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Recently, "points" have transcended the realm of cryptocurrencies, and NFT markets on Ethereum, Solana, and Bitcoin have also joined (and in some cases even led) this trend, attempting to win people's hearts, minds, and wallets. Merchants from all over.
Will points be converted into token airdrops? Will the NFT market return to its former glory? If so, which company is most capable of winning the NFT market battle? So far, the progress has been as follows:
Magic Eden is the latest NFT market to attempt to attract users through a loyalty model similar to points, which can yield rewards through token drops or other incentives. The market recently launched a Diamond Rewards System, which includes a retrospective drop for Solana traders dating back to 2021.
The Ethereum market Blur pioneered the points model, and this time last year, this upstart platform dethroned long-time leader OpenSea by distributing billions of dollars' worth of BLUR tokens to its most loyal users. By year-end, Blur had distributed BLUR tokens worth $81.8 billion to users who accumulated points.
Tensor, a leading Solana NFT market, has adopted a similar points-based loyalty model and surpassed Magic Eden last year, but Tensor has not yet launched its own cryptocurrency. It is worth noting that Tensor has not officially announced a token airdrop related to points, although it has mocked such sentiment in the past.
Magic Eden launched its Diamond system — starting with Solana but quickly expanding to Bitcoin, Polygon, and Ethereum — which is clearly a signal of trying to catch up with Tensor. Similarly, it remains to be seen what Magic Eden's points-like diamonds will actually be used for, although there is a separate NFT token drop parallel to the rewards system.
Has Magic Eden's reward transformation paid off in terms of increasing its market share? Not really so far.
Magic Eden briefly saw a surge in Solana, indicating that it is regaining lost ground on Tensor. On May 5, Decrypt observed market data from analytics platform Tiexo, indicating that Magic Eden claimed 24% of Solana NFT trading volume in the past 41 hours, while Tensor's share was 53%. This is much closer than in recent weeks.
However, according to Tiexo data, as of writing, Tensor has captured around 24% of the Solana NFT market share in the past 73 hours, while Magic Eden's market share is only 22%. Slightly narrowing, there have been no significant changes in recent weeks. In the past 75 days, Tensor's share has exceeded 19%, while Magic Eden's share has been 73%; last month, Tensor's utilization exceeded 22%, while Magic Eden's was less than XNUMX%.
Expanding the data to platforms on multiple major NFT chains, including Solana, Ethereum, Bitcoin, Polygon, and BNB Chain, reveals some other interesting details about how reward patterns further reshape the market war. On a broader scale, Blur dominates the market significantly, accounting for about 42% of the market share in the past week. This is entirely on the Ethereum mainnet, which remains the leading blockchain for NFTs, and Blur's existing tokens and history of extensive airdrops to users seem to be driving its continued dominance.
Tensor ranks second overall, holding about 14.5% of the market share across all tracked networks (all on Solana), followed by Magic Eden at 14%, with most of it coming from Bitcoin ordinals sales. OpenSea has no points system and has long refused to launch its own token, currently ranking fourth with about 12.4% market share, mainly on Ethereum and the Polygon extended network. OKX's market Bitcoin ordinals are behind, similar to NFTs, with a market share of about 7.7%.
Tiexo's 24-hour data shows some bias due to a smaller sample size, with Blur accounting for a larger share at 52.5%, followed by Magic Eden slightly lower at 12%, but most of the transaction volume is Bitcoin, which may be due to Tuesday's Bits game project sale. OpenSea, Tensor, and OKX are last in order.
Magic Eden is preparing to vigorously promote Ethereum by launching a new market for the chain, partnering with the creators of Bored Ape Yacht Club, Yuga Labs. The market will debut on the 27th, and it has also formed alliances with teams behind major Ethereum projects such as Pudgy Penguins and Azuki. Will the launch of Magic Eden's brand new Ethereum market and related diamond rewards help turn the tide and provide sustainable momentum in the competition with competitors? We'll have to wait later this month, as it's the next major shift on the horizon—although the NFT world is always full of surprises. |
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Post time 21-2-2024 12:40:19