OpenSea Volume Sinks to 13-Month Low

The NFT market has become one of the most successful areas in recent years. If the first NFT created by Kevin McKoy was from 2014, it is a few years later that the popularity of NFTs will take a great leap.

Why did this happen?

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For these 10 NFT marketplaces, we cover sales volume, transaction fees, compatible wallets, accepted cryptocurrencies, top collections, and more!

And more. Strap yourselves in. We’re about to go on a ride through the wild west of NFT trading.

The crash is in tandem with five months of consecutive decline as the interest around NFTs starts to wane. In particular, NFT monthly volume dropped to barely $466 million in September after reaching a high of $17 billion at the beginning of 2022, according to the statistics provided by hildobby on Dune Analytics.

NFT monthly volume falls 97% from highs. Source: Dune Analytics

As a result of rapidly tightening monetary policy, investment flows are being cut off from speculative assets, contributing to a bigger wipeout in the crypto industry, seeing roughly $2 trillion leave the market since its peak in November 2021.

Listed below are the stats for NFT collections and individual assets that have sold for the highest prices. We list the data in descending order. Data can be reordered by clicking on the column title.

De Sunny Gang

Avatar NFTs on Solana

11 hours ago

First Metaverse Tattoo Shop

in 5 hours

Legend Dog Squad

Legend Dog Squad is pfp + play-to-earn game built on Unity, and set in a post-apocalyptic universe.

in 19 hours

Pre-sale: Free MintSale: Free Mint

NFT marketplaces were hit hard in the crypto market crash of May which led to billions of dollars wiped off the sales volume of digital collectibles.

NFT marketplaces continue to make attempts to recover from the plunge in investor interest in digital collections.

NFT marketplaces are digital platforms for buying and selling non-fungible tokens. The platforms help lovers of digital collectibles store as well as display their NFTs for fiat or cryptocurrency.

In January 2022, total sales volume was approximately $16.57 billion with LooksRare leading the way with $11.1 billion for the month. May’s volume was $12.57 billion less than January’s—a 75% decline in just four months.

Investing in NFTs

NFT marketplaces are your path to start investing in digital assets, collectibles, and art, but there are lots of options out there. Be sure to choose one that suits your buying and storage needs based on the type of NFT you’re after and the crypto you’re interested in using for transactions.

Also be aware that this is a new industry and is highly speculative. Some NFTs may rocket higher in value, but there’s no guarantee. The value of digital art and collectibles works much the same as physical art and collectibles: Value is subjective and determined by factors such as uniqueness and the reputation of the artist who made it. Make a purchase — if any — with your overall investment strategy, net worth, and investment time horizon in mind.

Ready to start collecting NFTs?

There are hundreds of platforms around the world that are waiting to give you access to thousands of cryptocurrencies. And to find the one that’s right for you, you’ll need to decide the features that matter most to you.

To help you get started, our independent experts have sifted through the options to bring you some of our best cryptocurrency exchanges for 2022. Check out the list and get started on your crypto journey, today.

PancakeSwap

CAKE token is at the core of the PancakeSwap market. The marketplace contains Collections of NFTs like Pancake Squad, Pancake Bunnies, etc. NFTs in these collections are randomly generated from hundreds of different traits with tens of thousands of combinations.

Altura

Altura is a next generation gaming NFT platform. It is one of the most powerful NFT minting marketplaces running on Binance Smart Chain. Altura introduced Smart NFTs in its videos games and applications. The smart NFTs have properties that can change depending upon certain conditions.

Waxplorer(NFTHive. io)

Due to the lack of perceived cultural value and relevance, it is somewhat rare for NFTs outside of the Ethereum ecosystem to establish any level of mainstay. Yet, Solana has managed to break the mold, and have successfully built a cultural moat of NFT communities and projects, with Magic Eden fronting it.

Wash trades on LooksRare and X2Y2

It is worth noting that unlike most collections, CryptoPunks is one of the rare few with their own native NFT marketplace because of their different smart contract logic (not purely ERC-721).

