jakiro
Author: Gabe Parker, Galaxy; Compilation: Songxue, Bit Chain Vision Realm
summary:
-
The NFT transaction activity on Solana recovers is 2.6 times faster than that of Ethereum.
-
In 2023, Ethereum contributed more than 90% of the weekly NFT transaction volume in 67%.
-
As of January 8, 2024, Solana’s weekly NFT transaction volume accounted for 25%of the total NFT transaction volume.
-
In 2023, the number of active Ethereum NFT users fell by 73%, while the number of active NFT users of Solana increased by more than 80%.NFT users refer to the unique address of casting, purchasing, selling or transferring NFT within a single day.
-
With the increasing popularity of advanced NFT trading platform Blur, the concentration of the NFT market in 2023 has changed significantly.Unlike existing companies such as OpenSea, Blur seriously relies on incentive plans such as tokens to attract users.
-
In 2023, Blur occupied 67%of the total number of NFT transactions in Ethereum.Prior to the launch of Blur, Opensea occupied a share of more than 80% of NFT transactions, but in the same year, it accounted for only 29% of the total amount of NFT transactions in Ethereum.
Foreword
In the fourth quarter of 2023, the NFT market had a significant recovery.As of January 16, 2024, Ethereum NFT trading volume increased by 4 times, while Solana NFT trading volume increased by more than 10 times since its lowest point in 2023.With the recovery of NFT transactions from the lowest level of history, the reserve price of the top NFT projects in Ethereum and Solana is also rising.The research report will focus on the recovery of NFT in the Solana and Ethereum ecosystems, and provides predictions on their growth in 2024.This report will also analyze the characteristics of the NFT market such as Blur and Tensor, which are driven by incentives. These markets have always seized important market share from traditional NFT markets such as OpenSea.
Ethereum NFT market
Ethereum NFT trading volume was bottomed out in September 2023, and the lowest trading volume of the month was US $ 143 million.From October 9, 2023 to October 16th, the situation was particularly severe, and Ethereum’s NFT trading volume plummeted to only $ 40 million.However, since October 9, 2023, a significant reversal has appeared, and the Ethereum NFT weekly trading volume has increased amazing 380%.This sharp rise is mainly due to Blur’s second quarter airdrops on November 20, 2023.BLUR inspires users to bid, hang up and borrow NFT on its platform through $ Blur tokens.It is worth noting that NFT traders actively participated in the transaction a few weeks before such airdrops. This trend was reflected in the first quarter of Blur’s airdrops, that is, on February 14, 2023.In addition, the airdrop produces a wealth effect, prompting NFT traders to re -invest in NFT to maintain their points acquisition activities.
Although the weekly NFT transaction volume of Ethereum increased by 380%from the lowest point in 2023, compared with the highest peak (last time in March 2022), the weekly transaction volume still decreased by 89%.Ethereum’s NFT market is still facing a long way to recover.Entering 2024, the next round of the next round of the Ethereum NFT ecosystem may be driven by advanced NFT trading platforms like BLUR and BLAST, which will inspire trading activities through airdrops.
Opensea launched its professional trading platform in April 2023 to compete with BLUR; however, since September 2023, Opensea Pro only accounts for 9%of the NFT transaction volume of Ethereum.In the field of professional NFT transactions, Blur’s dominant position still exists, mainly because it has the first advantage and user experience/user interface design.For example, the order book system adopted by BLUR enables NFT traders to better evaluate the depth of the base price of the project and better than any other market.Coupled with Blur’s local NFT borrowing platform BLEND, it provides a tool for NFT traders to build complex trading strategies.
Looking forward to 2024, Blur’s status will be strengthened because of the third quarter airdrop planned in May 2024.The event is expected to further inspire NFT traders before, because 50%of the next airdrops will be distributed to the existing $ Blur tokens.BLUR’s strategic advantage is not limited to its first starter status, but also extends to the comprehensive ecosystem it has established.
BLUR’s positive attitude towards the native economics is reflected in its recent governance proposal.The proposal advocates a community activation of a fee switch and introduces 1%of the market expenses incurred during the purchase. It is recommended to use the income funds to repurchase and destroy the $ BLUR tokens, thereby reducing the supply of $ BLUR.Although this governance proposal is currently waiting for approval, it shows that Blur’s efforts to continue to optimize the optimization platform to communicate economics are in order to occupy an important position in the continuous development of the NFT market field.
Although the surge in NFT transactions recently is due to the re -participating in NFT markets such as encrypted native users, there are still a large number of NFT traders who keep watching.It is worth noting,OpenSea’s weekly number of traders decreased by 86%compared with the historical high in January 2022, which shows that a large number of retail investors have not yet re -entered the market.Although BLUR is the most popular NFT market in the cryptocurrency community, it mainly caters to more mature and richer NFT traders.In this context, monitoring OpenSea’s transaction volume is critical to measuring the recovery of NFT’s interest in NFT.
Solana NFT Market
Solana’s NFT transaction volume also bottomed out in September 2023, with a monthly transaction volume of 30 million US dollars.From October 9, 2023 to October 16, Solana NFT’s trading volume was minimum, only $ 4.3 million in transaction volume.Since October 16, 2023, Solana’s NFT transaction volume has increased by more than 10 times.The significant increase in the weekly transaction volume of Solana NFT is mainly due to the two main factors:
-
Solana’s advanced NFT trading platform Tensor is about to make an airdrop.
-
Due to the significant increase in SOL tokens, all Solana NFT paid for all Solana NFT.
