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In the fourth quarter of 2023, the NFT market recovered, and the transaction volume on Ethereum and Solana both increased significantly.As of January 16, 2024, Ethereum NFT trading volume comparedMore than three timesAnd solananft transaction volumeGrow 8 timesEssenceWith the recovery of transaction volume, the reserve price of the top NFT projects on Ethereum and Solana is also rising.
This article will focus on the recovery of NFT in Solana and Ethereum ecosystems, and provide views on growth in 2024.At the same time, this article will also analyze some incentive -driven NFT markets, such as Blur and Tensor, which have been consolidating its important share in the existing NFT market, such as OpenSea.
Ethereum NFT market
Ethereum NFT trading volume reached the lowest point in September 2023, with only $ 143 million of a monthly transaction volume.Especially from October 9th to October 16th, 2023, Ethereum NFT trading volume dropped sharply to only $ 40 million.However, after October 9, 2023, a significant change occurred. Starting from November 27, 2023, the weekly Ethereum NFT transaction volume increased by 380%.This is mainly due to the on November 20, 2023Blur second -quarter airdrop.
Blur inspired NFT bidding, listing and lending on its platform through $ Blur tokens.It is worth noting that the NFT traders actively participated in the transaction a few weeks ago, and the similar trend during the first quarter of Blur on February 14, 2023 proves this.In addition, the result of the airdrops triggered a wealth effect, prompting NFT traders to invest in airdrops and invest in NFT to maintain their points.
Although Ethereum’s weekly NFT transaction volume increased by more than 300%compared with the lowest point in 2023, compared with the historical high in March 2022, the weekly transaction volume still decreased by 89%.Ethereum’s NFT market still has a long way to recover.Entering 2024, the next cycle of the Ethereum NFT ecosystem may be promoted by an advanced NFT trading platform (such as Blur and Blast) through airdrop trading activities.
Opensea launched a professional trading platform in April 2023 to compete with Blur; however, since September 2023, Opensea Pro accounted for only 9%of Ethereum NFT trading volume.Blur’s dominant position in professional NFT transactions still exists, which is mainly due to its premiere advantage and UX/UI design.For example, BLUR’s use of the order book system enables NFT traders to better evaluate the base price of the project than any other market.This combines Blur’s native NFT lending platform BLEND, providing NFT traders with tools for building complex trading strategies.
Looking forward to 2024, Blur’s status will be consolidated by the planned 3rd quarter of the 3rd quarterly airdrop in May 2024.The event is expected to further inspire NFT traders before, because 50%of the next airdrops will be assigned to the existing $ Blur tokens.Blur’s strategic advantage is not limited to its precedent position, but also extends to its comprehensive ecosystem.
In the governance plan, Blur recently proposed to change the community activation costs, collecting 1%of the market costs for the use of funds generated by generating, and repurchase and destroying the BLUR tokens with this money. This can reduce the supply of BLUR.EssenceAlthough this plan is still waiting for approval, it has proven that Blur has been working hard to improve the platform’s tokens and position themselves as important participants in the NFT market.
Recently, the transaction volume of NFT has increased significantly, mainly because the users of cryptocurrencies have re -paid attention to the NFT markets such as BLUR, but there are still many NFT traders watching.It is worth noting that the number of weekly traders of OpenSea has decreased by 86%compared with the historical highest point in January 2022, which shows that many retail users have not returned to the market.Although BLUR is the most popular NFT market in the cryptocurrency community, it is mainly for the more mature and richer NFT traders.In this case, observing OpenSea’s transaction volume is very important for measuring the recovery of NFT’s interest in NFT.
Solana NFT Market
In September 2023, Solana’s NFT transaction volume was minimized to a minimum of 30 million US dollars.From October 2nd to 9th, Solana’s NFT transaction volume set the worst week, only 4.4 million US dollars.But since October 9, Solana’s weekly NFT transaction volume has increased by more than 8 times.Solana NFT’s weekly transaction volume increase is mainly due to::
1. Tensor NFT trading platform is about to conduct airdrops.
2. SOL代币的涨幅，导致所有Solana NFT被重新定价，并吸引了更多的关注。
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Tensor是Solana的Blur版本，于2022年推出，NFT交易者可以在其中制定复杂的交易策略。Tensor’s second quarter airdrops end in August 2023. It is expected that the next airdrop will be held in January 2024, which also stimulates the trading activities of the Solana NFT collector.另外，Solana持有者的财富效应也是推动NFT生态系统的一个重要原因。As SOL rose 615%throughout 2023, and the airdrops of other Solana applications, various applications (including NFT) activities of Solana were increasing.
