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Balthazar NFT Marketplace Update – November 2022

It was another slow month for NFT sales across five of the world’s largest NFT marketplaces by all-time trade volume: OpenSea, Magic Eden, X2Y2, LooksRare and Solanart. Total sales volume across the five marketplaces combined was US$394.02 million, down by over US$100 million or -20% compared to October. November set a new record low for monthly NFT sales volume combined this year.

However, OpenSea, the largest NFT marketplace in the world, saw more trading volume this year to date compared to last year. OpenSea has reached 27% more trading volume this year to date (US$16.54 billion) compared to 2021 (US$13.06 billion).

Source: Balthazar, DappRadar

John Stefanidis, Co-founder and CEO of Balthazar said it’s understandable for NFT sales to have declined this year but more applications for the technology are starting to develop.

“It makes sense for the NFT market to have slowed down this year due to macroeconomic pressures as well as the three cataclysms of 2022: Terra Luna, Three Arrows Capital and FTX. We’ve seen interest rates rise and disposable incomes tighten, volatility in stock markets. People have lost trust and are being more cautious.

“What we’ve seen is obviously a decline in sales largely for NFT images and art, but what we’re starting to see is really cool and different applications of NFTs. For instance, someone bought a house with NFT technology. So perhaps in 2023, 2024 and onwards, when you buy an NFT it won’t just be buying a piece of digital imagery, you’ll actually buy something bigger that’s attached to that photo. And you can also buy the tokens from the companies that create that technology. So it’s a really exciting, thriving space but understandably, people are waiting for more uses of the technology.”

Month-on-Month

Four of the five marketplaces saw a decline in sales volume in November compared to October. Magic Eden was the only marketplace out of the five that saw an increase in sales volume from US$58.66 million in October to US$94.40 million in November.

OpenSea, saw US$174.55 million in sales in November, down by US$52.31 million or -30% compared to October.

November 2022 versus October 2022 trade volume (USD)

Marketplace OpenSea Magic Eden LooksRare Solanart X2Y2 TOTAL
November $174.55 million $94.40 million $55.55 million $0.41 million $69.11 million $394.02 million
October $226.86 million $58.66 million $57.47 million $6.25 million $145.04 million $494.27 million
Difference -$52.31 million $35.74 million -$1.91 million -$5.84 million -$75.93 million -$100.24 million
% difference -29.97% 60.92% -3.32% -93.41% -52.35% -20.28%

Source: Balthazar, DappRadar

Size of Each Marketplace

Interestingly, out of the five marketplaces, OpenSea lost market share in November compared to October, by 1.6 percentage points, however so too did X2Y2 (by 11.8 percentage points) and Solanart (by 1.2 percentage points). 

Magic Eden gained 12.1 percentage points to hold 24% of market share, while LooksRare also gained market share, by 2.5 percentage points.

Source: Balthazar, DappRadar

Number of Users

There were 1.32 million users recorded in November across the five marketplaces combined, a drop of 28% compared to October, or 503.52 million fewer users. This is the lowest level of users recorded this year.

Number of users per month

Marketplace OpenSea Magic Eden LooksRare Solanart X2Y2 TOTAL
November 635,843 646,195 10,616 2,060 25,212 1.32 million
October 657,107 1.06 million 10,645 29,648 69,605 1.82 million
September 779,940 1.18 million 9,511 20,357 51,336 2.04 million
August 874,754 913,528 12,814 3,446 48,615 1.85 million
July 1.0 million 983,565 17,560 2,659 41,145 2.05 million
June 675,967 1.22 million 27,048 4,426 35,631 1.97 million
May 1.06 million 1.29 million 58,075 9,441 25,230 2.44 million
April 1.17 million 1.14 million 42,854 42,202 11,090 2.41 million
March 1.07 million 1.05 million 24,927 65,144 5,675 2.22 million
February 1.28 million 624,552 40,532 124,228 14,916 2.09 million
January 1.46 million 92,356 40,774 158,968 1.75 million
TOTAL to date 10.03 million 10.19 million 295,356 462,579 328,455 21.95 million

Source: Balthazar, DappRadar

Number of trades

The total number of trades once again increased to the highest level recorded this year. There were 39.70 million trades in November, up by 48% or 12.87 million compared to October.

OpenSea, Magic Eden and LooksRare all saw increases in trades in November, while Solanart and X2Y2 saw a decline in trade numbers.

Number of trades per month

Marketplace OpenSea Magic Eden LooksRare Solanart X2Y2 Total
November 1.37 million 38.28 million 21,412 5,362 34,107 39.70 million
October 1.31 million 25.27 million 19,162 111,224 115,123 26.83 million
September 1.84 million 23.91 million 14,965 78,749 96,375 25.94 million
August 2.07 million 12.83 million 19,709 9,500 90,292 15.03 million
July 2.62 million 13.36 million 26,957 18,637 70,072 16.10 million
June 1.95 million 13.77 million 44,494 32,722 63,808 15.86 million
May 2.35 million 10.11 million 101,229 32,888 48,535 12.64 million
April 2.21 million 9.15 million 69,684 125,784 32,242 11.60 million
March 1.99 million 6.01 million 39,318 195,582 9,239 8.25 million
February 2.41 million 2.90 million 70,823 431,545 28,480 5.85 million
January 2.84 million 359,576 66,152 513,529 3.78 million
TOTAL to date 22.97 million 155.95 million 493,905 1.56 million 588,273 181.57 million

Source: Balthazar, DappRadar

Average trades

The average trade across the five marketplaces saw an increase of US$68 in November, to US$966 per trade (up 8%). 

Two marketplaces increased in their average trade sizes, two decreased while Magic Eden was unchanged. X2Y2 increased by 61% to US$2,026 and Solanart increased by US$21 or 37%. While OpenSea dropped by 26.01% to US$128 per trade and LooksRare was down by 13% to US$404.

