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Balthazar NFT Marketplace Update – 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.

Previous NFT Marketplace Updates

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.

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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.