Although Solana’s NFT ecosystem recovers faster than Ethereum, compared with the historical high in May 2022, the weekly NFT transaction volume still decreased by more than 60%.Like Ethereum, Solana’s NFT ecosystem is powerful, which can provide users with an efficient and user -friendly experience.In addition, Solana’s NFT infrastructure is rapidly mature, because wallets and other NFT applications have some functions, such as displaying NFT next to the alternative token to better support the growth of digital collecting ecosystems.In general, the next NFT market cycle of Solana may be promoted by trading activities on advanced trading platforms such as Tensor.
Market concentration
Advanced trading platforms such as BLUR and Tensor have developed rapidly, and most of the NFT trading volumes are occupied on their own chains.For active NFT traders, the concentration of the NFT market is a mutually beneficial result. These traders need enough liquidity to enter and exit assets with large price fluctuations.Blur and Tensor encourage users to inject liquidity into their market through airdrop rewards. Sellers can measure the depth of a NFT market through airdrops.Prior to the appearance of Blur and Tensor, traditional NFT markets like Opensea used the quotation system without rewards.买家缺乏提交有竞争力报价的动力，导致报价分散，且明显低于 NFT 的真实价值。
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In 2023, Blur accounted for 67%of the total number of NFT transactions in Ethereum.Before the launch of Blur, Opensea accounted for more than 80%of NFT transaction volume, but now it only accounts for 29%of the total number of NFT transactions in Ethereum.
In 2023, Magic Eden occupied a dominant position in the field of Solana NFT trading, accounted for 51%of the total transaction volume, and performed very well.However, followed by Tensor, occupying a 41%share.
Although Magic Eden led Tensor in 2023, this year, Tensor’s transaction volume exceeded Magic Eden, especially during the NFT market recovery in October 2023.From October 1, 2023 to January 1, 2024, Tensor’s transaction volume soared, exceeding Magic Eden 50%.
With the preparation of advanced trading platforms for the third quarter airdrop and other incentive drivers, Tensor is expected to surpass the share of Magic Eden in the NFT market in 2024.
The impact of Blur and Tensor on the NFT market concentration shows that advanced trading platforms are looking for a clear market positioning.Although Blur and Tensor are the platforms launched in bear markets, they have successfully seized market share from well -known traditional markets such as Opensea and Magic Eden.
Ethereum VS Solana
From May to September 2023, the NFT and Ethereum’s NFT of Solana launched fierce competition in the market leading position.During this time, Solana’s NFT transaction volume accounted for less than 10%of the total transaction volume (including Ethereum and Solana’s NFT transaction volume).However, since November 2023, Solana’s NFT has begun to increase significantly and quickly gain market share.By December 2023, Solana’s NFT transaction volume per week will account for at least 22%to 39%of the total transaction volume.
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In 2024, Solana’s NFT transaction volume will continue to compete with Ethereum’s NFT.Since December 1, 2023, more than 50.5 million US dollars have received other blockchain bridges from Avalanche, BNB smart chain, Arbitrum, and Ethereum to receive Solana.Although the new capital flowing into Solana may be due to the airdrops and income provided by Solana’s decentralized financial applications, if the incentive measures change, these applications may quickly exit after entering the ecosystem.However, we can expect that some new capital will flow into Solana’s NFT.Based on the speed of the Ethereum NFT recovery and the new capital flow of Solana as of December 2023, we can expect that Solana’s NFT transaction volume will reach 30%-50%of the total transaction volume in 2024.
By observing the chain on a wallet for the purchase, sale or casting NFT within one day, we can clearly see that the NFT market in Ethereum lacks new users.In 2023, the number of NFT active users in Ethereum fell by 73%, while the number of NFT active users of Solana increased by more than 200%at the same time.On December 19, 2023, the number of active NFT users of Solana exceeded the number of active NFT users of Ethereum.If we apply the average value of 30 days to calculate the number of active NFT users on Ethereum and Solana, we can see that the number of daily active NFT users in Solana has exceeded Ethereum.
It should be noted that active NFT users refer to the unique address of casting, purchasing, selling or transferring NFT within a day.This unique address may be owned by a single person or entity, and because the cost of transactions on Solana is lower than that of Ethereum, the number of Solana may be larger.
in conclusion
The upcoming NFT cycle will be promoted by high -end NFT trading platforms, innovative airdrop incentives for NFT holders, and a wider wealth effect brought by the wealth effect brought about by the broader encryption market recovery.The advanced NFT trading platform has stabilized the heel in the market. As liquidity integrates these types of platforms, its market share will continue to remain between 50%-60%.
In general, when Solana’s NFT ecosystem experienced the first re -pricing, if the price of ETH also rose significantly, one of the most noteworthy development in 2024 was the re -pricing of Ethereum NFT.
