In the past few months, the popularity of NFTs around art and games has begun to heat up. This article will analyze the top three NFT markets running on Ethereum.
In the past few months, the popularity of non-fungible tokens (NFT) surrounding art and games has begun to heat up, and the market activity that supports such token trading has reached its peak in the number of traders and the volume of transactions.
This article will analyze the top three NFT markets running on Ethereum.
Important points
NFT traders rose by an average of 87% in October.
In October, NFT trading volume reached 13 million U.S. dollars.
OpenSea’s transaction volume ranks first.
In terms of the number of traders, Rarible maintains a leading position.
Axie Marketplace steadily increased in the number of traders and transaction volume in October, ranking third.
The number of traders in the NFT market rose sharply by 87% in October
According to the NFT market page on DappRadar, we can see an upward trend in the number of traders in October.
Compared with September, the total number of transactions in October increased by 87%. The largest contributors are OpenSea and Rarible; accounting for 76% of this increase
Rarible maintains a leading position in the number of total traders.
Fluctuations in trading volume
Rarible’s transaction volume in September hit a record high, but October’s transaction volume shrank due to the fees introduced on the platform, reducing the transaction volume.
This resulted in OpenSea occupying a leading position in the NFT market category.
Learn more about OpenSea
OpenSea is a peer-to-peer market for encrypted collectibles, where users can buy, sell, and auction irreplaceable tokens. This platform is the first such platform on the Ethereum blockchain.
In terms of transaction volume, OpenSea increased by 50% in October compared to September, stabilizing its leading position.
Its total transaction volume increased from USD 2 million in September to USD 4 million in October.
OpenSea: transaction volume and number of traders
Based on OpenSea’s 7-day transaction volume, the increase in transaction volume was attributed to commodities sold in other major NFT markets.
The biggest contributors are NFTs from Rarible, Axie Infinity and SuperRare.
Learn more about Rarible
Rarible is an open source market established on the Ethereum network in early 2020. Users can forge, sell and buy collectibles. The platform launched the RARI token in September, which further promoted its growth.
In October, Rarible’s data on the number of traders and trading volume fluctuated greatly. Although the number of traders in October increased by more than 9% from September, the volume of transactions fell by 29%.
The price of RARI also plummeted by 70% in October, at about $1.94 at the end of October, and reached a peak of $9 in mid-September.
Learn more about Axie Marketplace
Axie Infinity games have their own internal trading market, called Axie Marketplace, where players can buy, sell, auction and other operations on game assets.
Before we dive into the current growth, Axie Infinity is expected to release its governance token Axie Infinity Shards (AXS) in early November. The token may also affect metrics on the Axie Marketplace in the near future.
Axie Marketplace is growing steadily month by month. In terms of total trading volume and the number of traders, it ranked third with 1.3 million USD and 349 traders respectively.
Compared with September, the trading volume in October increased by 54% and the number of traders increased by 41%. Axie Infinity proves that game NFTs are getting more and more attention.
Axie Marketplace: transaction volume and number of traders
in conclusion
Due to liquidity mining, the NFT market’s transaction volume and the number of traders also began to rise in September.
This upward trend continued until October, when the Ethereum-based NFT market data began to grow steadily month by month.
Dapps such as Rarible and OpenSea are fiercely competitive, vying for leadership in the NFT market. Axie Marketplace, which specializes in games, is also experiencing strong growth.
As always, we will continue to analyze and report on the rapidly growing NFT market. You can continue to track and pay attention to this area through DappRadar’s market ranking page.
