Rarible is accountable for 61% of the total trading volume within the Marketplace category.
The non-fungible token (NFT) marketplace category has exploded recently. Rarible was the main dapp behind the growth. Growth triggered by a new incentives program paid in RARI tokens which successfully brought yield farming into the NFT sector.
Regardless of Rarible’s success, other NFT marketplaces also received more attention recently. All the top 5 dapps in the category increased in respect to both trading volume and trader count during September 2020.
Key takeaways
- Rarible generated $8.5 million in trading volume in September.
- The platform is accountable for 61% of the total trading volume within the Marketplace category.
- OpenSea trading volume increased to $3 million. Still almost three times lower than Rarible
- CryptoPunks reached an all-time high in trading volume.
- Axie Marketplace and SuperRare generated $900,000 and $800,000 in trading volume respectively
$14 million in trading volume generated during September 2020
According to the DappRadar NFT Marketplace page, September was a hot month. Apparently, all top NFT marketplaces exploded and generated remarkable results.
Total trading volume increased from $2 million in August to $14 million in September. The biggest contributor was Rarible, which alone accounted for 61% of the total trading volume observed.
Interestingly, OpenSea occupied the leadership position in the Marketplace category since its inception. Rarible’s incentive program has helped the dapp steal first place. OpenSea is still currently the number two dapp within the category with around $3 million in monthly trading volume.
The other three dapps also showed increased performance. CryptoPunks generated more than $1 million, Axie Marketplace, and SuperRare $900,000 and $800,000 respectively.
Rarible is the leading NFT Marketplace dapp right now
While rumours are surfacing about OpenSea delivering their own token, Rarible is making incredible profits. Not only did the dapp generate $8.5 million in trading volume. Within just one week, Rarible generated more than $100,000 in fees.
The trader count seems to be skyrocketing too. At the beginning of August, there were barely 30 traders, while now it is averaging around 700.
OpenSea trading volume grows 210%
Despite the fact that OpenSea lost its leadership position, trading volume increased in September. The volume grew by 210% from $900,000 to almost $3 million.
In regards to trader count, the number grew by 790% reaching around 500 at the end of September.
CryptoPunks hits all-time high trading volume
CryptoPunks generated their best results so far and secured third place. In September, the collectibles generated more than $1 million in trading volume. The interest was triggered mostly by Rarible and the new Wrapped CryptoPunks platform. Both actions have resulted in an increase in the price and transaction volume of CryptoPunks.
On the other hand, the trader count only increased slightly from 7 to 20 at the end of September.
Axie Marketplace enters the mix
Fourth by trading volume is the Axie Marketplace with $800,000. The volume increased by 412% in September. The game also proves that in-game NFTs have gathered more attention recently too.
Furthermore, reports of families and large organized groups of people in countries such as Venezuela and the Philippines are coming forward showing that the game is actually creating a daily income for many people.
The trader count skyrocketed by 913% reaching more than 200 at the end of September.
SupeRare trader count surged by 180%
Last but not least is SuperRare, a social platform that encourages the creation and collection of crypto art. The increase in trading volume further proves that interest in crypto art NFTs is expanding.
The dapp generated around $800,000 in trading volume. Different than other dapps the month-on-month growth was lower and trading volume grew by just 24% in September.
On the other hand, the trader count developed remarkably, increasing 180% in September.
Arguably SuperRare has always positioned itself as the most high-brow marketplace for NFT art. The slick UX and UI of the website coupled with much higher barriers to entry for creators mean that whilst growth may be slower – this is perhaps all part of a plan to curate a truly unique crypto art Marketplace.
Conclusions
Yield farming has been adopted into the NFT marketplace sector very quickly when compared to other category development.
Although OpenSea was an unbeatable leader from inception. The incentive program within Rarible has helped them successfully grasp first place.
To regain its leadership position, OpenSea might release a governance token.
CyrptoPunks, Axie Infinity, and SuperRare have increased both trading volume and trader count in September.
As always we will continue to analyze and report on the quickly-evolving world of NFT Marketplaces. Evolution is fascinating to observe and you can continue to track and monitor the space through the new DappRadar Marketplace rankings page.