Methodology

The Top 5 NFT Marketplaces (OpenSea, Magic Eden, X2Y2, CryptoPunks, and LooksRare) are derived by total trading volume, excluding wash trades, using data from Footprint Analytics.

If you use these insights, we would appreciate a link back to this article on CoinGecko. A link credit allows us to keep supplying you with future data-led content that you may find useful.

Curious to know out more about the crypto landscape? Read our Q3 2022 Cryptocurrency Report.

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Julia Ng

Welcome to the strange world of WAX.

#10 – AtomicHub (WAX)

AtomicHub is designed a little differently than the marketplaces we’ve covered. On the homepage, you’ll see some promotions up top, then a list of the action on the marketplace that day. There are new listings down below, then a chart of the volume on AtomicHub dating back a month (you can toggle between USD and WAX).

On the site itself, some of the collectibles are a bit cruder than on other marketplaces. They are formatted like little digital trading cards and run from the low-priced to the very expensive. You have to sift through many NFTs on Atomic but can come across some gems.

While the statistics for some collections are not easy to find, you can find a host of statistics when selling an individual NFT. These include the lowest market listing, the suggested price, a breakdown of fees, and how much money you’ll gain after you sell.

Decentraland

A virtual space within the Decentraland is called Land divided into unique 16 X 16 parcels called Land Parcels. Each land parcel is a unique NFT.

The Total Land is 90,601 that includes 43689 private Land Parcels, 33886 District Land, 9438 Roads, and 3588 Plazas. The land parcels are purchased using the native cryptocurrency MANA.

BakerySwap

BakerySwap is the first and largest Decentralized Finance marketplace on Binance Smart Chain. It supports both NFTs and AMM(Automated Market Maker) marketplace solutions on Binance Smart Chain. The native token of BakerySwap is CAKE.

Why talking about the NFT market?

An NFT or non-fungible token is a unique, verifiable and authentic digital asset. The value that NFTs bring to dematerialized property is scarcity. Scarcity will give counterfeit, copied or plagiarized works a “digital value”. The NFT market has managed to penetrate a multitude of areas by recreating added value to digital possessions. If we consider that the cost of minting an NFT varies between $70 and $150, it is easy to grasp the almost spectacular return on investment from which many NFT players have been able to benefit.

Although it is complex to assess this very undulating and fast-paced market, we have compiled some key NFT figures for the year 2021 and the start of 2022.

Aavegotchi

The value of an Aavegotchi(GHST) is determined by rarity level, which is calculated via multiple factors, such as base traits, amount of staked collateral, and equipped wearables.

Kalamint

Treasureland is one of the largest decentralized multi-chain NFT marketplace on Binance Smart Chain. It supports NFT mint, cast, issuance, auction, and socialization. The main categories are: Game, Art, Defi, Utility, Collectibles, Trading Cards, Virtual Worlds, and Domain Names.

Wizardium, StarSharks, Kryptomon Game, Binopoly NFT, are some of the top NFT collections on Treasureland marketplace.

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SuperRare

SuperRare is a peer-to-peer network(marketplace) built on Ethereum where you can collect and trade unique digital art works. Each digital art is authentically created by artists in the SuperRare network, and tokenized as crypto-collectible digital item that one can own/buy and trade.

One can find Live Auctions, Featured Releases, Trending Artists, Top Collectors, Market Stats, etc, on SuperRare marketplace.

Find the Marketplace Right for You

Choosing the right marketplace for you depends on your motivations in the NFT space. If you’re a trader, statistics are invaluable. If you like collectibles, a filter search option is critical. And if you like art, finding a marketplace with the art you like or a variety of options is helpful.

NBA Top Shot

There are around 500,000 collectors who have purchased a pack from NBA Top Shot. Each pack contains different Moments.

MBA Top Shot allows you to build a collection of your favorite NBA players. Once you build the NBA Top Shot collection show off the highlights that matters you the most. Challenges and Showcase Challenges are the best ways to earn Moment and pack rewards.