Average trade size per month

Marketplace OpenSea Magic Eden LooksRare Solanart X2Y2
November $128 $2 $2,595 $77 $2,026
October $173 $2 $2,999 $56 $1,260
September $146 $5 $3,472 $57 $1,954
August $182 $5 $4,107 $93 $5,644
July $149 $15 $2,917 $32 $8,136
June $212 $24 $1,804 $43 $9,329
May $933 $91 $2,806 $142 $12,990
April $1,296 $118 $5,747 $135 $4,768
March $1,028 $104 $7,974 $108 $710
February $1,279 $111 $26,646 $53 $388
January $1,582 $75 $37,606 $96 N/A

Source: Balthazar, DappRadar

Methodology

The above report by Balthazar analyzed NFT marketplace data from DappRadar, with the most available data collected up to November 30, 2022. Marketplaces were chosen based on the highest all-time volume recorded.

Previous NFT Marketplace Updates

October 2022

X2Y2 was added to the Balthazar NFT Marketplace Update this month, with US$145.04 million in sales volume in October, 2022. Combined with four other top NFT marketplaces (by all-time trade volume) including OpenSea, Magic Eden, LooksRare and Solanart, total sales volume was US$494.27 million in October combined. 

This was the lowest level of total sales volume recorded this year, down by US$147.28 million from September (-23%), and far lower than the US$7.06 billion recorded in January.

Source: Balthazar, DappRadar

John Stefanidis, Co-founder and CEO of Balthazar said he is optimistic for the NFT market as adoption for new marketplaces continues. 

“There is no doubt that macroeconomic pressures have caused a low consumer sentiment and reduced NFT activity. But new marketplaces like X2Y2 are launching in this bear market and they are seeing explosive growth. While we’re coming off of a very crazy bull market, it’s encouraging to see new players entering the market.”

Month-on-Month

Three of the five NFT marketplaces saw a decline in sales volume in October compared to September including OpenSea, the largest NFT marketplace in the world, which saw a 15.52 percent drop in sales volume month-on-month. OpenSea recorded US$226.86 million in sales in October compared to US$268.55 million in September.

Others to have fallen in October include Magic Eden, which saw 54.25 percent lower sales volume than September, and X2Y2 saw a 22.98 percent drop.

October 2022 versus September 2022 trade volume (USD)

Marketplace OpenSea Magic Eden LooksRare Solanart X2Y2 TOTAL
October $226.86 million $58.66 million $57.47 million $6.25 million $145.04 million $494.27 million
September $268.55 million $128.21 million $51.95 million $4.52 million $188.32 million $641.55 million
Difference -$41.69 million -$69.55 million $5.51 million $1.73 million -$43.28 million -$147.28 million
% difference -15.52% -54.25% 10.61% 38.21% -22.98% -22.96%

Source: Balthazar, DappRadar

Size of Each Marketplace

New NFT marketplace, X2Y2, which launched in February 2022, holds the second-largest market share (29 percent) across the five marketplaces in October 2022, while the largest marketplace OpenSea holds 46 percent.

Magic Eden was 12 percent, closely followed by LooksRare with 11.60 percent, and Solanart with just 1.3 percent.

Source: Balthazar, DappRadar

Number of Users

The total number of users dropped by 10.56 percent to 1.82 million in October – this is the lowest level since January 2022 (1.75 million). However, X2Y2 saw an increase every month since March, while LooksRare also saw an increase in users.

Number of users per month

Marketplace OpenSea Magic Eden LooksRare Solanart X2Y2 TOTAL
October 657,107 1.06 million 10,645 29,648 69,605 1.82 million
September 779,940 1.18 million 9,511 20,357 51,336 2.04 million
August 874,754 913,528 12,814 3,446 48,615 1.85 million
July 1.0 million 983,565 17,560 2,659 41,145 2.05 million
June 675,967 1.22 million 27,048 4,426 35,631 1.97 million
May 1.06 million 1.29 million 58,075 9,441 25,230 2.44 million
April 1.17 million 1.14 million 42,854 42,202 11,090 2.41 million
March 1.07 million 1.05 million 24,927 65,144 5,675 2.22 million
February 1.28 million 624,552 40,532 124,228 14,916 2.09 million
January 1.46 million 92,356 40,774 158,968 1.75 million
TOTAL to date 10.03 million 9.55 million 284,740 460,519 303,243 20.63 million

Source: Balthazar, DappRadar

Number of trades

The total number of trades has increased to 26.83 million in October – up 3.46 percent. OpenSea was the only marketplace out of the five that saw a decrease in the number of trades, from 1.84 million in September to 1.31 million in October.

Number of trades per month

Marketplace OpenSea Magic Eden LooksRare Solanart X2Y2 Total
October 1.31 million 25.27 million 19,162 111,224 115,123 26.83 million
September 1.84 million 23.91 million 14,965 78,749 96,375 25.94 million
August 2.07 million 12.83 million 19,709 9,500 90,292 15.03 million
July 2.62 million 13.36 million 26,957 18,637 70,072 16.10 million
June 1.95 million 13.77 million 44,494 32,722 63,808 15.86 million
May 2.35 million 10.11 million 101,229 32,888 48,535 12.64 million
April 2.21 million 9.15 million 69,684 125,784 32,242 11.60 million
March 1.99 million 6.01 million 39,318 195,582 9,239 8.25 million
February 2.41 million 2.90 million 70,823 431,545 28,480 5.85 million
January 2.84 million 359,576 66,152 513,529 3.78 million
TOTAL to date 21.61 million 117.68 million 472,493 1.55 million 554,166 141.86 million

Source: Balthazar, DappRadar

Average trades

The average trade across the five marketplaces was US$898 in October – the lowest level on record this year. It fell by 20.31 percent compared to September, dropping from $1,127.

Interestingly, OpenSea’s average trade in October was US$173 while the average trade on X2Y2 was seven-times higher, at US$1,260.

