Balthazar NFT Marketplace Update
April 2023

• NFT trade volume projected to reach US$22.69 billion by the end of 2023
• Blur dominates with 65.5% market share
• Q1 2023 trade volume 84.2% higher than previous quarter
• John Stefanidis: “It’s an exciting time to be building innovative technology in this space”

April 7, 2023

NFT trade volume is projected to reach US$22.69 billion by the end of 2023, 39% lower than 2022, according to the latest Balthazar NFT Marketplace Update.

The report, which has increased its analysis to 10 leading NFT marketplaces, also found that Blur continued to dominate the market, despite a slowdown in NFT trade volume in March.

March 2023 saw a combined US$2.04 billion across the 10 marketplaces, which was a decrease of 9.8% compared to February 2023 (US$2.26 billion).

The total trade volume to date (January-March 2023) was US$5.67 billion for the quarter, 84.2% higher than the previous quarter (US$3.08 billion). The market is back to July 2022 levels for the past two months, following a continued decline from its peak in Q1 2022.

Source: Balthazar, DappRadar

John Stefanidis, Co-founder and CEO of Balthazar, said he’s excited to see momentum building in the market, with renewed sentiment and more high quality projects.

“It’s certainly exciting to see that the trend in NFT sales is moving up, indicating a returning interest and adoption of this innovative technology. We’re seeing more high quality projects coming through, which is a testament to the long-term sustainability of the market.

“The recent movement in Bitcoin is also positive for the NFT market, as all boats rise with the tide. It’s likely to have a positive impact on the overall sentiment of the market. Bitcoin is currently trading at above US$28,000, which we haven’t seen since June last year.

“The emergence of Ordinals, which are NFTs on the Bitcoin blockchain, is another interesting development, as this could unlock a whole new dimension of possibilities for the NFT market. 

“It’s an exciting time to be building innovative technology in this space, as we’re soon to launch Babylon, a software development kit to help game developers build Web3 games. This will undoubtedly attract more developers and create a vibrant ecosystem of NFT-powered games and applications that push the boundaries of what’s possible with this exciting technology.”

 

Month-on-Month

Blur dominated NFT sales volume in March once again, with the highest trade volume for the month, at US$1.34 billion. This was slightly higher than the previous month, by 0.5% (US$1.33 billion).

Out of 10 top marketplaces, Blur and Axie Marketplace were the only marketplaces that saw an increase in trade volume in March compared to February. Axie Marketplace was up by 36.6% to US$88.45 million in March. We’re likely to see this trend continue following the announcement on March 30, 2023 that the Ronin Network has introduced staking and game partners

X2Y2 saw the biggest decline by value, with US$153.72 million lower trade volume in March compared to February. While LooksRare saw the biggest drop by percentage, by 58.5%.

March 2023 versus February 2023 trade volume (USD)

Source: Balthazar, DappRadar

Year on Year

March 2023 was down by 38% in trade volume compared to March 2022, across the 10 marketplaces combined. The data includes Blur recording US$1.34 billion in transactions in March 2023 and no trades in March 2022, as it launched in October 2022.

The biggest fall in trade volume out of the 10 marketplaces was LooksRare, which was down by 95.3% in March 2023 compared to March 2022, followed by Axie Marketplace by 86.8%, and OpenSea with a decrease of 85.7%.

Just two of the marketplaces recorded an increase in March 2023 compared to March 2022. X2Y2 saw a 2,647.7% increase in March, with US$180.19 million recorded compared to US$6.56 million in March 2022. While JPG Store recorded a 721.4% increase in the same period.

March 2023 versus March 2022 trade volume (USD)

Source: Balthazar, DappRadar

Marketshare 

Across the 10 marketplaces, Blur held 65.5% market share of trade volume in March 2023, followed by OpenSea with 14.4%, and X2Y2 with 8.8%. 

Source: Balthazar, DappRadar

Number of Users

There were 1.46 million users recorded across the 10 marketplaces in March 2023, 7.4% lower than February 2023. Interestingly, half of the marketplaces saw a jump in users while half saw a decline.

However, Q1 2023 saw a 6.5% increase in the number of users compared to Q4 2022. There were a total of 4.68 million users in Q1 2023 compared to 4.40 million users in Q4 2022.

Number of users per month – March 2023 versus February 2023

Source: Balthazar, DappRadar

Number of trades

The total number of trades in March 2023 across the 10 marketplaces was 3.78 million. This was 24.4% lower than the previous month. 

Blur was the only marketplace out of the 10 that saw an increase in trades in March compared to February – up by 131.5%. Conversely, X2Y2 saw the biggest decline in the number of trades in March, with 60.5% lower than the previous month.

