Author: hamster Source: ChainFeeds
Total trading volume data: Although the trading volume in January 2024 reached 12.80 billion, a year-on-year increase of 35.3% from January 2023. But the market subsequently experienced ups and downs, particularly in May, when trading volume plummeted to $795 million, a 42% drop from April.
Multi-chain transaction volume: Ethereum continues to dominate the NFT market, but its market share declined in the first half There was some fluctuation, from 66.67% in January to 45% in April, and then recovered to 58.22% and 62.2% in May and June. Driven by the Ordinals protocol, Bitcoin’s share of the NFT market grew significantly, from 9.4% in January to 33.47% in April, but fell back to 12.37% in May and 11.76% in June. Solana's market share has remained relatively stable, while Polygon's has seen significant fluctuations.
Major NFT trading platforms: Blur maintains its lead with 46.38% market share. By expanding multi-chain support and airdrop plans, Magic Eden’s market share expanded to 11.74%, while OpenSea’s market share dropped to 15.96%. In addition, emerging platforms such as OKX NFT and Tensor have maintained and expanded their respective market shares respectively through innovative incentives.
In December 2023, the total NFT market trading volume reached a record level. Sales of NFTs on the Bitcoin network exceeded $881 million for the first time, setting a new high for single-month sales, according to NFT Pulse. This figure significantly exceeds the sales of Ethereum and Solana, with Ethereum’s NFT sales at $365 million and Solana’s $325 million. Overall, the entire NFT market reached approximately $1.7 billion in trading volume in December 2023.
But in January 2024, the trading volume of the NFT market dropped to US$1.28 billion, a 24.7% decrease from December 2023 . But overall transaction volume trended up and down in the first half of 2024,in March 2024, total transaction volume reached a high of $2.157 billion. Total NFT trading volume plummeted in May, falling 42% to $795 million from $1.38 billion in April. NFT transaction volume on the three major blockchains, Bitcoin, Ethereum, and Solana, fell by 80.5%, 20%, and 50.1% respectively. The number of NFT traders in May was also down compared to previous months, especially for Bitcoin, which saw its number of traders drop to 114,400 from 393,000 in April.
January comparison January comparison strong>
January 2023: NFT market trading volume Nearly $946 million.
January 2024: Transaction volume of $1.280 billion, an increase of 35.3% from the previous year %, showing the continued growth of the market.
May comparison
May 2023: The NFT market has a trading volume of approximately $870 million.
May 2024: Transaction volume fell to $795 million, down from the same period a year ago increased by 8.6%, reflecting a significant decline in the market.
Data source: NFT Pulse
Overall, despite the strong market performance in early 2024, as time goes by, The market experienced significant volatility and decline, particularly in May, when trading volume and activity declined. This indicates that the NFT market faces challenges in the first half of 2024 and requires further observation of future market trends and recovery potential.
In In the first half of 2024, the transaction volume market share of the NFT market changed significantly between different blockchains. The following is the transaction volume market share of each major blockchain:
Ethereum: Market share in 2023 was 72.3%It fell and then rebounded in the first half of 2024, losing its leading positionfor a time.
Bitcoin: 12.9% market share in 2023, trading in the first half of 2024 The volume fluctuated greatly, and the market share once increased to about 40%, and then dropped back to around 12%.
Solana: Market share in 2023 will be 7.4%, but in the first half of 2024, Solana’s The market share has grown significantly, reaching about 20%. Solana NFT trading volume has the most stable market share amid market fluctuations.
Base: Market share in 2023 is negligibly low at 2.3%. However, affected by the launch of L3 by MEME and Degen, its NFT trading volume surged, reaching a maximum market share of 10.62%.
Polygon: market share of 2.2% in 2023, but in the first half of 2024, Its trading volume plummeted and surged, with huge fluctuations.
Data source: NTF Pulse
February 2024: BTC NFT transaction volume increased significantly, mainly driven by Ordinals collection such as NodeMonkes Driven by the market share, the market share rose to 18.37% while Ethereum was 62.15% and Solana was 17.85%. Polygon’s share fell to 1.32% this month. Affected by the MEME sector, the NFT trading volume of Base’s chain began to pick up this month, accounting for 0.15% of the market share.
March 2024: In March, BTC NFT trading volume continued to rise strong>, accounting for 26.02% of the market share, Ethereum’s 48.76%, and Solana’s 21.44%.Ethereum’s NFT transaction volume share fell week by week this month, and Base suddenly emerged, with the transaction volume market share in the last week of March Reach 6%.
April 2024: BTC NFT’s market share reached 33.47%, showing Showing strong growth momentum, especially in early April, the share of transaction volume once exceeded ETH, reaching 43.5%. In comparison, Ethereum’s NFT trading volume market share dropped to 45%, Solana’s market share fell slightly but remained around 16.37%, and Base’s was at 3%.
May 2024: Market share of BTC NFT trading volume in May There was a sharp drop to 12.37%while Ethereum’s market share recovered to 58.22%. Solana is at 13.5%,while Base is up to 10.62%.