Average trade size per month

Marketplace OpenSea Magic Eden LooksRare Solanart X2Y2 Average
October $173 $2 $2,999 $56 $1,260 $898
September $146 $5 $3,472 $57 $1,954 $1,127
August $182 $5 $4,107 $93 $5,644 $2,006
July $149 $15 $2,917 $32 $8,136 $2,250
June $212 $24 $1,804 $43 $9,329 $2,282
May $933 $91 $2,806 $142 $12,990 $3,392
April $1,296 $118 $5,747 $135 $4,768 $2,412
March $1,028 $104 $7,974 $108 $710 $1,985
February $1,279 $111 $26,646 $53 $388 $5,695
January $1,582 $75 $37,606 $96 N/A $9,840

Source: Balthazar, DappRadar

Methodology

The above report by Balthazar analyzed NFT marketplace data from DappRadar, with the most available data collected up to October 31, 2022. Marketplaces were chosen based on the highest all-time volume recorded.

September 2022

The Balthazar NFT Marketplace Update recorded a total of US$453.23 million in sales volume for September, which was 13.85 percent lower than the previous month (US$526.09 million in August 2022), despite an increase in sales from two of the four marketplaces. This is the lowest level recorded for the year, following a continued decline since April 2022.

The report analyzed sales volume from four of the top NFT marketplaces (by all-time trade volume) – OpenSea, Magic Eden, LooksRare and Solanart.

OpenSea, the largest NFT marketplace in the world, recorded US$268.55 million in September – US$109.19 million or almost one-third less than August.

Source: Balthazar, DappRadar

John Stefanidis, Co-founder and CEO of Balthazar said the NFT industry is progressing despite low sales volume.

“While there is lower trading activity, the NFT space is continuing to grow at a macro level. We’re seeing more people learning about NFTs, more projects are adopting NFT technology and investment is still flowing into the space.

“As a result, this is strengthening the market for the long-term.”

Total sales volume across the four marketplaces was US$25.64 billion for the year to September 30, 2022. This is 79 percent higher than the total volume of 2021.

Month-on-Month

September saw a US$72.86 million drop (-13.85 percent) in sales volume compared to August, however two of the four marketplaces increased in sales.

LooksRare saw the biggest decline (by percentage) in September with 35.82 percent lower sales volume than August. It was followed by OpenSea (-28.91 percent).

Solanart saw a 412.46 percent increase in September compared to August, while Magic Eden also saw a jump in sales, by 92.75 percent.

September 2022 versus August 2022 trade volume (USD)

Marketplace OpenSea Magic Eden LooksRare Solanart TOTAL
September $268.55 million $128.21 million $51.95 million $4.52 million $453.23 million
August $377.74 million $66.52 million $80.95 million $882,265 $526.09 million
Difference -$109.19 million $61.69 million -$29.0 million $3.64 million -$72.86 million
% difference -28.91% 92.75% -35.82% 412.46% -13.85%

Source: Balthazar, DappRadar

Number of users

Interestingly, there were 10.13 percent more users trading on these four marketplaces in September compared to August, with 1.99 million users recorded. However, this is slightly lower than the average number of users each month for the previous eight months, of 2.07 million.

The number of monthly users has remained relatively stable over 2022, which is in contrast with the significant volatility in sales volume. For instance, in January there was US$7.06 billion in sales volume with 1.75 million users recorded.

Number of users per month

Marketplace OpenSea Magic Eden LooksRare Solanart TOTAL MoM Difference
September 779,940 1.18 million 9,511 20,357 1.99 million 10.13%
August 874,754 913,528 12,814 3,446 1.80 million -10.06%
July 1.0 million 983,565 17,560 2,659 2.01 million 3.91%
June 675,967 1.22 million 27,048 4,426 1.93 million -19.99%
May 1.06 million 1.29 million 58,075 9,441 2.41 million 0.77%
April 1.17 million 1.14 million 42,854 42,202 2.39 million 8.28%
March 1.07 million 1.05 million 24,927 65,144 2.21 million 6.80%
February 1.28 million 624,552 40,532 124,228 2.07 million 18.35%
January 1.46 million 92,356 40,774 158,968 1.75 million
TOTAL to date 9.37 million 8.49 million 274,095 430,871 18.57 million

Source: Balthazar, DappRadar

Number of trades

There was also a lift in the number of trades in September, with 72.98 percent more than August. This was the highest number of trades recorded this year.

It was largely due to a spike in trades on Magic Eden, with 11.07 million more trades in September. Solanart also saw 69,249 more trades recorded in September.

Number of trades per month

Marketplace OpenSea Magic Eden LooksRare Solanart Total Difference
September 1.84 million 23.91 million 14,965 78,749 25.84 million 72.98%
August 2.07 million 12.83 million 19,709 9,500 14.94 million -6.82%
July 2.62 million 13.36 million 26,957 18,637 16.03 million 1.51%
June 1.95 million 13.77 million 44,494 32,722 15.79 million 25.43%
May 2.35 million 10.11 million 101,229 32,888 12.59 million 8.86%
April 2.21 million 9.15 million 69,684 125,784 11.57 million 40.32%
March 1.99 million 6.01 million 39,318 195,582 8.24 million 41.67%
February 2.41 million 2.90 million 70,823 431,545 5.82 million 53.96%
January 2.84 million 359,576 66,152 513,529 3.78 million
TOTAL to date 16.38 million 55.66 million 418,657 1.35 million 73.82 million

Source: Balthazar, DappRadar

Average trades

A higher number of trades combined with lower trading volume has resulted in a 16.11 percent decline in the average trade size. In September, the average trade size across the four marketplaces combined was US$920, compared to $1,097 in August, and US$9,840 in January.

