The top 7 marketplaces account for 99% of the total volume
NFT Marketplaces are booming right now as a wave of interest washes over the metaverse. A new asset class has emerged at the tail end of 2020 and sees strong growth into 2021. We’ve observed all-time record sales, new projects receiving heightened interest, and old dapps having a period of renaissance.
In the last 30-days according to the DappRadar Marketplace rankings the top 12 NFT Marketplaces have generated over $480 million in transaction volume and we expect to see that shoot past half a million by the end of the week.
At the same time, a huge increase in traders can be observed. Over 180,000 traders have interacted with NFT Marketplace dapps in the last 30-days. The lion’s share of user activity goes to NBA Top Shot which is way out ahead with over 100,000 traders in the last 30-days.
It can also be observed that the majority of NFT Marketplace dapps tracked by DappRadar have all experienced trader increases in the last 30-days. Most notably, Waxplorer, CryptoPunks, and NBA Top Shot.
Digging deeper
NBA Top Shot has risen to prominence extremely quickly in 2021 after launching back in late 2020. A wave of hype and media excitement in the US and worldwide has driven the game to new heights. The dapp has its own internal marketplace where players can buy and sell cards some such as the LeBron James Dunk Cosmic Series 1 has sold for $208,000.
Looking at the top 5 sales in the last 30-days on DappRadar we can see that CryptoPunks are enjoying a renaissance period. Four of the five top NFT sales belong to CryptoPunks and have generated an impressive 2,750 ETH.
As the first NFT project launched by Larva Labs back in 2017, it seems fitting that people are now discovering the pioneers. But, at the same time, a series of ‘copy and paste’ NFT projects have arisen looking to capitalize on the hype.
Looking at the top collections over the last 30-days reveals further insight into which NFTs are really capturing the attention of consumers right now and which are driving both usage and value as a pose to just users.
No surprises that NBA Top Shot, CryptoPunks, Hashmasks, and Sorare are at the top of the charts. The Top 5 is completed by Rarible, which is an NFT platform that serves the community a variety of NFTs rather than specific ones.
Looking at the average value of a transaction over the last 30-days adds another layer to the story. Whilst we see over $247 million in volume and 1.2 million sales on NBA TopShot the average transaction is around $195. Meanwhile, on CryptoPunks, we see a volume of over $86 million and just 2,200 sales meaning the average transaction is around $39,000. A big difference and further testament to the fact that whales are not scared by large gas fees when moving considerable amounts.
2021 – The year of NFTs
NFTs are definitely hyping right now. Everywhere you look from Rolling Stone Magazine to your Instagram feed seems to be getting on board the bandwagon. As with all growth, questions are arising to do with the valuations of NFTs, what gives them value and how will purchases be sure they can redeem that value at some point in the future.
If 2020 was the big DeFi beta test, then 2021 is the breakthrough year of NFTs. 2021 is about to provide an even more fascinating beta for the crypto and blockchain community to debate.
What is an NFT?
An NFT is a token on the blockchain that proves ownership and confirms the rarity or scarcity of a digital asset. NFT is an abbreviation of Non-Fungible Token, meaning that each of these digital assets is unique in its own way. Each of these NFTs has its own registration number, similar to the address of a house or a car registration number. Want to learn more about NFTs? Read this.
