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NFTs

Analyzing NFT Marketplace Trends

KelOct 17, 2022 ⋅ 5 min read

Key Insights

  • New platforms are starting to gain market share on Solana, with sudoswap fork Hadeswap leading the way.
  • The sudoswap protocol has lost steam since its explosive start in August and September. The platform will likely need novel use cases to utilize its infrastructure in order to re-catalyze demand.
  • Aggregators like Gem and Genie haven't been able to regain their market share gains from Q2. Declining liquidity fragmentation as trading volume declines is a likely culprit.

Despite the persistent drop in overall trading volume, new trends continue to emerge in NFT markets. New platforms on Solana are gaining market share, while hyped Ethereum-based platforms have tapered off in their growth.

New Solana Marketplaces Gain Market Share

Unquestionably, Magic Eden (ME) still dominates Solana NFT trading volume — over the last month, ME has outcompeted its way to a ~78% market share. Outside of Magic Eden, changes in the market are found in the fight for second place.

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Kel

51 Reportskelxyz_

Kel likes asymmetric opportunities and good debates.

Outline
  • Key Insights
  • New Solana Marketplaces Gain Market Share
  • Sudoswap Tapers Off
  • Aggregators Lose Market Share
  • Final Thoughts
Author
Kel
Kel likes asymmetric opportunities and good debates.
51 Reportskelxyz_