Average trade size per month

Marketplace OpenSea Magic Eden LooksRare Solanart Average MoM difference
September $146 $5 $3,472 $57 $920 -16.11%
August $182 $5 $4,107 $93 $1,097 40.93%
July $149 $15 $2,917 $32 $778 49.43%
June $212 $24 $1,804 $43 $521 -47.54%
May $933 $91 $2,806 $142 $993 -45.56%
April $1,296 $118 $5,747 $135 $1,824 -20.83%
March $1,028 $104 $7,974 $108 $2,304 -67.19%
February $1,279 $111 $26,646 $53 $7,022 -28.63%
January $1,582 $75 $37,606 $96 $9,840

Source: Balthazar, DappRadar

2022 projection

Due to a significant drop in trade volume over the past four months, the 2022 projection calculation has been adjusted to reflect the average trade volume from July-September. This has resulted in a 2022 projection of US$27.29 billion. Compared to 2021 which ended the year with US$13 billion in sales volume combined, 2022 is expected to record a 91 percent increase on last year.

OpenSea is expected to end 2022 with US$17.18 billion in total sales volume – 32 percent higher than 2021 (US$13.06 billion). Magic Eden is projected to reach US$588.52 million in 2022, which is an impressive 598 percent increase on 2021. While Solanart is expected to fall by 80 percent in 2022 compared to 2021, with a forecast to end the year on US$128.13 million.

* LooksRare was excluded from the projection calculation due to unavailability of 2021 data.

Methodology

The above report by Balthazar analyzed NFT marketplace data from DappRadar, with the most available data collected up to September 30, 2022. Marketplaces were chosen based on the highest all-time volume recorded. Projected 2022 sales volume was calculated by the average monthly sales volume from July-September 2022, combined with the total volume for January-June 2022.

August 2022

The Balthazar NFT Marketplace Update analyzed sales volume from four of the top NFT marketplaces for the month of August 2022 (by all-time trade volume) – OpenSea, Magic Eden, LooksRare and Solanart.

The NFT market saw a continued downward trend in sales volume for the four marketplaces combined, falling by 22.26 percent to US$526.09 million in August 2022 compared to July 2022 (US$676.73 million). This is far from the January 2022 record of over US$7 billion in sales volume. 

Despite this, sales volume for the year to date across the four marketplaces was US$24.66 billion, 73 percent higher than the whole of 2021 (US$14.29 billion) for the four marketplaces combined. 

OpenSea, the largest NFT marketplace in the world, has hit US$15.50 billion for the first eight months of the year, 19 percent higher than its 2021 total (US$13.06 billion).

Source: Balthazar, DappRadar

John Stefanidis, Co-founder and CEO of Balthazar, said he expected the market slowdown to follow other economic trends but is confident that the NFT market will strengthen.

“Macroeconomic conditions are putting pressure on the NFT market, much like the drop in tech stocks, discretionary spending, luxury goods, and the wider crypto market.

“There will be fewer sustainable NFT projects but these will hold their value. There is also a need for projects to settle into a high quality and sustainable utility. 

“It’s similar to the early days of crypto when a lot of ICO businesses crashed, however, some were successful because they had great business plans, strong communities and they were solving real problems.

“Our thesis is that when the broader utility and applications of NFTs improve, such as in the form of contracts, deeds and gaming, that’s when we will start to see NFT sales volumes rise.The real value of an NFT is in its ability to provide digital ownership.”

Month-on-Month

While OpenSea and Magic Eden saw declines in sales volume in August compared to July, LooksRare and Solanart experienced a rise.

OpenSea recorded US$377.74 million in sales in August 2022, down by 3.52 percent or US$13.78 million compared to July 2022 (US$391.52 million). Magic Eden saw a 67.71 percent fall in sales, from US$206 million in July 2022 to US$66.52 million in August 2022.

On the other hand, Solanart recorded 47.87 percent more sales volume in August (US$882,265) compared to July (US$596,666). And LooksRare jumped up by 2.96 percent.

August 2022 versus July 2022 trade volume (USD)

Marketplace OpenSea Magic Eden LooksRare Solanart TOTAL
August $377.74 million $66.52 million $80.95 million $882,265 $526.09 million
July $391.52 million $206.0 million $78.62 million $596,666 $676.73 million
Difference -$13.78 million -$139.48 million $2.33 million $.29 million -$150.64 million
% difference -3.52% -67.71% 2.96% 47.87% -22.26%

Source: Balthazar, DappRadar

Average trades

The number of users across the four marketplaces combined saw a 10.06 percent decline in August 2022 (1.80 million), compared to July 2022 (2.01 million). Interestingly, the number of users has remained between 2.41-1.75 million each month this year.

The number of trades however, has experienced an increasing trend since January, even though there was a 6.82 percent decline in August (14.94 million) compared to July (16.03 million). July saw the highest recorded number of trades this year, while the year started off with 3.78 million trades in January.

This has resulted in a 40.93 percent increase of the average trade size in August of US$1,097, compared to US$778 per trade in July.

Average trade size per month

Marketplace OpenSea Magic Eden LooksRare Solanart Average
August $182 $5 $4,107 $93 $1,097
July $149 $15 $2,917 $32 $778
June $212 $24 $1,804 $43 $521
May $933 $91 $2,806 $142 $993
April $1,296 $118 $5,747 $135 $1,824
March $1,028 $104 $7,974 $108 $2,304
February $1,279 $111 $26,646 $53 $7,022
January $1,582 $75 $37,606 $96 $9,840

Source: Balthazar, DappRadar

2022 projection

The past few months have significantly impacted the projected sales volume for 2022, after starting the year much stronger. As a result, the sales volume projection for 2022 across three* of the marketplaces combined is expected to reach US$37 billion – 159 percent higher than 2021 (US$14.29 billion). 

OpenSea is expected to be 78 percent up on last year, ending the year with US$23.24 billion in sales volume, while Magic Eden has a 2022 projection of US$5.27 billion – 796 percent higher than 2021. Solanart is expected to drop in sales volume by 73 percent this year, from US$646.93 million in 2021 to a forecast US$175.09 million in 2022.