June 2024: As of the deadline for this article (June 24), June ,The market share of BTC NFT trading volume continued to decline, reaching 11.76%, while Ethereum’s market share recovered to 62.2%. Solana fell to 9.4%,Base fell to 4.56%, and Polygon rebounded to 15.83%.
In summary, in 2024 The trading volume market share of the NFT market experienced significant changes between different blockchains in the first half of the year. The significant growth in BTC NFT trading volume is mainly driven by the Ordinals protocol. In January, BTC had a market share of 9.4%, but by April this share had jumped to 33.47%, briefly surpassing Ethereum at the beginning of the month. Although BTC's market share fell back in May and June, to 12.37% and 11.76% respectively, itsoverall performance still showed strong growth.
In contrast,Ethereum’s market share has fluctuated in the first half of the year, but overall it still dominates It dropped from 66.67% in January to 45% in April before recovering to 58.22% and 62.2% in May and June. Solana's performance has been relatively stable, while Polygon's market share has experienced significant fluctuations, especially rebounding to 15.83% in June.
These market share changes not only reflect the dynamics of the NFT market, but also demonstrate the competition and development potential of different blockchains in the NFT ecosystem. As new protocols and projects continue to emerge, NFT market share is likely to continue to change in the coming months and years, creating more opportunities and challenges for market participants.
Blur: Due to its airdrop incentive strategy, zero transaction fees and no enforcement of creator royalties,Blur successfully surpassed OpenSea and became the NFT Marketplace with the highest market share, accounting for 47.61% of the market share. This strategy attracts a large number of users, especially those who want to maximize their trading profits.
OpenSea: Despite fierce competition, OpenSea maintains its position as the leading NFT trading platform , accounting for 20.36% of the market share. As an established platform in the market, OpenSea is still the first choice for many users, especially within the Ethereum ecosystem.
X2Y2: With an average market share of 8.79% in 2023, it had Relatively high market share, but low to negligibleby year-end. X2Y2 attracted a large number of users in the early days through its low transaction fees and royalty-free strategy, but as market competition intensified, its advantages gradually weakened.
OKX NFT:The OKX NFT Marketplace will emerge suddenly in 2023, with an average annual market share of 7.4%. Mainly due to its focus on the BTC ecosystem, it became one of the main trading platforms for Ordinals NFT in the second half of the year. OKX’s multi-chain support and zero-fee transactions allowed it to quickly attract a large number of users, especially within the Bitcoin ecosystem.
Magic Eden: Occupies 2.66% of the market share, mainly in the NFT market dominated by Solana , its share grew significantly in late 2023, mainly due to its expansion into multiple blockchains, including the BTC chain.
Data source: NFT Scan
Generally speaking, the NFT market will show significant changes in market share in 2023. Major NFT trading platforms not only continue to innovate in technology and user experience, but also through expansion Multi-chain supports and introduces various reward mechanisms to attract and retain users. This diverse competitive environment not only promotes the development of each platform, but also promotes the prosperity and progress of the entire NFT market.
Blur: continues to maintain its leading position, occupying 46.38% of the market share. Its main transaction volume still comes from Ethereum. The Blast chain only accounts for 0.56% of its transaction volume.
OpenSea: Faced with fierce competition, OpenSea did not make any innovations this year This move resulted in its market share being reduced to 15.96%. Despite losing its leading position, OpenSea remains one of the most important NFT trading platforms on the market, especially with a broad user base in the Ethereum ecosystem.
X2Y2: The market share is negligible, almost from NFT Disappeared from the competition on the track.
OKX NFT: performed steadily, maintaining a market share of around 5.37%. As a multi-chain support platform, the OKX NFT market supports multiple blockchains such as Ethereum, Solana, BSC, etc., and has attracted many users with its user-friendly interface and low transaction fees
Magic Eden: The market share continued to expand, reaching 11.74%, becoming Solana and The main trading platform for BTC NFT, Magic Eden’s expansion strategy and potential airdrop plan have caused a sudden increase in its user volume and transaction volume.
Tensor: Due to the airdrop incentive plan, Tensor, one of the main trading platforms for Solana NFT, The market share increased to 4.49% during this half year. Tensor’s incentive strategy significantly increases user participation and transaction activity.
Data source: NFT Scan
As can be seen from the above information, Blur and Magic Eden will perform particularly well in 2024, while OpenSea still maintains a significant position despite losing some market share . Emerging platforms such as OKX and Tensor are also gradually expanding their market influence through innovative incentives.
In the first half of 2024, the NFT market experienced significant fluctuations. Performance is inconsistent. Although the launch of the Bitcoin ETF brought new capital inflows, it did not significantly lead to a rise in the entire market. On the contrary, recent sharp declines have triggered panic in the market, with trading volumes falling sharply and investor sentiment sluggish. This kind of market volatility shows high risk and uncertainty, and whether the NFT market can usher in a bull market in the future remains an open question.
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