, but more transactions
Myth.Market, the WAX-based umbrella marketplace, has seen a steep increase in the number of transactions processed in the past seven days. Over the past week, transactions shot up a whopping 312%, despite a crash in both the volume and the number of active wallets.
Myth.Market serves as a host to five other sub-marketplaces: GPK.Market, GoPepe.Market, Heroes.Market, KOGS.Market, and Shatner.Market. All of these sub-marketplaces offer different collections of NFTs.
Over the last month, Myth.Market has been experiencing a significant decrease in the number of active wallets using their smart contracts. The marketplace saw 50% fewer wallets than the previous seven-day period. However, DappRadar data shows that despite this drop, the number of transactions going through the Myth.Market smart contracts is increasing.
As is visible from the data above, most of this transaction boost happened between June 7 and June 12. Unfortunately, in the past couple of days, Myth.Market has been losing traction as the number of processed transactions fell. One positive trend that might be emerging is the slight increase in volumes we see in the last couple of days. However, it is too early to tell whether this will be a sturdy rise or just a temporary jump.
Myth.Market’s business model
By combining five separate marketplaces in a single platform, Myth.Market creates a saturated environment that allows collectors to browse through numerous collections. Other marketplaces offer this kind of variety in their collections, too. However, Myth.Market accentuates each of the brands by creating a completely separate marketplace for it.
This is an innovative approach to NFT collectibles because separate marketplaces for each collection builds brand awareness and emphasizes the unique characteristics of each NFT.
For example, the William Shatner collection is both an homage to the actor and a way to showcase NFTs. All sub-marketplaces have the same overall design. However, each of them offers completely different NFT collections.
Myth.Market and competitors
Despite the recent decrease in volume and active user wallets, Myth.Market might have a competitive advantage in comparison to other marketplaces. For the moment, it holds 20th place in the all-time overall DappRadar Marketplaces ranking.
Compared to other marketplaces like EOS-based Atomic Market, Myth.Market still has a long way to go.
In terms of the number of active user walelts, the two marketplaces performed in completely different dimensions. Myth.Market cannot really get into the same league as Atomic Market. The latter has more than 171k active wallets in the last 30 daysm while Myth.Market only has about 10k. In terms of overall ranking, Atomic Market is 5th, and Myth.Market does not make the top 10, at 17th place.
If we look at a different comparison and review the metrics for WAX-based Neftyblocks, the differences are even more obvious. While both marketplaces operate on the WAX blockchain, Neftyblocks performs significantly better.
With more than 353k processed transactions, Neftyblocks smashes the competition. Of course, Neftyblocks might still be benefiting from being one of the newest WAX-based marketplaces out there. Even so, Myth.Market has the potential to explore its competitive advantages and push for reaching such high numbers.