Number of trades per month – March 2023 versus February 2023

Source: Balthazar, DappRadar

Average trades

The average trade size in March was US$5,927, and stayed relatively constant with February, down by only 4.3%. Axie Marketplace saw the biggest increase, by 45.2% in March compared to February, while ThetaDrop saw the biggest decline in the average trade size, by 73.0%. The high average trade size is driven by CryptoPunks, which saw an average trade of US$30,685 in March.

Axie Marketplace saw the biggest increase, by 45.2% in March compared to February, while ThetaDrop saw the biggest decline in the average trade size, by 73.0%.

Average trade size per month (USD) – February 2023 versus January 2023

Source: Balthazar, DappRadar

Methodology

The above report by Balthazar analyzed NFT marketplace data from DappRadar, with the most available data collected up to March 31, 2023. Marketplaces were chosen based on the highest 30-day volume recorded. Projection based on average combined trade volume from January-March 2023 and multiplying by 12 months.

• New player Blur hits US$1.33 BILLION in trade volume in February
• Highest level of trade volume since May 2022
• Blur’s aggressive launch strategy is short term: John Stefanidis

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The battle is on for the NFT marketplace leader, as one of the newest contenders, Blur, has aggressively pitted OpenSea’s top spot after launching its native token last month. The pro trading NFT marketplace held 64.5% market share in February 2023 across leading marketplaces analyzed in the latest Balthazar NFT Marketplace Update.

The total volume across these five leading NFT marketplaces has almost doubled (90.8%) in February 2023 compared to January 2023, to US$2.06 billion. It was largely due to Blur’s US$1.33 billion of trading volume in February.

This is the highest level of combined trading volume since May 2022, although it’s far from February 2022 trading volume of US$5.01 billion.

John Stefanidis, Co-founder and CEO of Balthazar, admires Blur’s disruptive marketing approach – which includes more incentives and liquidity of its airdrop – but believes it’s unsustainable.

“What blur is doing is exciting because it’s offering a better user experience and a more creative go-to-market approach. Going up against OpenSea, which has been such a huge brand and a pillar of the NFT space, is really an impressive feat. But it’s important to keep incentivizing creators as it can be quite destructive to the potential continuity of innovative NFT projects if there’s not enough in it for the creators.

“Taking that away in the short-term might be a great way to drive attention to the creators, even though they’re trading off on royalties. For example, they might be one of the first projects to go live on Blur. But it’s important that we continue to reward creators.

“The fact that trading volume is up at the same level as May last year is impressive, as it shows that customers are happy and there is demand. It shows that new players coming through with disruptive approaches are good for the space.

“We’re also seeing more legitimate projects that are higher quality with more transparent teams. The NFT market has shifted away from predominantly profile picture projects and we’re seeing a lot more game projects come to market.”

Month-on-Month

February 2023 trading volume across the five marketplaces combined increased by 90.8% from US$1.08 billion in January 2023 to US$2.06 billion in February.

Blur saw the biggest jump, by 179.4% to US$1.33 billion in February, from US$476.46 million in January.

OpenSea saw US$363.98 million in February 2023, up by 9.6% from January 2023 (US$332.21 million). While X2Y2 recorded less than OpenSea in February (US$333.91), it saw an increase of 43.3% from January 2023 (US$233.05 million). And LooksRare and Solanart both saw declines in trade volume in February compared to January.

February 2023 versus January 2023 trade volume (USD)

Source: Balthazar, DappRadar

Size of Each Marketplace

Blur is leading with 64.5% share across the five NFT marketplaces. It was followed by OpenSea with 17.6%, X2Y2 was closely behind with 16.2%, while LooksRare held 1.7% and Solanart with 0.01%.

Source: Balthazar, DappRadar

Number of Users

There were 1.13 million users across the five marketplaces in February 2023, 3.9% more than January 2023 (1.08 million). Interestingly, OpenSea still has more users than the other marketplaces, with 750,874 recorded in February, although this has fallen by 14.8% since January, while Blur has more than doubled its user base over the same period, to 348,940.

Number of users per month – February 2023 versus January 2023

Source: Balthazar, DappRadar

Number of trades

The total number of trades across the five marketplaces was 2.54 million in February 2023. This was 26.8% lower than the previous month, largely from OpenSea falling by 1.29 million trades or 41.9%.

Blur was the only marketplace out of the five marketplaces analyzed that saw an increase in the number of trades. It recorded 713,896 trades in February, an increase of 131.5% (from 405,570 in January 2023).