Tensor is the Blur of the Solana version. It was launched in 2022. NFT traders can develop complex trading strategies.Tensor’s second quarter airdrops ended in August 2023. Their next airdropping is expected to be carried out around January 2024. Therefore, Solana NFT collectors are increasing trading activities to obtain points.The more critical impact of promoting Solana’s NFT ecosystem is the wealth effect that Solana holders are experiencing.As SOL rose 615%in 2023, and other Solana applications generous airdrops were distributed to the community, Solana’s activities increased in various types of applications, including NFT.
Although Solana’s NFT ecosystem recovers faster than Ethereum, the weekly Solana NFT transaction volume decreased by more than 60%compared with the highest peak in May 2022.Similar to Ethereum, Solana has a powerful NFT ecosystem, which provides a economic efficient and user -friendly experience for trading NFT.In addition, Solana’s NFT infrastructure is rapidly mature. Wallets and other NFT applications are introducing the functions of displaying NFT and exchanging token holdings to better support the growth of digital collection ecosystems.In general, the next NFT market cycle of Solana, like Ethereum, may be promoted due to trading activities on advanced trading platforms (such as Tensor).
Market concentration
Advanced trading platforms like Blur and Tensor have developed rapidly, leading their respective proportion of NFT trading volume on their respective chains.The concentration of the NFT market is a reciprocal result for active NFT traders who rely on adequate liquidity to enter and exit extremely fluctuating assets.Blur and Tensor uses users who are bidding in their market to motivate users to provide liquidity for their markets, and sellers can understand the market depth of specific NFT through these auctions.Prior to Blur and Tensor, traditional NFT markets such as Opensea used a quotation system without incentive measures.Due to the lack of incentives for buyers to submit competitive quotations, the dispersed quotation is significantly lower than the asking price of NFT.
In 2023, Blur occupied 67%of the total NFT transaction volume of Ethereum.在Blur推出之前曾在80%以上的NFT交易量上占主导地位的OpenSea，在总以太坊NFT交易量中仅占29%。
在2023年，Magic Eden主导了Solana的NFT交易市场，占据了总交易量惊人的51%。然而，获得第二名的是Tensor，在同一年内占据了Solana NFT交易量的41%。
Although Magic Eden led Tensor in 2023, in some days this year, especially during the NFT market recovery in October 2023, Tensor’s transaction volume exceeded Magic Eden.From October 1, 2023 to January 1, 2024, Tensor is significantly ahead, and the transaction volume is 50%more than Magic Eden.
Tensor is expected to surpass Magic Eden in 2024 and become the leader of the NFT market share, because this advanced trading platform is preparing to carry out its third quarter airdrop and other incentive -driven plans to attract liquidity.
The impact of Blur and Tensor on the NFT market concentration shows that advanced trading platforms are finding a clear product market fit.Although Blur and Tensor are the platforms launched in bear markets, these platforms have successfully obtained market share from well -known traditional markets such as Opensea and Magic Eden.
Ethereum VS Solana: Weekly NFT transaction volume and active users
In 2023, Ethereum led the NFT field, accounting for more than 90%of the total weekly NFT transactions of more than 90%of the year.This indicator does not include the transaction volume of Ordinals and BRC-20 on Bitcoin.It is worth noting that Ordinals and BRC-20 created a transaction volume of 1.8 billion US dollars in 2023, making Bitcoin the second popular network of digital collections during this period.
Solana NFT faced fierce competition with the leading position of the Ethereum NFT competition market from May to September 2023.During this period, Solana NFT’s transaction volume accounted for less than 10%of the overall NFT transaction volume.However, Solana NFT finally found the opportunity for development in November 2023, and then quickly obtained the market share of NFT transaction volume.By December 2023, Sorana NFT transactions will account for at least 22%to 37%of the total NFT transaction volume.
Solana’s NFT transaction volume will continue to compete with Ethereum’s NFT transaction volume in 2024.Since December 1, 2023, $ 50.5 million has been transferred from other blockchain (including Avalanche, BNB SMART Chain, Arbitrum, and Ethereum) to Solana.Although the new capital flowing into Solana may be driven by airdrops and income from the application provided by SOLANA decentralized finance (DEFI), these capitals may quickly withdraw from the ecosystem when the incentives change, but we can expect that some new capital will flow into Solana into Solana.NFT market.According to the new capital inflow of December 2023, it depends on the recovery speed of Ethereum NFT.Solana’s NFT transaction volume may reach 30%-50%of the total NFT transaction volume in 2024.
Observe on the chain on the one -day purchase, sell, or cast NFT wallet, you can clearly seeThe Ethereum NFT market lacks new users.In 2023, the number of active Ethereum NFT users fell by 73%, and at the same time, the number of active NFT users of Solana increased by more than 200%.The number of active NFT users in Solana rose sharply on December 19, 2023, which surpassed the number of active NFT users in Ethereum.Apply the number of active NFT users of Ethereum and Solana to the 30 -day mobile average. We can see that Solana now has more daily active NFT users than Ethereum.
As a warning of the data shown in the figure above, active NFT users are defined as the only address of casting, purchasing, selling or transferring NFT within a single date.The only address may be owned by a single individual or entity, and because the cost of trading on the Solana network is cheaper than that of Ethereum, the number on Solana may be more.
Summarize
The upcoming NFT cycle is expected to be promoted by an advanced NFT trading platform, a new type of airdrop incentive provided by NFT holders, and a wealth effect from a broader crypto market recovery.EssenceAdvanced NFT trading platformThey have consolidated their position in the market, theirThe market leading position will continue to fluctuate within 50%-60%, as liquidity will be concentrated on such platforms.Overall, as Solana’s NFT ecosystem experienced the first re -pricing,One of the most interesting development in 2024 will be the re -pricing of Ethereum NFT, especially if ETH prices also rise significantly.