NBA Top Shot has 4 collectible tiers i.e Common Tier, Rare Tier, Legendary Tier, Platinum Ice Ultimate Tier, and Genesis Ultimate Tier. First 3 Tiers are available in Packs whereas the last 2 Tiers are available through auction.

A Set contains group of moments with similar characteristics. Every moment and set belong to a series like Series 1, Series 2, etc. A Series features moments from specific time period like 2019 to 2020. All the sets are closed when a series ends. If a set is closed new players can’t be added.

Each set is associated with one of the 4 collectible Tiers. A Legendary Set will contain only Legendary Moments whereas a Common Set will contain only Common Moments.

NFT market size

Rarible is a large NFT marketplace with wide range of collections, and categories. You can easily discover, create, sell, and collect NFTs. It contains Top Collections filtered by day, week and month, Hot Bids, Top Sellers filtered by day, week, and month, Live Auctions, Hot Collections, Explore, and Activity.

AirNFTs

Kenny Schachter, Art CriticSchool of Visual Arts

What should artists know about minting NFTs of their work? There’s no point unless you have an audience (or can nurture one) that might in fact buy it. Actually that’s an overstatement, but to think it’s a panacea to selling art and minting a fortune is a giant misconception. It’s a painstaking process to cultivate a market selling just about anything.Do you think NFTs are helping or hurting the creator community? Let’s put it this way, I have been an artist, writer, lecturer and art dealer by default. In my late, very late 50s, the advent of NFTs enabled me, and countless others, to make a living off our art for the first time in our lives. It’s a market game changer of epic, historic proportions that will inevitably go down in history as a marked change in the way digital art can be transacted. We live in technological times and art should be a reflection of that, but until NFTs there was no systematic way to buy and sell art with digital roots.What types of fees or costs should artists expect? BIG ones! Gas is not cheap. Which is pretty ridiculous when you understand crypto was meant to circumvent excessive banking fees. Also, like Egyptian statues with both hands extending in opposite directions, you pay fees coming and going from both the buy and sell sides. Come to think about it, not unlike the traditional art world, cue eye-roll.

Foundation

Bidding on Foundation marketplace is open for all collectors, they don’t need any “invitation requirement”. Currently Foundation offers 3 types of NFTs i.e Images, Videos, and 3d Artwork. There are over 100,000+ NFTs for sale on Foundation marketplace.

To re-sold your NFTs on other marketplace you can transfer your NFTs from Foundation to other marketplaces like OpenSea, Rarible, etc. On Foundation marketplace you can find Featured NFT, Trending Auctions, Collections, Featured Artworks, Featured Creators, and more..

You can explore Notable Drops, Top Collections, Trending NFTs, Browse by Category, Rankings, Stats, and much more. OpenSea is so flexible that people from other marketplaces like Foundation, Rarible, etc, can transfer their NFTs to OpenSea and trade there.

Waves Ducks

Waves Ducks is a collectable play-to-earn NFT game. It is centered on digital duck images in the NFT format which are called Wave Ducks, available for the active members of Waves Ducks ecosystem. Each duck has its rarity value. You can buy the Wave Ducks using its native currency EGG.

The game offers different types(generations) of Wave Ducks and 3 roles for players. You can choose a role or a combination of roles to build your own duck empire.

SolSea

In August, Finbold first reported that trade activity for non-fungible tokens in Q2 had plummeted by 40% as digital collectibles’ interest dwindled. Footprint Analytics noted:

“In mid-May, the crypto market faced considerable challenges, and the NFT market cooled off. NFT trading volume dropped from $19.02 billion in Q1 to $11.26 billion in Q2.”

It was also found that OpenSea, the world’s largest NFTs marketplace, saw a significant decrease in the daily quantities of its trades. Trading volume on the NFT marketplace fell as low as $10.05 million as of August 26, the lowest since July 2021, marking a one-year low as the effects of the crypto winter take hold.

Elsewhere, in June, a survey found that the vast majority of customers, particularly 64.3% of persons surveyed, only purchased NFTs to “make money.” It probably shouldn’t come as a surprise that trading volume declined during the second quarter of 2022, given that more than half of investors purchase NFTs only for the purpose of increasing their financial position.