Number of trades per month – February 2023 versus January 2023

Source: Balthazar, DappRadar

Average trades

All five marketplaces saw an increase to their average trade size in February 2023 compared to the previous month. The average trade in February 2023 across the five marketplaces combined was US$4,464, up by 178.3% compared to January 2023 (US$1,604).

X2Y2 held the largest average trade size out of the five marketplaces, of US$14,357, which jumped by 262.3% month-on-month. Solanart saw the largest percentage increase of 276.8%, although it held the smallest average trade size of US$172 in February.

Average trade size per month – February 2023 versus January 2023

Source: Balthazar, DappRadar

Methodology

The above report by Balthazar analyzed NFT marketplace data from DappRadar, with the most available data collected up to February 28, 2023. Marketplaces were chosen based on the highest all-time volume recorded. Magic Eden was removed from this month’s report due to unavailable data.

The NFT market has started the year off relatively strong, according to the latest Balthazar NFT Marketplace Update, although it’s expected to end 2023 with US$8.30 billion in sales – 72% lower than 2022 (US$29.64 billion).

The projection was calculated based on January trading volume figures across five leading NFT marketplaces: OpenSea, Magic Eden, X2Y2, LooksRare and Solanart.

OpenSea, the largest NFT marketplace in the world, was down by 92.60% in January 2023 trade volume compared to January 2022. OpenSea recorded US$4.49 billion in sales in January last year, compared to US$332.21 million in January 2023.

Month-on-Month

The five marketplaces saw a combined trading volume of US$691.67 million in January 2023, 54.19% higher than December 2022 (US$448.59). Four of the five marketplaces saw increases in trade volume in January 2023, while LooksRare saw a 25.16% decline.

Solanart saw the biggest jump in trading volume, with almost double (97.97%) from US$142,203 in December 2022 to US$281,514 in January 2023. It was followed closely by X2Y2, which saw a 91.46% increase in January with US$ 233.05 million from US$121.72 million in the previous month.

OpenSea saw a 63.33% increase in sales for January (US$332.21 million) compared to December 2022 (US$203.40 million). And Magic Eden recorded a 23.72% rise in January, compared to the previous month.

January 2023 versus December 2022 trade volume (USD)

Source: Balthazar, DappRadar

John Stefanidis, Co-founder and CEO of Balthazar, said he doesn’t expect the market to bounce back to the early 2022 levels this year.

“It’s great to see that NFT sales have picked up in January. This is the highest trading volume we’ve seen since August last year. But I’m not expecting the market to return to the levels we saw at the start of 2022.

“There is still an appetite for NFTs and we can see from the report that well over one million people are trading NFTs every month. 

“NFTs are here to stay and more exciting use cases are being built, especially in the gaming industry where there’s a huge opportunity to create a more equitable market, where players are empowered, where their in-game assets hold real value, and where the gaming experience transcends mere entertainment. We believe in the transformative power of blockchain technology and NFTs, and we are dedicated to building an NFT gaming ecosystem that embodies this vision.”

Size of Each Marketplace

Out of the five marketplaces, OpenSea reclaimed 2.69 percentage points of market share from Magic Eden and LooksRare, with a share of 48.03%. X2Y2 also grew in market share, by 6.56 percentage points to 33.69%, while Solanart grew slightly from 0.03% to 0.04%. .

Source: Balthazar, DappRadar

Number of Users

The total number of users recorded across the five marketplaces in January was 1.68 million. This is 17.98% higher than December 2022. While LooksRare and Solanart dropped in users in January, OpenSea, Magic Eden and X2Y2 grew. 

Number of users per month – January 2023 versus December 2022

Source: Balthazar, DappRadar

Number of trades

There were 8.50 million more trades in January 2023 compared to December 2022 (16.16% more), to 61.14 million trades across the five marketplaces last month. This is the highest number of trades recorded in a month. It was largely due to growth by Magic Eden, which saw 8.18 million more trades in January compared to the month prior. 

Number of trades per month – January 2023 versus December 2022

Source: Balthazar, DappRadar

Average trades

The average trade size across the five marketplaces increased in January 2023 by 39.19% to US$1,283, from US$922 in December 2022. OpenSea saw the biggest increase, jumping by US$34 per trade or 46.20% to US$108 in January 2023 compared to the previous month.

Average trade size per month – January 2023 versus December 2022

Source: Balthazar, DappRadar

Methodology

The above report by Balthazar analyzed NFT marketplace data from DappRadar, with the most available data collected up to January 31, 2023. Marketplaces were chosen based on the highest all-time volume recorded.

Despite a slowdown of the NFT market in 2022, the year ended with a combined US$29.64 billion in trade volume across five top marketplaces: OpenSea, Magic Eden, X2Y2, LooksRare and Solanart, according to the latest Balthazar NFT Marketplace Update.

