Title: Fluctuating NFT Market: Trading Volume and Platform Shares Experience Ups and Downs in H1 2024
Introduction:
The NFT market in the first half of 2024 witnessed significant fluctuations in trading volume and market shares among different blockchain platforms. Despite a strong start to the year, the market experienced notable downturns, particularly in May. This article explores the trading volume data, multi-chain transaction volume, and the market shares of major NFT trading platforms during this period.
Trading Volume Data: Significant Fluctuations and a Sharp Decline in May
In January 2024, the NFT market recorded a trading volume of $1.28 billion, representing a 35.3% increase compared to January 2023. However, the market then experienced fluctuations, with trading volume plummeting to $795 million in May, a 42% decline from April.
Multi-Chain Transaction Volume: Ethereum Dominates, but Bitcoin Gains Ground
Ethereum continued to dominate the NFT market, but its market share fluctuated in the first half of the year. It dropped from 66.67% in January to 45% in April, before recovering to 58.22% and 62.2% in May and June, respectively. Bitcoin witnessed a significant increase in market share, rising from 9.4% in January to 33.47% in April. However, it then fell back to 12.37% and 11.76% in May and June. Solana’s market share remained relatively stable, while Polygon experienced significant fluctuations.
Major NFT Trading Platforms: Blur Maintains the Lead, Magic Eden and OpenSea Witness Changes in Market Share
Blur continued to hold the leading position among NFT trading platforms, with a market share of 46.38%. Magic Eden expanded its market share to 11.74% through multi-chain support and airdrop programs, while OpenSea’s market share decreased to 15.96%. Emerging platforms such as OKX NFT and Tensor maintained and expanded their market shares through innovative incentive measures.
Conclusion:
Overall, the NFT market in the first half of 2024 experienced significant fluctuations and declines in trading volume and activity, particularly in May. This indicates that the NFT market faced challenges during this period and requires further observation to assess its future trends and recovery potential.
Multi-Chain Transaction Volume: BTC Market Share Expands, Briefly Surpassing Ethereum
In the first half of 2024, the market share of NFT transaction volume underwent significant changes among different blockchains. Here is an overview of the transaction volume market shares of major blockchains:
Ethereum: In 2023, Ethereum held a market share of 72.3%. However, its market share fluctuated in the first half of 2024, briefly losing its leading position.
Bitcoin: With a market share of 12.9% in 2023, Bitcoin witnessed significant fluctuations in trading volume, with its market share reaching around 40% at one point before falling back to around 12%.
Solana: With a market share of 7.4% in 2023, Solana experienced significant growth in market share in the first half of 2024, reaching around 20% during market fluctuations, making it the most stable NFT transaction volume market share.
Base: With a negligible market share of 2.3% in 2023, Base witnessed a surge in NFT trading volume, peaking at a market share of 10.62%.
Polygon: With a market share of 2.2% in 2023, Polygon experienced significant fluctuations in trading volume in the first half of 2024.
Specific Monthly Data (Source: NFT Pulse)
– January 2024: Bitcoin accounted for 9.4% of the NFT transaction volume market share, Ethereum accounted for 66.67%, Solana accounted for 17.75%, and Polygon accounted for 5.9%. Notably, Polygon’s transaction volume experienced a sharp decline during the week.
– February 2024: Bitcoin’s NFT transaction volume significantly increased, driven by projects like NodeMonkes under the Ordinals collection, leading to a market share of 18.37%. Ethereum accounted for 62.15%, Solana accounted for 17.85%, and Polygon’s market share dropped to 1.32%. Base, influenced by the MEME sector, showed signs of improvement, with a market share of 0.15%.
– March 2024: Bitcoin’s NFT transaction volume continued to rise, occupying 26.02% of the market share, while Ethereum accounted for 48.76% and Solana accounted for 21.44%. Ethereum’s NFT transaction volume market share declined weekly, and Base emerged as a strong player, reaching a market share of 6% in the last week of March.
