“Points” metas have taken over the cryptocurrency space recently, with NFT marketplaces on Ethereum, Solana, and Bitcoin jumping on the bandwagon and, in some cases, leading the charge to win the hearts, minds, and wallets of cryptocurrencies. Merchants everywhere.
Will my points be converted to token airdrops? Can the NFT market regain its former glory? So which company is best positioned to win the NFT marketplace war? Here’s the situation so far:
Magic Eden is the latest work. NFT It seeks to attract users through a point-based loyalty model where they can be rewarded with token drops or other rewards. Marketplace recently launched diamond reward systemHere Retroactive compensation paid to Solana traders Fast forward to 2021.
Ethereum Marketplace Blur It was around this time last year that we pioneered the point model and the startup platform was born. It ousted longtime leader OpenSea. We give away hundreds of millions of dollars worth of BLUR tokens to our most loyal users. By the end of the year, Blur had donated. BLUR tokens worth $818 million After the user collects points.
tensorhead Solana The NFT marketplace has adopted a similar points-based loyalty model and similarly overtook leader Magic Eden last year, but Tensor has yet to launch a cryptocurrency token. To be clear, Tensor has yet to officially announce a Points-related token airdrop, although it has scoffed at such sentiments in the past.
Magic Eden’s Diamond System Launches—Starting with Solana and Expanding to bitcoin, polygonand Ethereum Soon there was an apparent attempt to catch up with Tensor. Likewise, it’s not yet known what Magic Eden’s point diamonds will actually be used for. Separate NFT token drop It runs in parallel with the reward system.
Are Magic Eden’s rewards paying off in terms of increasing market share? So far, that hasn’t been the case.
Magic Eden briefly saw a surge in Solana that suggested it was gaining ground in Tensor. February 5, decryption Observed market data from analytics platforms. TEXO Magic Eden accounted for 41% of Solana NFT trading volume over the past 24 hours, while Tensor accounted for 53%. It’s much closer than it has been in recent weeks.
However, at the time of this writing, Tensor holds approximately 73% of Solana NFT market share as per Tiexo over the past 24 hours, while Magic Eden has only 22%. Zooming out a bit, not much has changed over the past few weeks. Over the past seven days, Tensor has enjoyed over 75% share compared to Magic Eden’s 19%. Last month, Tensor claimed over 73%, while Magic Eden claimed less than 22%.
However, we expand our data to include platforms from Solana, Ethereum, Bitcoin, Polygon, and many other major NFT chains. BNB Chain—Reveals some interesting details about how compensation models are reshaping the market war.
Looking at the broader landscape, Blur dominates the market by a wide margin, holding about 42% market share last week. It’s entirely on the Ethereum mainnet, the leading blockchain for NFTs, and Blur’s existing tokens and history of sizable airdrops to users appear to continue to give it an edge.
Tensor ranked second overall in Solana with a market share of approximately 14.5% among the networks tracked, followed by Magic Eden at 14%. Most of that volume came from selling Bitcoin Ordinals.
OpenSea, which has no points system and has long resisted calls to launch its own token, came in fourth with about 12.4% share, mainly on Ethereum and its extension network Polygon. Raising the back part OKX’s Marketplace bitcoin ordinalThis is similar to NFTs and accounts for approximately 7.7% market share.
Tiexo’s 24-hour data shows some variation due to the smaller sample size. Blur had a much larger share at 52.5%, while Magic Eden came in second with just under 12%. But most of that volume is in Bitcoin due to Tuesday’s trading. Bits game project for sale. OpenSea, Tensor and OKX get the backface in that order.
Magic Eden is preparing to make a significant push into Ethereum by launching a new marketplace for that chain. Born through partnership with Boring Monkey Yacht Club Founder Yuga Labs. Scheduled to debut on February 27th, the marketplace has partnered with teams supporting major Ethereum projects including: chunky penguin And Azuki.
Will the launch of Magic Eden’s new Ethereum marketplace with associated diamond rewards help turn the competitive landscape around and provide a sustainable boost? The NFT world is always full of surprises, but we’re about to see a big change coming later this month.
Editor Guillermo Jimenez