SIGN Art

All 10,000 Punks have been owned by people. In order to own a Punk you have to purchase it from someone. You can buy, bid on, and offer Punks for sale.

You can identify the status of each Punk from its background. Punks with red background are available for sale, Punks with blue background are not available for sale, and Punks with purple background have an active bid on them. You can find the attributes and status of a Punk on its profile page.

Tips for choosing an NFT marketplace

The fastest growing NFT market segment is collectibles, such as with Cryptopunks, Bored Ape Yatch Club, Mutant Ape Yatch Club, Clone-X, etc.

An increase in users number on NFT marketplaces

Every item/assets or land plots in the Ember Sword are represented by tradable unique NFTs.

DigitalEyes

Some of the top collections are Aurory, Degenerate Ape Academy, Frakt, Galactic Gecko Space Garage, Meerkat Millionaires Country Club, Pesky Penguins, Solana Monkey Business, and Solarians.

KnownOrigin

On Primary Marketplace you can discover NFTs by world class artists whereas on the Secondary Marketplace you can discover relisted NFTs by well known collectors.

Top Solana Marketplaces

Here are the four leading Solana marketplaces, starting with the OG: Solanart.

#6 – Solanart

Solanart is the original Solana NFT marketplace and one of the top NFT marketplaces. It houses legacy Solana collections SolPunks and Degenerate Ape Academy, it has recently expanded into gaming Solana NFTs with the Genopets collection.

Check out its specs below:

When you click on a collection, you see rows of NFTs and their list prices. Using a feature off to the left, you can select attributes within the collection and see their corresponding floor prices. Clicking an attribute brings up all the NFTs in that collection with that attribute.

For the statistics, you get four basic stats for each collection: item count, number of owners, floor price, and volume traded. The stats page gives you more:

You can also look at a collection’s price and sales histories. Buying an NFT is as simple as buying one on OpenSea, the top Ethereum marketplace.

#7 – Magic Eden

Magic Eden, the up-and-comer, is a serious contender for the top Solana NFT marketplace throne. In the months since it launched, it has done $200 million in sales volume and comes with innovations, including a tool that makes minting easier for creators.

Here are its specs:

In addition to having some of the lowest transaction fees of all marketplaces, Magic Eden features strong Solana collections on its platform, including Art Punks, Boneworld, and The Slow Patrol. And the ease of using its minting tool makes some of the more technical aspects of NFTs simpler for creators and artists.

The site design is easy to navigate, and the color scheme easy-to-ready: white font displayed over dark background. There is a scrolling gallery at the top with images of featured collections. Below, there are sections about upcoming collections, hot collections, and an individual NFT section.

On an individual NFT’s page, some statistics pop up about the NFT: price, attributes, price history, offers, transaction activity, and details about the collection. On a collection’s page, you can see the floor price, the all-time sales volume, the average 24-hour sale price, and the number of NFTs in the collection that are listed for sale.

To the left, you can filter by attributes. This can help you find the exact NFT in the collection you’re looking for. The only drawback to Magic Eden is that there is no dedicated statistics page.

#8 – Solsea

Its specs are listed below:

Solsea hosts some strong collections, but you’re more likely to find off-the-wall collections that are interesting and engaging. Some examples are Hot Bunnies and Space Kitties.

The design of the website delivers information well. On the homepage, you can see upcoming and trending collections, the latest listings, and recent sales. One nice feature is — like OpenSea — there is a “like” function for the NFTs. You can see how many people liked a particular one, which may indicate the level of demand for that NFT within the collection.

There is a dedicated statistics page where you can see top collections (ranked by 24-hour sales volume), the number of sales in that collection, the average sale price, and the floor.

#9 – DigitalEyes

While DigitalEyes is a lightweight in the field of Solana marketplaces, it features many of the top Solana collections for purchase and has added a brand new social feature that could bring a great deal of value to you as a collector.