– April 2024: Bitcoin’s NFT market share reached 33.47%, demonstrating strong growth momentum, especially in the first half of April when its market share briefly surpassed Ethereum at 43.5%. In comparison, Ethereum’s NFT transaction volume market share dropped to 45%, Solana’s market share slightly declined but remained around 16.37%, and Base accounted for 3%.
– May 2024: Bitcoin’s market share in NFT transaction volume experienced a sharp decline to 12.37%, while Ethereum’s market share recovered to 58.22%. Solana accounted for 13.5%, and Base increased to 10.62%.
– June 2024: As of June 24th, Bitcoin’s market share in NFT transaction volume continued to decline, reaching 11.76%, while Ethereum’s market share recovered to 62.2%. Solana declined to 9.4%, Base decreased to 4.56%, and Polygon rebounded to 15.83%.
Conclusion:
In summary, the NFT market in the first half of 2024 witnessed significant changes in transaction volume market shares among different blockchain platforms. Bitcoin’s NFT transaction volume experienced remarkable growth, primarily driven by the Ordinals protocol. In January, Bitcoin accounted for 9.4% of the market share, but by April, this figure had risen to 33.47%, briefly surpassing Ethereum. Although Bitcoin’s market share declined in May and June, reaching 12.37% and 11.76% respectively, its overall performance still demonstrated strong growth momentum.
In contrast, Ethereum’s market share fluctuated in the first half of the year but maintained its dominant position, dropping from 66.67% in January to 45% in April before recovering to 58.22% and 62.2% in May and June. Solana showed relatively stable performance, while Polygon’s market share experienced significant fluctuations, especially in June, rebounding to 15.83%.
These market share changes reflect the dynamic nature of the NFT market and highlight the competition and development potential of different blockchains within the NFT ecosystem. With the emergence of new protocols and projects, NFT market shares are likely to continue changing in the coming months and years, bringing more opportunities and challenges for market participants.
Marketplace Share Changes: Blur Maintains Lead, Magic Eden briefly takes the top spot in late May and early June
NFT marketplace market shares in 2023:
– Blur: With its airdrop incentives, zero transaction fees, and non-enforcement of artist royalties, Blur successfully surpassed OpenSea, capturing a market share of 47.61%. Its strategy attracted a large number of users, particularly those seeking to maximize trading profits.
– OpenSea: Despite facing fierce competition, OpenSea maintained its position as a leading NFT trading platform with a market share of 20.36%. As a well-established platform, OpenSea remains the top choice for many users, especially within the Ethereum ecosystem.
– X2Y2: With an average market share of 8.79% in 2023, X2Y2 initially had a higher market share but decreased to negligible levels by the end of the year. X2Y2 attracted a significant number of users in the early stages through low transaction fees and no royalty policies, but its advantages gradually diminished as market competition intensified.
– OKX NFT: OKX NFT Marketplace emerged as a rising star in 2023, with an average market share of 7.4%. It became one of the major NFT trading platforms for Ordinals NFT, mainly due to its focus on the BTC ecosystem. OKX’s multi-chain support and zero-fee transactions rapidly attracted a large number of users, particularly within the Bitcoin ecosystem.
– Magic Eden: Magic Eden captured a market share of 2.66%, primarily focused on the Solana-based NFT market. Its market share significantly increased towards the end of 2023, driven by its expansion to multiple blockchains, including BTC.
– Tensor: With its incentive programs, Tensor, as one of the major Solana NFT trading platforms, saw its market share rise to 4.49% in the first half of 2024. Tensor’s incentive strategy significantly increased user participation and trading activity.
Conclusion:
Based on the above information, it is evident that Blur and Magic Eden stood out in 2024, while OpenSea, despite losing some market share, remained an important player. Platforms such as OKX and Tensor expanded their market influence through innovative incentive measures.
Conclusion:
In the first half of 2024, the NFT market experienced significant fluctuations and instability. Although the introduction of Bitcoin ETF brought new capital inflows, it did not significantly drive the overall market upward. On the contrary, the recent sharp decline caused market panic, leading to a substantial decrease in trading volume and investor sentiment. This market volatility highlights the high risk and uncertainty, leaving the question of whether the NFT market will enter a bull market in the future open.
