Published on: 31/10/2022

Top five NFT marketplaces surpass $40 billion in total sales

The top five non-fungible token marketplaces’ total sales reached approximately $41.36 billion on October 29, 2022. Additionally, OpenSea is approaching $33 billion, with $32.76 billion recorded in sales and currently controls 79 percent of the five major NFT marketplaces.

According to data from dappradar.com, a total of $2.34 million traders executed the $32.76 billion in sales. On Saturday, October 29, the average selling price paid for OpenSea is approximately $352.

OpenSea, which was also the leading NFT marketplace in January 2022, has its lowest monthly trading volume in September 2022. In comparison to the other four NFT marketplaces, OpenSea’s market share has steadily declined from 89 percent in March to around 70 percent since May 2022, before falling to 60 percent last month.

Following OpenSea, Axie Marketplace, a platform developed by Vietnamese studio Sky Mavis, reached $4.26 billion in sales, Axie Marketplace focuses on NFTs derived from the blockchain game Axie Infinity, and the market has seen 2.17 million traders to date. Axie Marketplace’s average price for an NFT is around $171.

MagicEden, the most popular NFT Marketplace on Solana ranked number three reaching $1.83 billion. Solana’s Magic Eden has earned $1.83 billion in sales from 1.21 million traders. On October 29, the average price paid for an NFT on MagicEden was $124.

In the third quarter of 2022, MagicEden gains traction on OpenSea and is a significant contributing factor to OpenSea’s falling market dominance. It has more than doubled its month-on-month (MoM) volume, increasing its market share from 11 percent to 22 percent in September 2022, while the remainder of its rivals has lost market share. This is because of its recent entry into Ethereum and the highly anticipated y00ts launch.

LooksRare hit $1.62 billion in sales, LooksRare’s NFT marketplace has seen some fewer traders, with records showing 107,636 established trades via the LooksRare market. However, the average price paid for an NFT on Saturday is far higher, as the average NFT sale on LooksRare is $6.59K.

LooksRare reached a peak of 10 percent market share in May 2022 but has since dropped by 233 percent to control only 3 percent of the market. At its peak, LooksRare was the only alternative to OpenSea that carried out a vampire attack on OpenSea users. However, LooksRare has been losing market share since X2Y2 appeared in April 2022 with a similar strategy, but lower trading fees.

X2Y2, an ERC-20 coin running on the Ethereum network, gained $891 million in sales among 158,273 traders on October 29, 2022. X2Y2 has not yet reached a billion in NFT sales, but it has been steadily approaching that mark. At the moment of writing, the average price paid for an NFT on X2Y2 is around $582.78.

Other prominent NFT marketplaces

MOBOX, Solanart, Bloctobay, AtomicMarket, Immutable X Marketplace and Rarible are the other top NFT marketplaces in terms of all-time sales.

MOBOX, a free-to-play and play-to-earn gaming platform that integrates yield farming and farming NFTs to create a free-to-play and play-to-earn ecosystem received $694 million in sales.

Solanart which was the first to launch on the competing Solana blockchain has earned $665 million. Bloctobay, the blockchain best known for NBA Top Shot, Flow, earned $458 million. AtomicMarket has reached $435 million in sales.

Immutable X, a layer-2 blockchain that fixes the scalability issues for NFTs on Ethereum, garnered $337 million. Rarible, a platform that allows users to buy and sell any type of media, and sellers can create multiple NFTs for a single piece and sell them multiple times earned $300 million.

According to cryptoslam.io, global NFT sales in the last 30 days totaled $426 million, a 21.32 percent decrease from the previous month. In the last 30 days, there were approximately 4,556,057 NFT transactions among 510,859 NFT buyers.

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