User base shoots up 130% in the past seven days
NFT marketplace NFTKEY is on the rise this week as it more than doubled the number of active wallets connected to its digital collectibles marketplace. The cross-chain platform allows traders to buy and sell NFTs on Ethereum, BSC, Avalanche, Harmony and has recently extended its capabilities to the newly integrated Fantom network, where it is finding considerable traction.
Across all networks, NFTKEY has increased its user base by just over 128% week over week, taking the number of wallets connected to the marketplace to 4,380. Those wallets completed over 40,000 transactions and generated $1.6 million in volume. Interestingly we can see an average sale of a digital collectible on NFTKEY is worth around $40.
Breaking it down to which network the marketplace finds most traction, we see most user wallets connecting on Fantom and Harmony. Conversely, we see no activity on Ethereum and shallow activity levels on the Avalanche network. Of course, this can all depend on which NFTs are available for traders to purchase on each network.
What’s on NFTKEY Marketplace?
We see 32 collections available on Harmony, with Mars Colony having the highest 24-hour trading volume. Traders are after NFT land plots in the upcoming Mars Colony game as expectation builds around the project. We see that the floor price for land plots is now 1590 ONE tokens, or around $362. However, land plots are selling for double this price.
On Fantom, we see 141 collections currently available and Magical Goools show the highest 24-hour trading volume at writing. The floor price is currently listed as 59 ONE tokens or around $14 for a Goool. However, we see that pricing varies wildly and that some are selling for over 100 ONE, or about $20.
NFTs in 2022
Adding context to the NFT landscape as we enter 2022, it’s essential to know that excluding LooksRare’s $10.7 billion in artificial sales volume, the NFT space amassed $5.3 billion in trades, and almost 90% were transacted on the leading Ethereum NFT marketplace OpenSea. However, there are a growing number of NFT collectibles and marketplaces operating on other blockchain solutions. These alternatives offer users a wide selection of collectibles and lower transaction costs. Think about Tezos’ ‘clean’ NFTs, Polygon and Immutable X as other alternatives to the expensive and energy consuming Ethereum mainnet.
Although Ethereum is still way ahead regarding the number of traders buying and selling NFTs weekly, NFTs on blockchains like Solana, Tezos, and Avalanche are catching attention. They could overtake Ethereum as a collective this year.
Blockchains like Fantom and Harmony have already successfully built out strong DeFi categories that attract users and value. The total value locked on Fantom currently stands at over $9 billion while it’s just over $1 billion on Harmony.
Dapps like DeFi Kingdoms and ViperSwap help Harmony attract users, while SpookySwap on Fantom attracts around 30,000 wallets a week.
Those same users are now becoming exposed to an entirely new asset class in the shape of NFTs and digital collectibles.
Moreover, NFTs represent an asset class that has resisted the recent crypto price crash and maintained very respectable levels of value—pointing toward NFTs not only becoming a tangible store of value but a commodity to be leveraged and traded for gains.
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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 ETH, BTC, AGIX, HEX, LINK, GRT, CRO, OMI, IMMUTABLE X, GALA, AVASTR, GMEE, CUBE, RADAR, FLOW, FTM, BNB, SPS, WRLD, ATOM, and ADA.