Below are its five specs:

On DigitalEyes, you can find some top collections that are featured on more prominent marketplaces — Degenerate Ape Academy, Solana Monkey Business, and Pesky Penguins, just to name three. The design (light font on dark background) is pleasing to the eye, and the site is relatively easy to navigate.

The homepage shows featured collections, trending collections, and top “verifeyed” collections. At the bottom of the page, you can find a list of top and trending collections if you prefer reading text rather than looking at the NFTs themselves.

Statistics availability is limited on this site. There are none on the homepage and there is no dedicated statistics page either. On each collection’s page, you can see the collection’s floor price, the volume traded, and the highest sale. You can filter by attribute, which is a nice feature.

DigitalEyes’s innovation is its “solo” feature, which allows creators to put together a string of their works along with their prices. If you want to contact an artist, the artist often lists their social media handles on their “solo” page.

Myth Market

After the market’s founder Rafael Lima stepped back the community decided to take the Hic et nunc project into a decentralized autonomous organization (DAO).

Top Ethereum Marketplaces

The platforms that host Ethereum NFT trading are equally notorious — for the good and the bad. Here, we’ll cover five of them, their high points, tricky spots, and how you can navigate through them to purchase and trade NFTs.

#1 – OpenSea

OpenSea, because of its functionality, is an unsurprising home to many of the top collections. Blue-chip NFT collections traded on OS include the Bored Ape Yacht Club, Cool Cats, Doodles, Cryptomories, and more.

Its design is simple, straightforward, and enables easy navigation. The home screen shows featured or trending collections, a search bar, and a navigational button that allows you to access different site pages, including one that ranks collections by trending trading volume.

Purchasing is simple. After finding your collection, you’ll see row after row of NFTs in that collection with corresponding cryptocurrency prices. Click on one and the site will take you to that NFT’s page where you can see the price of the NFT in fiat currency. Next, click the “Buy Now” button.

This ease gives it a leg up over more complicated marketplaces, such as the now-defunct HEN. While not without critics, it is the leader in NFT marketplaces as of this writing.

#2 – Nifty Gateway

It also has many advantages over its larger, more popular competitor. Below are its specs:

The design of the website is clean. On the home page, there is a featured collection, a list of pieces that are up for auction, recent drops, and some of the more popular Nifties. The navigation bar on top of the page will lead you to curated drops, verified drops, a marketplace, and an activity feed, where you can see purchased items.

Because this is primarily an art NFT platform, you’ll see that some of the pieces have thousands of editions. Others may have a single edition. Edition size is a metric used by some to determine NFT rarity and sellability.

In addition to no gas fees, there is another big plus about trading on Nifty Gateway: You can purchase with a credit or debit card, an option rarely seen on other marketplaces. Purchasing with a card takes out the hassle of opening a crypto wallet, transferring crypto in and out, dealing with seed phrases, and all the technical aspects of buying an NFT.

#3 – SuperRare

SuperRare has been rising in popularity lately, seeing record-shattering NFT sales in October and an accompanying 1,330 ETH sale in early November. Rather than just a generative collectible NFT marketplace, SuperRare is a platform where digital artists and collectors can connect. Check out its specs below:

As SuperRare’s website states, the process of being admitted as an artist on the platform is difficult, but for customers, there is a wide selection of different types of artwork. Some are uncomplicated illustrations, others highly-detailed renderings. Some are animated, while others are not. There are some big names on the platform, but you can find undiscovered gems too.

If you go to the marketplace section of the site, you have the option of organizing your feed depending on four artist criteria.

In addition to being a proponent of artist royalties, SuperRare has another claim to fame: It is one of the few marketplaces to decentralize, offering its $RARE token to constituents, so that they can vote on the direction of the platform.

#4 – Rarible

Founded in early 2020 by Alex Salkinov and Alexei Falin, Rarible was one of the top NFT marketplaces in contention during the spring of 2021 before struggling to match the pace of its competitors. But it certainly has some perks that other marketplaces may lack. Scroll down to read its specs:

Like OpenSea, Rarible has access to some of the top NFT collections, such as the Bored Ape Yacht Club and the Mutant Ape Yacht Club. You can also buy metaverse land and purchase NFTs used in play-to-earn games.

