Author: OurNetwork
Compiled by: TechFlow
NFT Market
OpenSea、Blur、Rarible、Hyperspace
Kate Li | Dashboard
NFT trading volume has dropped 50% since April 2024
Since April 2024, NFT trading volume has fallen 50% from $300 million per week to less than $150 million. Over the past 30 days, daily trading volume has remained at around $15 million. As of July 24, Ethereum has the highest daily trading volume at $5.8 million, accounting for 45% of the market share; Solana is close behind with $3.3 million (26%) and Polygon with $2.3 million (18%).
nftpulse
1 or 2 platforms usually dominate transactions on each chain. In the past 30 days, Blur accounted for 60% of the transactions on Ethereum. On Polygon, OKX facilitated 91% of the transactions, while on Solana, Magic Eden accounted for 55% of the transactions and Tensor accounted for 41%. In the Bitcoin market, Magic Eden accounted for more than 90% of the transactions.
nftpulse
Royalties continue to perform strongly, with Solana leading the way. Over the past 30 days, platforms have paid a total of $4.8 million in royalties to creators, with Tensor accounting for 31% and Magic Eden accounting for 30%. Top collectibles by royalties include Mad Lads and Liberty Cats, each contributing approximately 10% of the total.
nftpulse
① Blur
Evgeni Averkin | Website | Dashboard
Whale Gaming: Blur’s 40-70% of volume is dominated by 5-20% of traders, causing TVL to drop 38% as incentives dried up
As the leading NFT marketplace, Blur experienced significant decline following its Q3 rewards, which ended on June 26. Daily trading volume plummeted from $13.3 million (Blast) and $7.9 million (Ethereum) on June 24 to $755,000 and $3.1 million on June 26. The amount borrowed also dropped from $7 million to $3.2 million. While rewards were limited to Blast, the withdrawal of funds from one blockchain had a spillover effect on other blockchains within the same platform, highlighting the volatility of the incentive-based crypto ecosystem.
Dune Analytics - @zh3n
Blur’s volume dominance masks its small trader base. Despite accounting for 40-70% of volume between May and July 2024, its share of independent traders has consistently remained between 5-20%. This is in stark contrast to OpenSea (25-35% of volume, 30-40% of traders), showing Blur’s vulnerability to whale behavior, where volume could drop dramatically if big players exit.
Dune Analytics - @zh3n
The exit of Blur also triggered a sharp drop in TVL from a peak of 52,000 ETH to 32,000 ETH (-38%), which affected market sentiment and diluted liquidity, causing the Bluechip NFT Floor Price Index to fall 38% from high to low. However, after the exit, the price stabilized (up 10% from the low), suggesting a possible return to bullish organic trading.
Dune Analytics - @zh3n
Transaction-level Alpha: On June 17, just before the end of Blur Season 3, cbb.eth executed a large withdrawal of 5,550 ETH from the Blur Pool, which at the time represented over 10% of the protocol’s TVL. This transaction was the largest in 90 days, highlighting Blur’s reliance on whale behavior. This behavior can quickly change bid-ask spreads, reduce liquidity depth, affect market stability and trader confidence, and lead to volatility in price and trading activity, as we have seen in the months of June and July.
② OpenSea
Brandyn Hamilton | 网站 | Dashboard
OpenSea attracted more than 250,000 L2 users in Q2 2024, surpassing Ethereum for the first time
Crypto enthusiasts and casual observers alike are likely familiar with OpenSea, the leading NFT marketplace. However, the past few months have seen significant changes in user migration from the Ethereum Layer 1 (L1) to Layer 2 (L2) network. In the second quarter of 2024, L2 blockchains – Optimism, Arbitrum, and Base – accounted for 39% of total OpenSea sales, compared with only 8.9% in the first quarter. Among them, Base’s trading volume accounted for the vast majority of L2, reaching $88.3 million.
github
Looking at the top 5 NFT collections on the L1 and L2 networks, the transaction volume in the second quarter was mainly dominated by Base, and the top collection was Higher Swatches, with a transaction volume of $27.7 million. However, L1 had the highest average sales price per NFT, with BoredApeYachtClub's average sales price reaching $52,850.
Github BrandynHamilton
On the L2 network, the number of users has also grown significantly. In the second quarter, Base surpassed Ethereum in user numbers, adding more than 100,000 users. What will be interesting to watch next is whether Base can maintain this rate of growth, especially following the launch of its Onchain Summer 2.0 event in June. Although Base is newer than other L2 networks, it leads in both users and transaction volume.
Github BrandynHamilton
Transaction-Level Alpha: In Q2 2024, one of the top collectibles on Optimism was 3DNS, the first on-chain domain registrar compatible with both web2 and web3. 3DNS-powered domains can be used not only to set up email and website records, but also to send and receive cryptocurrency. The highest-traded domain to date is watch.box, which sold via an offer on May 6, 2024 for 23.59 ETH / $73,644. Considering the collectible is less than a year old, these are some very early web3-enabled DNS domain name sales, marking a true historical milestone.
③ Rarible
sealaunch | Website | Dashboard
170,000 unique wallets minted over 500,000 NFTs via Rarible Drops in the past 6 months
Rarible's product line has expanded beyond the Rarible Marketplace (secondary NFT market) to include: RaribleX (NFT market as a service), NFT infrastructure provided by the Rarible API, and Rarible Drops (multi-version NFT launch platform). In terms of sales volume, Rarible GMV still mainly occurs in the Rarible Marketplace (secondary market), accounting for about 90% of the total.
Dune Analytics - @sealaunch_team
On the other hand, Rarible Drops (primary market) allows creators to launch multi-version NFTs on multiple chains using Rarible, successfully attracting a large number of NFT minters, accounting for more than 80% of total users and transactions.
Dune Analytics - @sealaunch_team
In the past 6 months, Rarible Drops has enabled over 500,000 mints, involving over 170,000 unique collectors from different chains (Ethereum, Polygon, Celo, Rari, and Base), generating over $290,000 in mint revenue. One of the most successful launches was “Anticipation (of a future event)”, which triggered a surge in mints on April 24th, resulting in over 190,000 mints and over 48,000 participating users.
Dune Analytics - @sealaunch
④ Hyperspace
Ali Taslimi | Website | Dashboard
Hyperspace users on Avalanche received $12 million in rewards, while the marketplace only generated $6 million in revenue
Hyperspace's activity plummeted, from processing millions of dollars in transactions to barely $10,000 a day. This change comes after they announced the end of their rewards program in June. Over the past few months, many NFT markets have also experienced significant declines in activity following the discontinuation of incentives. While the promise of airdrops or rewards initially attracted users, these incentives did not appear to promote user loyalty and long-term engagement.
Flipside - @alitaslimi
The total amount of rewards earned by market users over seven seasons was $12 million. Despite generating revenue of approximately $6 million, a large portion of the rewards program was reportedly funded by Ava Labs, calling its long-term sustainability into question.
Flipside - @alitaslimi
A significant portion of NFT sales have been wash trades since the beginning of 2024, which has negatively impacted the rewards program. These incentives can lead to farm-like behavior, which could be another reason to end the program.
Flipside - @alitaslimi