*LooksRare was excluded from the projection calculation due to unavailability of 2021 data.

Methodology

The above report by Balthazar analysed NFT marketplace data from DappRadar, with the most available data collected up to August 31, 2022. Marketplaces were chosen based on the highest all-time volume recorded. Projected 2022 sales volume was calculated by the average sales volume per month from January-August 2022, and multiplying this by 12 months.

July 2022

The Balthazar NFT Marketplace Update for the month of July 2022 shows a continued decline in sales volume across four of the top NFT marketplaces (by all-time trade volume) – OpenSea, Magic Eden, LooksRare and Solanart.

Total sales volume for July was US$676.73 million, over US$6 billion lower than January, which recorded US$7.06 billion in sales.

Source: Balthazar, DappRadar

Despite the slowdown, total sales volume for 2022 to date is 73 percent higher or US$10.37 billion more than the whole of 2021. OpenSea, the largest NFT marketplace in the world, saw a 19 percent growth in sales volume this year to date compared to last year, with US$2.38 billion more volume.

Month-on-Month

All four NFT marketplaces saw a decline in sales volume in July compared to June, averaging a 19 percent drop. Solanart saw the biggest decline of 58 percent, from US$1.41 million in June to US$596,666 in July.

LooksRare saw the smallest decline, of just 2 percent in July (US$78.62 million) compared to June (US$80.26 million).

July 2022 versus June 2022 trade volume (USD)

Marketplace OpenSea Magic Eden LooksRare Solanart TOTAL
July $391.52 million $206.0 million $78.62 million $596,666 $676.73 million
June $413.31 million $336.77 million $80.26 million $1.41 million $831.75 million
Difference -$21.79 million -$130.78 million -$1.63 million -$808,691 -$155.02 million
% difference -5% -39% -2% -58% -19%

Source: Balthazar, DappRadar

2022 projection

OpenSea is expected to end 2022 with US$26.56 billion in sales volume – more than double (103 percent) higher than 2021. While Magic Eden launched in 2021, it’s expected to end the year with US$6.03 billion in sales volume.  

LooksRare launched in January 2022 and it’s expected to reach a total of US$9.48 billion in sales by the end of the year.

Solanart is forecast to hit US$200.11 million by the end of 2022.

Marketplace 2022 to date 2022 projection 2021 total YoY growth projection
OpenSea $15.50 billion $26.56 billion $13.06 billion 103%
Magic Eden $3.51 billion $6.03 billion $588.52 million 924%
LooksRare $5.53 billion $9.48 billion
Solanart $116.73 billion $200.11 million $646.93 million -69%
Total $24.66 billion $42.27 billion $14.29 billion 196%

Source: Balthazar, DappRadar

Average trades

Interestingly, the number of trades on these marketplaces each month is rising. There were 16.03 million trades across the four marketplaces in July – 1.51 percent higher than June. The number of users have held strong this year, with most months consistently over two million. The average trade in July was US$778 – this is US$257 higher than June.

Average trade size per month

Marketplace OpenSea Magic Eden LooksRare Solanart Average
July $149 $15 $2,917 $32 $778
June $212 $24 $1,804 $43 $521
May $933 $91 $2,806 $142 $993
April $1,296 $118 $5,747 $135 $1,824
March $1,028 $104 $7,974 $108 $2,304
February $1,279 $111 $30,425 $58 $7,968
January $1,582 $75 $37,606 $96 $9,840
Average $926 $77 $12,754 $88 $3,461

Source: Balthazar, DappRadar

John Stefanidis, Co-founder and CEO of Balthazar, said he expects the market to lift back up.

“The fundamental value of NFT technology hasn’t changed, meaning we will see an increase in utility, adoption, and ultimately sales.

“In the NFT gaming space alone, there are over 1,400 games live or in production and there’s a growing number of people interested in playing these games as well as NFT holders, institutional investors and game developers in the space.

“I’m excited about the future of NFTs as more use cases will bring greater value to people’s lives.”

Methodology

The above report by Balthazar analysed NFT marketplace data from DappRadar, with the most available data collected up to July 31, 2022. Marketplaces were chosen based on the highest all-time volume recorded. Projected 2022 sales volume was calculated by the average sales volume per month from January-July 2022, and multiplying this by 12 months.

Week Ending – July 2, 2022

The latest Balthazar NFT Marketplace Update covers the week ending July 2, 2022, and analyses the month of June 2022, across four of the largest NFT marketplaces (by all-time trade volume) – OpenSea, Magic Eden, LooksRare and Solanart. 

There was a further decline in NFT sales volume in June 2022, recording a combined US$831.75 million – 76 percent down on May 2022. It’s the lowest sales volume recorded this year.

OpenSea, the largest NFT marketplace in the world, saw a US$1.78 billion decline in sales volume, or 81 percent down from May 2022, to US$413.31 million. Despite this, OpenSea recorded US$288.06 million more in sales in June 2022 compared to June 2021. That’s a 230 percent increase.

June 2022 versus May 2022 trade volume (USD)

Marketplace OpenSea Magic Eden LooksRare Solanart TOTAL
June $413.31 million $336.77 million $80.26 million $1.41 million $831.75 million
May $2.19 billion $916.33 million $284.04 million $4.67 million $3.40 billion
Difference -$1.78 billion -$579.55 million -$203.79 million -$3.27 million -$2.57 billion
% difference -81% -63% -72% -70% -76%

Source: Balthazar, DappRadar

2022 Projection

Balthazar forecasts total sales volume across the four marketplaces to reach US$47.96 billion by the end of 2022 – up 236 percent from 2021. However, one of the three marketplaces, Solana, is expected to end the year 64 percent lower than 2021.

