ON–227: NFT Marketplaces 🤝

Coverage on Magic Eden, Tensor, Hyperspace, Blur & OpenSea.

Apr 26, 2024

ON–227: NFT Marketplaces 🤝
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NFT Marketplaces 🤝

📈 Daily active NFT traders reach historical high on both Solana (59.3k) and Bitcoin (25.6k) last week

  • Solana daily active traders reached historical high at 59.3k users on Apr. 23, a 4x trader surge from ~15k daily traders the week before Apr. 21. The increase in trader count is driven by wallets trading at <$10 daily on Magic Eden and Tensor. In the past 7 days, Magic Eden has 74% of trading volume market share and 38% of trader market share on Solana, while Tensor has 18% of volume and 61% of traders.
Source: nftpulse.org
  • Bitcoin daily active traders reached historical high at 25.6k on Apr. 18, in anticipation of the RUNE launch. The number dipped immediately from ~25k on Apr. 19 to ~7k on Apr. 20 post-RUNE launch. In the last 7 days, Magic Eden has 82% of active traders and trading volume, followed by OKX at 16% for both metrics.
Source: nftpulse.org
  • Ethereum distributed 50%+ of all royalties in the past year, although Solana now has distributed 46% in the last 30 days because of Mad Lads. The top collection by royalties is Mad Lads, which has collected at least 2.5x as much royalties as any other collection in the past 30 days.
Source: nftpulse.org
  • 💦🔬 Tx-Level Alpha: In the last 7 days, the largest ordinals transaction was this transaction for AINN Rune Star #66878791, trading at 2 BTC on OKX on Apr. 24 2024. The AINN Rune Star collection is a spontaneous airdrop event launched by the AINN community on the eve of the Rune protocol's release, commemorating Satoshi Nakamoto's founding of Bitcoin.

① Hyperspace 🔺

📈 Hyperspace generated $4.4M revenue on Avalanche from $218M sales volume

  • Hyperspace is a multi-chain NFT marketplace that initially launched on Solana, then Sui, and ultimately adopting Avalanche, becoming the network's largest marketplace. Since the beginning of 2024, Hyperspace has processed a sales volume exceeding $218M, resulting in $4.4M in revenue. The marketplace has been running a reward program since its launch on Avalanche, which has resulted in more than half of the transactions on the marketplace being categorized as wash trading.
Source: Flipside - @alitaslimi
  • Nearly $9.5M has been rewarded to marketplace users over five seasons (the latter portion of season 2 occurred in 2024). Although the rewarded volume ranged from $1.5M to $2.5M between seasons 2 and 5, the number of rewarded users significantly decreased from one season to the next.
Source: Flipside - @alitaslimi
  • Early adopters of Hyperspace have shown greater loyalty and persistence. It has been approximately eight months since it launched, along with a reward program. Throughout this period, users who joined Hyperspace within its initial two months have exhibited the highest retention rate within this NFT marketplace.
Source: Flipside - @alitaslimi

② Ethereum NFT Marketplaces 🌐

📈 Facilitating 20% of weekly NFT trading volume on Ethereum, Magic Eden is emerging as a significant player on the blockchain

  • The battle between OpenSea and Blur for dominance on Ethereum was once one of the most exciting head-to-head battles in crypto. With the launch of their Ethereum marketplace in February however, Magic Eden has emerged as a major contender on the blockchain — the marketplace drove over 20% of volume on Ethereum in the last week. Blur still dominates with 50%+ volume while OpenSea has faded, now accounting for 13.5% in the last seven days.
Source: Dune Analytics - @hildobby
  • Along with volume, weekly traders on Ethereum have continued to drop over the last two years — <36k wallets traded NFTs on Ethereum this week. That’s down from over 218k in April 2022. Weekly volume has also dropped from the eye-popping $1.4B week in April 2022 —shown above— to now hover around $100M per day.
Source: Dune Analytics - @hildobby
  • While OpenSea trails Magic Eden and Blur in terms of volume, the marketplace still leads in terms of traders, attracting roughly 4,000 per day. Blur has around 2,500 and Magic Eden has below 600 daily traders on Ethereum. Zooming out, OpenSea has lost roughly 90% of its weekly traders over the last two years.
Source: Dune Analytics - @hildobby
  • 💦🔬 Tx-Level Alpha: On Apr. 25 CryptoPunks’ NFT marketplace facilitated a 4,000 ETH purchase, worth $12M+, for one of crypto’s premiere NFTs — an alien punk. That transaction alone placed CryptoPunks’ bespoke NFT marketplace as the second leading platform by volume on Ethereum for the day of the trade. Only Blur, which accounted for $15.2M, generated more volume in that 24-hour stretch.

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