Who’s Winning the NFT Marketplace Wars on Ethereum, Solana, and Bitcoin?
The “factors” meta has overtaken the crypto area as of late, and NFT marketplaces throughout Ethereum, Solana, and Bitcoin are leaping on the bandwagon (and in some circumstances driving it) in an try and win the hearts, minds, and wallets of merchants in all places.
Will factors translate to token airdrops? Will the NFT market return to its former glory? And in that case, which firm is in the most effective place to win the NFT market wars? Right here’s how issues are shaping up to this point:
Magic Eden is the newest NFT market to try to lure in customers by means of points-like loyalty fashions that might repay with a token drop or different rewards. {The marketplace} lately launched its Diamonds rewards system, which features a retroactive drop of rewards to Solana merchants courting again to 2021.
Ethereum market Blur pioneered the factors mannequin, and it was this time final yr that the upstart platform dethroned longtime chief OpenSea by dropping a whole lot of thousands and thousands of {dollars} value of BLUR tokens to its most loyal customers. By the top of the yr, Blur had given away $818 million value of BLUR tokens after customers racked up factors.
Tensor, the main Solana NFT market, has employed an identical points-based loyalty mannequin, and equally overtook chief Magic Eden final yr—however Tensor nonetheless has but to launch its crypto token. To be clear, Tensor has but to formally announce a token airdrop tied to the factors, although it has teased such sentiments previously.
Magic Eden’s launch of its Diamonds system—beginning on Solana, however increasing to Bitcoin, Polygon, and Ethereum quickly—signaled an obvious try and catch as much as Tensor. Equally, we don’t know but what Magic Eden’s points-like Diamonds will really be used for, although there’s additionally a separate NFT token drop coming in parallel with the rewards system.
Is Magic Eden’s rewards shift paying off by way of boosting its market share? To date, probably not.
Magic Eden briefly noticed a Solana surge that steered it was making up floor on Tensor. On February 5, Decrypt noticed that market knowledge from analytics platform Tiexo pointed to Magic Eden claiming a 41% share of Solana NFT quantity over the earlier 24-hour interval, in comparison with 53% for Tensor. That was a lot nearer than it had been in latest weeks.
Nevertheless, as of this writing, Tensor instructions about 73% of Solana NFT market share over the previous 24 hours, per Tiexo, in comparison with simply 22% for Magic Eden. Zooming out a bit, there isn’t a major shift over the previous weeks. Within the final seven days, Tensor has over 75% share in comparison with 19% for Magic Eden; within the final month, Tensor claims over 73% with Magic Eden at lower than 22%.
Picture: Tiexo
Increasing the info to incorporate platforms throughout a number of main NFT chains, nevertheless—together with Solana, Ethereum, Bitcoin, Polygon, and BNB Chain—reveals another fascinating particulars about how rewards fashions are additional reshaping {the marketplace} wars.
Trying on the broader panorama, Blur guidelines the market by a large margin, commanding about 42% market share over the previous week. That’s fully on Ethereum mainnet, nonetheless the main blockchain for NFTs, and Blur’s current token and historical past of sizable airdrops to customers seems to be propelling its continued dominance.
Tensor is second total with about 14.5% market share amongst tracked networks, all on Solana, adopted by Magic Eden with 14%—with the vast majority of that quantity coming from Bitcoin Ordinals gross sales.
OpenSea, which has no factors system and has lengthy resisted calls to launch its personal token, lands in fourth with about 12.4% share, totally on Ethereum and scaling community Polygon. Mentioning the rear is OKX’s market for Bitcoin Ordinals, that are just like NFTs, with about 7.7% market share.
Tiexo’s 24-hour knowledge reveals some deviations because of the smaller pattern measurement, with Blur holding a good bigger share at 52.5% and Magic Eden up second with slightly below 12%—however the majority of that quantity is on Bitcoin, probably because of Tuesday’s sale for the Bits gaming undertaking. OpenSea, Tensor, and OKX carry up the rear, in that order.
Picture: Tiexo
Magic Eden is readying a major push on Ethereum with the launch of a brand new market for that chain, created in partnership with Bored Ape Yacht Membership creator Yuga Labs. Set to debut on February 27, {the marketplace} has additionally set alliances with the groups behind main Ethereum initiatives like Pudgy Penguins and Azuki.
Will the launch of Magic Eden’s new Ethereum market, with related Diamonds rewards, assist flip the tide and supply a sustainable enhance because it battles rivals? We’ll see later this month, because it’s the following massive shift on the horizon—though the NFT world is ever filled with surprises.
Edited by Guillermo Jimenez