2022 Projected Sales Volume

Marketplace 2022 projection 2021 total YoY growth projection
OpenSea $30.21 billion $13.06 billion 131%
Magic Eden $6.62 billion $588.52 million 1024%
LooksRare $10.91 billion
Solanart $232.27 million $646.93 million -64%
Total $47.96 billion $14.29 billion 236%

Source: Balthazar, DappRadar

Total sales volume for the year to date was US$23.98 billion, which is already 68 percent higher than the whole of 2021 (US$14.29 billion).

Week-on-Week Sales Volume

For the week ending July 2, 2022, sales volume reached US$78.36 million – 30 percent lower than the previous week. It has been declining every week since May 8, 2022.

Average Trades

The total number of users in June 2022 across the four marketplaces was 1.93 million, a decline of 20 percent compared to May 2022. This is the lowest number of users recorded since January 2022.

Number of Users Per Month

Marketplace OpenSea Magic Eden LooksRare Solanart TOTAL MoM Difference
June 675,967 1.22 million 27,048 4,426 1.93 million -20%
May 1.06 million 1.29 million 58,075 9,441 2.41 million 1%
April 1.17 million 1.14 million 42,854 42,202 2.39 million 8%
March 1.07 million 1.05 million 24,927 65,144 2.21 million 7%
February 1.28 million 624,552 40,532 124,228 2.07 million 18%
January 1.46 million 92,356 40,774 158,968 1.75 million
TOTAL to date 6.72 million 5.42 million 234,210 404,409 12.77 million

Source: Balthazar, DappRadar

The number of trades in June 2022 totaled 15.79 million. Interestingly, this is 25 percent higher than May 2022. It’s the highest recorded number of trades this year and it has increased each month all year.

Number of Trades Per Month

Marketplace OpenSea Magic Eden LooksRare Solanart TOTAL Difference
June 1.95 million 13.77 million 44,494 32,722 15.79 million 25%
May 2.35 million 10.11 million 101,229 32,888 12.59 million 9%
April 2.21 million 9.15 million 69,684 125,784 11.57 million 40%
March 1.99 million 6.01 million 39,318 195,582 8.24 million 43%
February 2.41 million 2.90 million 62,027 387,815 5.76 million 53%
January 2.84 million 359,576 66,152 513,529 3.78 million
TOTAL to date 13.76 million 42.30 million 382,904 1,288,320 57.73 million

Source: Balthazar, DappRadar

The average trade value was US$2,565 in June, largely from a high average trade value from Solana (US$7,569) pushing up the overall average. While the overall average trade value was 158 percent higher in June compared to May, it came off a relatively low May average trade value of US$993.

Average Trade Size Per Month

Marketplace OpenSea Magic Eden LooksRare Solanart TOTAL MoM Difference
June $212 $24 $7,569 $2,453 $2,565 158%
May $933 $91 $2,806 $142 $993 -46%
April $1,296 $118 $5,747 $135 $1,824 -21%
March $1,028 $104 $7,974 $108 $2,304 -71%
February $1,279 $111 $30,425 $58 $7,968 -19%
January $1,582 $75 $37,606 $96 $9,840 132%
Average $1,055 $87 $15,354 $499 $4,249

Source: Balthazar, DappRadar

Methodology

The above report by Balthazar analysed NFT marketplace data from DappRadar, with the most available data collected up to July 4, 2022. Marketplaces were chosen based on the highest all-time volume recorded. Projected 2022 sales volume was calculated by the average sales volume per month from January-June 2022, and multiplying this by 12 months.

Week Ending – June 25, 2022

The Balthazar NFT Market Update to June 25, 2022, shows a continued decline of trade volume. However, the market is still up on 2021, and both the average trade size and number of transactions is strong.

For the week ending June 25, 2022, trade volume across the four largest NFT marketplaces (by all-time trade volume) – OpenSea, Magic Eden, LooksRare and Solanart – was down 43 percent on the previous week. Total trade volume was US$111.71 million, down from US$195.84 million. In fact, this is the lowest level recorded in 2022.

OpenSea, the largest NFT marketplace, was down 79 percent for the week, with total trade volume recorded at US$22.24 million. The previous week recorded US$104.59 million in trade volume.

Week on Week Trade Volume

Week ending Opensea Magic Eden LooksRare Solanart Total WoW Difference
June 25, 2022 $22.24 million $68.79 million $20.43 million $253,327 $111.71 million -43%
June 18, 2022 $104.59 million $71.83 million $19.11 million $299,799 $195.84 million

Source: Balthazar, DappRadar

2022 Projection

By the end of 2022, total sales volume across the NFT marketplaces is expected to reach US$48.16 billion, of which OpenSea is forecast to hit US$30.36 billion. This is a combined 237 percent increase from 2021.

2022 Projected Sales Volume

By the end of 2022, total sales volume across the NFT marketplaces is expected to reach US$48.16 billion, of which OpenSea is forecast to hit US$30.36 billion. This is a combined 237 percent increase from 2021.

Marketplace 2022 projection 2021 total YoY growth projection
OpenSea $30.36 billion $13.06 billion 133%
Magic Eden $6.66 billion $588.52 million 1031%
LooksRare $10.91 billion
Solanart $232.44 million $646.93 million -64%
Total $48.16 billion $14.29 billion 237%

Source: Balthazar, DappRadar

Month-on-Month

Total trade volume across the four marketplaces for June 1-25, 2022 is 77 percent lower than May 2022. May recorded US$3.4 billion in trade volume, while June to date recorded US$773.46 million.

OpenSea recorded an 81 percent fall for June so far (US$406.92 million) compared to May (US$2.19 billion). Despite this, it recorded a 225 percent increase in trade volume in June to date compared to June 2021, with US$125.25 million recorded in June 2021.

