Discover more from OurNetwork - Crypto, NFT, DeFi, & Web3 Analytics
OurNetwork #134 (Part 2)
Coverage on Web3 Consumer.
📈 Element NFT marketplace surpasses $43m in volume
Element is an NFT marketplace popular in Asia that supports multi-market listings on OpenSea, LooksRare, and X2Y2 among others. Element support multiple networks, including Ethereum, BNB Chain, Polygon, and Avalanche, with Solana support coming soon. The total trade volume on Element recently surpassed $43m. Ethereum is leading the way with ~$30m in volume, followed by $10.6m on BNB Chain. Ethereum Aggregator volume accounted for $2.m and lastly Avalanche with $980k.
The cumulative number of users on Element has steadily grown and is now above 69k. Although the bulk of trade volume is occurring on Ethereum, most of the platform’s daily active users (DAU) are on the BNB Chain. Ethereum saw a small spike of DAUs in August but continues to trail BNB Chain.
Similar to DAUs, the bulk of individual trades are happening on BNB Chain. Just over 63k of the total 93.2k trades on Element have occurred on BNB Chain. Since trading began on Ethereum in early July, Ethereum has surpassed BNB Chain in trade count on a handful of days in late July and August.
⑤ Solana NFT Ecosystem
📈 Solana NFTs are ~100x larger than last year
Solana has the largest NFT ecosystem outside of Ethereum, and the Solana NFT ecosystem has grown very rapidly over the last year. The number of Solana NFT users who own more than one NFT has increased from ~9.5k at this time last year to more than 1m today, reflecting ~100x growth in one year.
This has resulted in an explosion of transaction volume, which has generated royalties for NFT projects and transaction fees for NFT intermediaries. Solana NFT sales generated ~1.7m SOL volume on a trailing 30 day basis today relative to ~215k during the same period last year.
This transaction volume and the associated revenues for NFT projects has created a self-sustaining ecosystem that has continued to attract new users. ~500k+ new wallets are first time holders of Solana NFTs on a trailing 30 day basis today relative to ~40k during the same period last year.
Thanks for reading OurNetwork✨🔍! Subscribe for free to receive new posts and support my work.