Are Aggregators the Next Big Thing for NFTs? Trading Volume Hits $1.9B in 2022
NFT marketplace aggregators have processed over $1.956 billion in trading volume in 2022. Moreover, these platforms have registered around $78 million in trading volume over the past month alone, with NFT marketplace Blur accounting for most of that volume.
What are NFT Aggregators?
NFT marketplaces are platforms where NFTs are minted and listed for sale. These platforms play a vital role in the emerging NFT sector, allowing creators to easily create and promote their projects without needing technical knowledge.
Furthermore, NFT marketplaces allow investors to trade and flip digital collectibles. However, as NFTs can be minted on various blockchains, they can also be listed for sale on various marketplaces depending on the creator’s preference.
Currently, there are over 200 NFT marketplaces, each with its own users and creators. This makes it often hard for NFT traders to navigate various marketplaces and find promising projects. This is where NFT aggregators come into play.
NFT aggregators gather listings from multiple marketplaces and platforms in one place. This allows NFT traders to access various collections that are based on different marketplaces from one simplified interface.
There are multiple benefits to NFT aggregators. For one, they offer access to all NFT collections from one simplified interface. Moreover, they improve search efficiency, allow for bulk purchases, and offer personalized recommendations.
Blur, Gem, and Genie are the three most popular NFT marketplace aggregators currently. All these platforms display listings from major marketplaces, including OpenSea, LooksRare, SuperRare, X2Y2, NFT20, NFTX, and others.
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NFT Aggregators Gathered Momentum in 2022
NFT marketplace aggregators continue to attract more users who wish to access NFT collections from different NFT marketplaces all in one platform. These platforms have processed over $1.956 billion in trading volume in 2022 with around 206,000 users, according to a Dune Analytics Dashboard.
Moreover, NFT aggregators have registered around $78 million in trading volume over the past month alone and around $22.8 over the past week. Blur, Gem, and Reservoir have been responsible for over 90% of that volume, registering around $58 million, $12 million, and $2 million in trading volume over the past month, respectively.
Similarly, Blur and Gem have had the highest number of users over the past month, each over 24,859 and 13,885, according to Dune Analytics. Notably, Gem, with 136,422 users all-time high, has seen a steep drop in the number of active users over the past couple of months amid the rise of new competitors.
As reported, DeFi platform Uniswap launched its NFT marketplace aggregator service in late November. At the time, the platform claimed users would be able to save up to 15% in gas fees compared to other NFT aggregator tools thanks to its unique open-sourced Universal Router contract.
Uniswap’s NFT aggregator has been exceptionally successful since its launch. The platform had 2,598 users and processed over $2 million in trading volume over the past month.
While NFTs were the most discussed topic in the crypto world in 2021, the sector has taken a brutal hit this year amid the broader crypto meltdown. Still, some innovative NFT projects have been able to buck the trend and make huge waves in the industry despite the bear market.
In November, the NFT project Art Gobblers generated over $50 million worth of secondary sales after free mint. And before that, Reddit NFT collections surpassed $8.6 million in transactions, while Renga NFTs posted a higher trading volume than the combined volume of CryptoPunks and Bored Ape Yacht Club (BAYC).
Nevertheless, as the NFT market continues to recover into 2023, the demand for NFT aggregators is also expected to grow.
Do you think the market for NFTs will recover in 2023? Let us know in the comments below.