June 1-25 Versus May 2022 Trade Volume

Marketplace OpenSea Magic Eden LooksRare Solanart TOTAL
June 1-25 $406.92 million $297.12 million $68.18 million $1.24 million $773.46 million
May $2.19 billion $916.33 million $284.04 million $4.67 million $3.40 billion
Difference -$1.79 billion -$619.21 million -$215.86 million -$3.43 million -$2.62 billion
% difference -81% -68% -76% -73% -77%

Source: Balthazar, DappRadar

Average Trades

The number of users dropped 30 percent in June to date (1.70 million) compared to May 2022 (2.41 million). This is the biggest month-on-month decline this year.

Number of Users Per Month – 2022

Marketplace OpenSea Magic Eden LooksRare Solanart TOTAL MoM Difference
June 1-25 633,823 1.04 million 23,125 3,961 1.70 million -30%
May 1.06 million 1.29 million 58,075 9,441 2.41 million 1%
April 1.17 million 1.14 million 42,854 42,202 2.39 million 8%
March 1.07 million 1.05 million 24,927 65,144 2.21 million 7%
February 1.28 million 624,552 40,532 124,228 2.07 million 18%
January 1.46 million 92,356 40,774 158,968 1.75 million
Total to date 6.68 million 5.23 million 230,287 403,944 12.54 million

Source: Balthazar, DappRadar

Interestingly, the number of trades has increased every month this year. June to date (13.14 million) is 4 percent above May 2022 (12.59 million).

Number of Trades Per Month

Marketplace OpenSea Magic Eden LooksRare Solanart TOTAL Difference
June 1-25 1.80 million 11.28 million 37,603 22,712 13.14 million 4%
May 2.35 million 10.11 million 101,229 32,888 12.59 million 9%
April 2.21 million 9.15 million 69,684 125,784 11.57 million 40%
March 1.99 million 6.01 million 39,318 195,582 8.24 million 43%
February 2.41 million 2.90 million 62,027 387,815 5.76 million 53%
January 2.84 million 359,576 66,152 513,529 3.78 million
Total to date 13.61 million 39.81 million 376,013 1,278,310 55.08 million

Source: Balthazar, DappRadar

Large trades on LooksRare and Solanart have lifted the overall average trade size across the four marketplaces, with the average trade of $2,789 in June to date – 181 percent higher than May 2022.

OpenSea saw a 76 percent decline in its average trade size for June to date compared to May 2022, recording US$226 per trade versus US$993 per trade in May 2022.

Average Trade Size Per Month

Marketplace OpenSea Magic Eden LooksRare Solanart Average MoM Difference
June 1-25 $226 $26 $7,901 $3,002 $2,789 181%
May $933 $91 $2,806 $142 $993 -46%
April $1,296 $118 $5,747 $135 $1,824 -21%
March $1,028 $104 $7,974 $108 $2,304 -71%
February $1,279 $111 $30,425 $58 $7,968 -19%
January $1,582 $75 $37,606 $96 $9,840 130%
Average $1,057 $88 $15,410 $590 $4,286

Source: Balthazar, DappRadar

John Stefanidis, Co-founder and CEO of Balthazar, said despite the decline in trade volume, the bear market hasn’t hampered activity in the NFT space.

“What we’re seeing is many users hodling due to the crypto bear market. However, there is still a lot of activity happening in the NFT space, as there are more transactions occurring each month. This shows that the NFT market is still very active.

“While it’s likely to drop off some more this year, we expect activity to thrive when the market turns again.”

Methodology

The above report by Balthazar analysed NFT marketplace data from DappRadar, with the most available data collected up to June 25, 2022. Marketplaces were chosen based on the highest all time volume recorded. Projected 2022 sales volume was calculated by the average sales volume per month for the past six months of 2022, and multiplying this by 12 months.

Week Ending – June 18, 2022

Balthazar’s latest NFT Market Update analyses four leading NFT marketplaces based on all-time trade volume: OpenSea, Magic Eden, LooksRare and Solanart. Based on sales volume data up to June 19, 2022, Balthazar projects a 239 percent growth rate for 2022, ending the year with US$48.43 billion in total sales.

Despite a softening of sales volume in 2022, the four marketplaces recorded a combined US$23.82 billion in sales in 2022 to date, surpassing 2021 sales volume by US$9.53 billion (67 percent).

OpenSea is expected to reach US$30.61 billion in sales volume by the end of 2022, which is a 134 percent increase on 2021 (US$13.06 billion). Magic Eden is expected to end the year with US$6.68 billion in sales – 1,035 percent on last year.

2022 Projected Sales Volume

Marketplace 2022 projection 2021 total YoY growth projection
opensea $30.61 billion $13.06 billion 134%
Magic Eden $6.68 billion $588.52 million 1,035%
LooksRare $10.90 billion N/A N/A
Solanart $232.70 million $646.93 million -64%
Total $48.43 billion $14.29 billion 239%

Source: Balthazar, DappRadar

Month-on-Month

Sales volume for the four marketplaces in June 1-19 (US$673 million) is 80 percent down on May 2022 (US$3.40 billion).

LooksRare is the furthest behind, with 83 percent lower volume in June 1-19 (US$49.58 million) compared to the month prior (US$284.04 million).

Month-on-Month Sales Volume

Marketplace OpenSea Magic Eden LooksRare Solanart TOTAL
June 1-19 $389.10 million $233.60 million $49.58 million $1.03 million $673,314,408
May $2.19 billion $916.33 million $284.04 million $4.67 million $3,397,878,173
Difference -$1.80 billion -$682.72 million -$234.46 million -$3.65 million -$2,724,563,76
% difference -82% -75% -83% -78% -80%

Source: Balthazar, DappRadar

Weekly Sales Volume

Weekly trade volume has slowed in June 2022, with the latest week commencing June 12 down 30 percent on the previous week. It ended with US$195.85 million in sales across the four marketplaces.

While we haven’t seen positive growth since April 2022, June 1-19 sales volume for OpenSea alone (US$389.10 million) is 211 percent higher than the whole month of June 2021 (US$125.25 million).

