Connect with us

Blockchain

Peer-to-peer NFT sales surge as average purchase price increases 7X

Published

on



Non-fungible tokens and digital collectibles have been selling like hotcakes over the past couple of months as volumes on peer-to-peer marketplaces surge.

From NFTs representing NBA finals moments to crypto industry character cards, the total lifetime NFT volume on the Ethereum blockchain alone has exceeded $120 million, according to crypto research firm Messari.

Messari’s research tracked the demand for NFTs, which includes digital art, collectibles and in-game items, over the third quarter. It found the cumulative number of users who interacted with peer-to-peer NFT marketplace OpenSea surpassed 25,000, and that the platform saw a record $2 million in total volume in September;

Some of the most popular items on the marketplace include cards featuring popular crypto industry insiders such as Uniswap’s Hayden Adams and Ethereum founder Vitalik Buterin.

The average NFT purchase price has also significantly increased over the third quarter reaching an average of $161, which is the highest since the early days of CryptoKitties in 2017 and seven times the historical average. Messari stated:

“Average spending on NFTs has beaten the historical average of $23 for 150 consecutive days.”

The research noted that digital art marketplace Rarible had launched its own liquidity mining incentives in the third quarter which caused volumes to surge to more than $10 million as traders bought and sold NFTs to earn RARI tokens.

Non-fungible token maker, Dapper Labs, has also had a highly successful week with its NBA Top Shot collectibles which have been selling out within minutes. The most recent set called “The Finals” included nine rare moments from the 2020 NBA finals which culminated with a Los Angeles Lakers win.

The sets of digitally verified rare collectibles, including trading cards and digital clips, sold for $230 per pack. When launched, The Finals sold $163,530 worth of NFTs in roughly two mins and the top buyers spent over $5,000 each on NFTs, according to cryptoslam.io.

A recent blog post noted that almost 8,600 NBA collectibles have been sold P2P for a combined sum of around $330,000 over the last two weeks.

NBA Top Shot, launched in full earlier this month after clocking over $2 million in revenue in private beta.





Source link

Blockchain

A review of SushiSwap roll-outs

Published

on

By


Launched in August 2020 as a fork of the Uniswap decentralized exchange, SushiSwap briefly surpassed its competitor. Now ranking third behind Uniswap’s v3 and v2, the DEX rolls out numerous integrations with major networks beyond its native Ethereum blockchain to offer users a single entry point and lower fees. 

The SushiSwap protocol is one of the largest proponents of a multi-chain future in decentralized finance as the DEX is already live on Ethereum, Binance Smart Chain, Polygon, Avalanche and Fantom. Data by Covalent provides insight on SushiSwap across these five chains.

Data reveals the most popular chain by the number of swaps executed daily is Polygon, as the protocol usage skyrocketed in May. Polygon continues to set new records as it hosted 120,000 swaps on SushiSwap recently.

Left far behind, Ethereum ranked second as of June 2021 by daily swap count. Fantom and Avalanche tend to follow the same trend as Ethereum, although the gaps among the three have been widening since the active trading days in late May. Avalanche and Fantom even outstripped Ethereum by the number of transactions on May 19, when a market-wide liquidation frenzy occurred.

A closer look at daily swap volume shows a different story. The dominance of Ethereum in SushiSwap had been unshakable for a long time, with the peak of trading volume at almost $3 billion on May 21. However, Polygon overtook Ethereum by swap volume in June with a $420-million mark, which highlighted the rapid take-off of the layer-two scalability solutions. 

The reduction of transaction costs is the major driver behind the adoption of a multi-chain approach. SushiSwap has achieved this by offering options outside of Ethereum. Data on gas usage on Ethereum and other chains could not even be compared in one chart due to a dramatic difference in numbers.