Every time you make a transaction on the platform, you receive a certain amount of $RARI, which is a governance token. People holding the governance token can vote on future directions of the NFT platform or cash out at whatever market price $RARI is trading.

#5 – Foundation

It still retains some of its luster and mystique, and there are numerous reasons why you’d consider it in your next search for the latest, best NFT art to buy. Here are its specs:

Foundation is easy to navigate. On the home page, there are ongoing auctions that show the high-resolution art, the current bid prices, and when the auction ends. The art has varying styles. Some of it is animated, some still. Some are hyperrealistic, while others are cartoony.

It has a unique invitation-style system for artists. While artists can connect a wallet to the site with no problems, they can’t mint any artwork until they receive an invitation from an existing member. As a collector, you face no restrictions in placing bids, with or without an invitation.

At Foundation, you can find top NFT artists and high-quality artwork and collections that are hard to find elsewhere. The art speaks to more than just diversity in style. The artists themselves are from diverse backgrounds, living in countries throughout the world.

Ecological cost of NFTs

Creators/Owners of NFTs have the option to either set a Fixed Price or Accept an Offer from buyers. You can use the second option when you are unsure about the price of NFT.

Starly

Gamify is the process of adding games to something like a task or milestone to encourage participation.

Each collection is made in a set of 21 cards. Out of those 21 cards 11 are Commons, 6 are Rare, and 4 are Legendary. Collectors can trade(buy & sell) their cards on Starly marketplace to complete the full set. Creator pays rewards to top collectors for achieving the milestones.

NFTKEY

Degenerate Ape Academy, Aurory, SolPunks, Galactic Gecko Space Garage, Bold Badgers Squad, Frakt, Meerkat Millionaires Country Club, Infinity Labs, Sollamas, are some of the top NFT Collections in Solanart.

Venly

Each of the SolanaMonkey in the Collection is generated from over 99 possible traits/attributes spread over six different layers. A SolanaMonkey has its Type i.e Skeleton, Solana, Alien, Purple, etc, and Attributes such as Color, Ears, Mouth, Hat, Eyes and Clothes.

The rarity system assigns the price/value to an NFT(SolanaMonkey) in the collection based on its rarity. In this system each trait is given a score/percentage which is called “trait rarity score”. The NFT’s overall rarity score is the sum of all its traits rarity score.

Let’s say the price of SMB #3996 is 1000 SOL whereas the price of SMB #2524 is 218 SOL. You can see that there is a big price difference between the two NFTs. It means that SMB #3996 is more “Rarer” NFT than the SMB #2524 in the collection.

Why the sinking NFT marketplace volume?

A decrease in investor interest can be credited for the waning volume of NFT marketplaces.

CryptoPunks had an average sale value of $136,800 (10-month low) while Axie Infinity sunk to $17.57 (5-month low) for average sale values in May. Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) had average sales values of $218,740 (6-month low) and $57,580 (5-month low) respectively.

OpenSea’s volume for May was $890 million more than April ($3.49 billion), $980 million above February ($3.58 billion), and $2.37 billion over that of January 2022.

Source: OpenSea Monthly Volume Chart by Dune Analytics

LooksRare’s May volume of $1.06 billion was 67% below April’s $3.31 billion, 64% under March’s $3.02 billion, 85% less than February’s $7.41 billion, and 90% beneath January 2022’s $11.1 billion.

Magic Eden is one of the biggest NFT marketplaces and recorded around $292.1 million in May. This was a 23% decline in January’s volume of approximately $380.87 million.

Disclaimer

BeinCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

NFT consumers

Axie Infinity is an NFT-based online battling video game that uses Ethereum based cryptocurrencies AXS(Axie Infinity Shards) and SLP. It is one of the most expensive NFT collection.

Axies are fantasy creatures which are digitized as NFTs. Players can buy, sell, trade, raise and breed axies to battle each other and earn digital tokens. A new player has to buy at least 3 axies to begin playing.