Average Trade Size

Based on the number of users per day and trade volume, the average trade size for June to date was US$515. This is significantly lower than the average trade sizes for previous months this year.

Last month, the average trade size across the four marketplaces was US$993, and due to large transactions on LooksRare in February, the average trade size peaked at $9,840.

Average Trade Size Per Month, Per Marketplace

Marketplace OpenSea Magic Eden LooksRare Solanart Average
June 1-19 $252 $29 $1,730 $49 $515
May $933 $91 $2,806 $142 $993
April $1,296 $118 $5,747 $135 $1,824
March $1,028 $104 $7,974 $108 $2,304
February $1,279 $111 $30,425 $58 $7,968
January $1,582 $75 $37,606 $96 $9,840
Average $1,062 $88 $14,381 $98 $3,907

Source: Balthazar, DappRadar

Despite this, the number of users and number of trades have both remained relatively strong this year. January to May saw positive growth in the number of users month-on-month.

The total projected number of users across the four marketplaces for June is 2.16 million – 249,604 short of May 2022.

Number of Users Per Month, Per Marketplace

Marketplace OpenSea Magic Eden LooksRare Solanart TOTAL Difference
June 1-19 564,824 784,671 17,776 3,176 1.37 million -43%
May 1.06 million 1.29 million 58,075 9,441 2.41 million 1%
April 1.17 million 1.14 million 42,854 42,202 2.39 million 8%
March 1.07 million 1.05 million 24,927 65,144 2.21 million 7%
February 1.28 million 624,552 40,532 124,228 2.07 million 18%
January 1.46 million 92,356 40,774 158,968 1.75 million
Total to date 6.61 million 4.98 million 224,938 403,159 12.21 million

Source: Balthazar, DappRadar

The number of trades projected for June is 15.19 million, which will be the highest on record. June to date recorded 9.62 million transactions across the four marketplaces, and is expected to see a 21% increase in June.

Marketplace OpenSea Magic Eden LooksRare Solanart TOTAL Difference
June 1-19 1,543,708 8,029,419 28,658 20,844 9,622,629 -24%
May 2,350,719 10,105,117 101,229 32,888 12,589,953 9%
April 2,214,785 9,154,805 69,684 125,784 11,565,058 40%
March 1,994,774 6,012,066 39,318 195,582 8,241,740 43%
February 2,412,572 2,902,489 62,027 387,815 5,764,903 53%
January 2,839,236 359,576 66,152 513,529 3,778,493
Total to date 13,355,794 36,563,472 367,068 1,276,442 51,562,776

Source: Balthazar, DappRadar

Methodology

The above report by Balthazar analysed NFT marketplace data from DappRadar, with the most available data collected up to June 19, 2022. Marketplaces were chosen based on the highest all time volume recorded. Projected 2022 sales volume was calculated by calculating the average sales volume per month for the past six months of 2022, and multiplying this by 12 months. BloctoBay was removed from the latest analysis due to unavailability of data.

May 2022

NFT Market Set to Quadruple in 2022

Balthazar analysed NFT transaction data on some of the largest NFT marketplaces including OpenSea, LooksRare, Magic Eden, Solanart and BloctoBay. It found that these marketplaces are expected to see a 293% increase in sales volume combined.

The five marketplaces recorded a combined US$14.33 billion in sales volume in 2021, while 2022 to date has already surpassed 2021 by 64 percent (US$23.47 billion). Based on this run rate, they are expected to reach US$56.32 billion in combined sales volume by the end of 2022.

The biggest NFT marketplace, OpenSea, made up the largest share of activity with US$14.68 billion in sales volume in 2022 to date. This is already US$1.62 billion more than its total sales volume of 2021. It’s expected to reach $35.22 billion in sales volume by the end of 2022 – 170 percent higher than 2021.

Source: Balthazar, DappRadar

Month-on-Month (MoM) Sales Volume

The five marketplaces recorded a combined US$3.39 billion in sales volume in May 2022, 24 percent lower than April 2022 (US$4.42 billion).

All of the five marketplaces saw a decline in trade volume in May, with BloctoBay recording the biggest drop of 78 percent, followed by Solanart (-72 percent) and LooksRare (29 percent).

Source: Balthazar, DappRadar

Week-on-Week (WoW) Sales Volume

However, week-on-week (WoW) sales volume dropped last week compared to the week prior across all of these marketplaces except for BloctoBay. Overall, they saw a 14 percent decline, from US$463.12 million in the week of May 15, 2022, to US$398.54 million for the week of May 15, 2022. 

Despite this, the weekly sales volume for these marketplaces combined has hovered between US$463 million and US$2.47 billion each week in 2022.

Source: Balthazar, DappRadar

Number of Traders

The average number of traders per day has fallen in May to date (15,492) compared to April (15,972), by 3 percent. Solanart dropped by 78 percent followed by OpenSea which saw a 14 percent decline. BloctoBay increased its average daily traders by 236 percent, while LooksRare also increased by 30 percent as well as Magic Eden by 9 percent.

Source: Balthazar, DappRadar

Methodology

The above report by Balthazar analysed NFT marketplace data from DappRadar, with the most available data collected up to May 31, 2022. Marketplaces were chosen based on the highest all time volume recorded. Projected 2022 sales volume was calculated by calculating the average sales volume per month for the past five months of 2022, and multiplying this by 12 months.

Media Enquiries

About Balthazar

Balthazar is a scholar-driven NFT (non-fungible token) gaming platform for the metaverse. It aims to be the largest Decentralised Autonomous Organisation (DAO) in the play-to-earn space. Balthazar is about building an incredibly innovative ecosystem to make NFTs, cryptocurrency and gaming more accessible for more people. We want to make it easy to play NFT games without upfront costs, to safely buy and sell game NFTs without the need for different wallets and marketplaces, to earn a yield from game NFTs, to support new games and to help game developers launch their games.