The NFT market is never stable. It is constantly evolving and fluctuating due to varying factors! Moreover, sales are what defines a market’s success. And Although NFT (Non-Fungible Token) sales witnessed a major slip from the beginning of 2022, the top five marketplaces didn’t take a major hit. How can we tell? Well, they humbly scored the largest number of all-time NFT Marketplace sales, reaching more than $40 billion on October 29.
In fact, OpenSea, a major NFT marketplace, alone captured over $32 billion worth of NFT marketplace sales. Thus, it is dominating the top five marketplaces by 79%. Based on Statistics, these sales were executed by 2.35 million traders.
What is an NFT Marketplace?
Firstly, NFT marketplaces are platforms where NFTs can be stored, displayed, traded and in some cases minted. Think of them as you would Amazon or eBay. But for NFTs! In order to access and use these types of marketplaces, you need to set up the following:
- A Crypto Wallet
- Crypto funds (from your preferred Blockchain) in Wallet
- A User Account
Check out our guide to buying an NFT right here!
NFT Marketplace Sales in 2022 So Far!
$32.83 Billion in sales, 2,369,136 Traders, average price of an NFT $350.57
$1.83 Billion in sales 1,242,358 Traders, average price of an NFT $123.83
$1.62 Billion in sales 108,653 Traders, average price of an NFT $6.53k
$903.49 Million in sales, 161,257 Traders, average price of an NFT $583.56
$308.83 Million in sales, 109,651 Traders, average price of an NFT $687.65
A Closer Look Into The NFT Marketplaces
It is the most popular NFT marketplace! It has all sorts of digital assets available on its platform ,and it’s free to sign up and browse! OpenSea supports the following blockchains: Ethereum, Klaytn, Polygon, and Solana. Moreover, it charges 2.5% of the sale price as gas fees! This explains this NFT marketplace’s skyrocketing sales!
This NFT marketplace is home to the best Solana Blockchain variety! Magic Eden offers a flat 2% transaction fee, which is one of the lowest on the market. That makes the platform more affordable compared to some of its competitors. No wonder it’s in the top 2nd place in the NFT marketplace sales chart! It also honors the royalties set by creators, which isn’t always the case on other platforms. Plus, there is no fee for listing NFTs and for making offers; the fees you pay are transaction fees when a sale is made only!
It belongs to the Ethereum blockchain and only charges a 2% fee on sales, which is lower than many of its competitors. However, be aware that you’ll also have to pay gas fees on the Ethereum (ETH) blockchain, and these charges can add up. This platform’s users can earn LOOKS rewards -the platform’s native token- for staking, trading, and listing. It’s worth noting that LooksRare allows you to bid on a whole collection all at once! Cool!
It runs on the Ethereum blockchain, and one of its main benefits is ‘profit sharing’. What is this feature? Users can stake X2Y2 tokens on the platform, and depending on how many tokens they stake they will receive a percentage of all fees from NFT trading on the platform. Rewards for loyal customers! Also, X2Y2 offers a new concept: bulk buying and selling. What does this mean? You can sell and buy as many NFTs as you want at the same time, only paying the gas fee once! A flat 0.5% fee on the amount paid for anything sold on X2Y2. This boasts its NFT marketplace sales.
It supports 4 different blockchains right now! Users who want to reduce fees can avoid using Ethereum and opt for Polygon (MATIC), Tezos (XTZ), or Flow (FLOW). Creators can avoid gas-fees with Rarible’s lazy minting function. How? Essentially, Rarible delays the process of recording the details of the piece on the blockchain until after it’s been bought. Meaning, the buyer has to pay extra transaction fees to fully mint the item instead of the creator! Of course, fees depend on the blockchain and minting option.
The Sum Up
According to the data, in the past 30 days, sales reached $426 million globally. This is a downgrade by 21.32% from the previous month. Among 510,859 buyers, over 556,057 NFT transactions happened in the past 30 days. People are all over NFTs, and it shows! To sum it all up, the NFT marketplace is defined by its sales and revenue. However, we can never be too sure about its trajectory! Make sure to keep an open-eye on all NFT marketplace sales updates to stay in the loop. Leave us a comment in the section below, we’d love to hear your feedback!