OpenSea, the largest NFT marketplace in the world, saw 28% more trade volume than 2021 (US$13.06 billion), with US$3.69 billion higher in 2022 (US$16.75 billion).

LooksRare recorded US$5.NA83 billion in trade volume in 2022, after launching in December 2021. Magic Eden saw the third-highest trade volume out of the five marketplaces, with US$3.93 billion in sales on its platform in 2022, having launched in September 2021. 

Newcomer X2Y2, which launched in late January 2022, recorded US$3.00 billion in sales volume for the year. While Solanart recorded US$128.94 million in 2022, down by 80% in trade volume compared to the previous year, however it launched in June 2021.

2022 versus 2021 trade volume (USD)

Source: Balthazar, DappRadar

John Stefanidis, Co-founder and CEO of Balthazar, said he’s excited for the next phase of progress in the NFT market.

“The NFT market has been rapidly evolving over the past year as development and an inflow of funds into the space has continued, despite the market cooling off. I believe this trend is likely to continue as more and more people become aware of the potential of NFTs as a new form of digital asset ownership, and more mainstream companies and institutions begin to explore its potential.

“This year we can expect to see even more innovation and mainstream adoption of NFTs across various industries such as gaming, music, documentation, collectibles, and digital art. We’re already seeing Tier One gaming companies factor NFT games into their future roadmaps. At Balthazar, we’re focused on Web3 infrastructure, starting with gaming with our software development kit (SDK) called Babylon, which allows traditional users to access Web3 applications (starting with gaming) with just a username and password.

“What we’re seeing is the infant phase of what can be done with NFT technology. It’s an exciting time for the NFT market and I’m looking forward to seeing how it develops in the coming years.”

Monthly Sales Volume

There was US$448.59 million in trade volume in December 2022 across the five marketplaces combined, according to the report. This was 13.85% higher than November (US$394.02 million). It’s also the first time the combined sales volume has increased month-on-month since April 2022, however, it’s still among the lowest levels recorded this year.

Source: Balthazar, DappRadar

OpenSea increased in sales volume by 16.53% in December compared to November, reaching US$203.40 million. While X2Y2 saw the highest growth in sales volume in December, with 76.13% more trade volume than November, of US$121.72 million.

Solanart saw the biggest drop in trade volume in December, with a fall of 65.46% and recording US$142,203. Magic Eden followed with a 26.67% fall and LooksRare fell by 2.60%.

December 2022 versus November 2022 trade volume (USD)

Source: Balthazar, DappRadar

Size of Each Marketplace

OpenSea increased its market share of the five marketplaces by 1.04 percentage point to 45.34%, while X2Y2 increased the most, by 9.59 percentage points to 27.13%. Magic Eden dropped the most, by 8.53 percentage points to 15.43%, followed by LooksRare by 2.04 percentage points to 12.06% and Solanart by 0.07 percentage points to 0.03%.

Source: Balthazar, DappRadar

Number of Users

The total number of users across the five marketplaces in 2022 was 23.37 million. December saw 1.42 million users trading NFTs across the five marketplaces, which was 8% higher, or 101,496 more than the previous month.

The marketplace with the highest number of users was OpenSea, with 11.49 million users recorded in total for the year. It was closely followed by Magic Eden with 10.74 million users.

OpenSea also saw 183,002 more users in December than November, an increase of 28.78%.

Number of users per month – 2022

Source: Balthazar, DappRadar

Number of trades

The total number of trades across the five marketplaces was 234.20 million in 2022. December also saw the highest number of trades recorded for the year.

Interestingly, the highest number of trades was recorded on Magic Eden, making up 87.85% or 205.75 million trades. OpenSea was the second-highest, with 25.73 million trades for the year.

There were 52.63 million trades in December, which was 32.57% more or almost 13 million more than November (39.70 million trades).

Number of trades per month – 2022

Source: Balthazar, DappRadar

Average trades

The year ended with an average trade size of $922 across the five marketplaces, which was 4.50% lower than the previous month.  

While the average trade size has reduced significantly since the start of the year, the number of trades has increased and the number of users has also fallen. This shows a higher level of activity by users who are performing smaller trades more frequently.

Average trade size per month – 2022

Source: Balthazar, DappRadar

Methodology

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

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)

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

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

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

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.

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)

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

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

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

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.

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)

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

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

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

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.

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)

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

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.

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)

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.

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

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.

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)

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

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

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

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

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.

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

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.

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

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

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

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

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.

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

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

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

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

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.

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.

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.

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).

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.

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.

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.