Are aggregators the next big thing for NFTs? Trade volume will reach $1.9 billion in 2022
NFT marketplace aggregators have processed over $1.956 billion in trading volume in 2022. Moreover, these platforms have recorded around $78 million in trading volume in the past month alone, with NFT marketplace Blur accounting for most of this volume.
What are NFT Aggregators?
NFT marketplaces are platforms where NFTs are minted and listed for sale. These platforms play an important role in the emerging NFT sector, allowing creators to easily create and promote their projects without the need for technical knowledge.
Furthermore, NFT marketplaces allow investors to trade and flip digital collectibles. However, as NFTs can be minted on different blockchains, they can also be listed for sale on different marketplaces depending on the creator’s preferences.
Currently, there are over 200 NFT marketplaces, each with their own users and creators. This often makes it difficult for NFT traders to navigate various marketplaces and find promising projects. This is where NFT aggregators come into play.
NFT aggregators aggregate listings from multiple marketplaces and platforms in one place. This allows NFT traders to access different collections based on different marketplaces from one simplified interface.
There are several advantages of NFT aggregators. First, they offer access to all NFT collections from one simplified interface. Moreover, they improve search efficiency, allow bulk purchases and offer personalized recommendations.
Blur, Gem and Genie are the three most popular NFT marketplace aggregators at the moment. All of these platforms list 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 want to access NFT collections from different NFT marketplaces, all on one platform. These platforms have processed over $1.956 billion in trade volume in 2022 with around 206,000 users, according to a Dune Analytics Dashboard.
Also, NFT aggregators have recorded about $78 million in trading volume in the last month alone and about $22.8 in the last week. Blur, Gem, and Reservoir have been responsible for over 90% of that volume, registering around $58 million, $12 million, and $2 million respectively in trading volume over the past month.
Similarly, Blur and Gem have had the highest number of users in the past month, each exceeding 24,859 and 13,885, according to Dune Analytics. Notably, Gem, with an all-time high of 136,422 users, has seen a steep decline in 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 that users would be able to save up to 15% in gas fees compared to other NFT aggregator tools thanks to its unique open source 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 trade volume in the past month.
While NFTs were the most talked about topic in the crypto world in 2021, the sector has taken a brutal hit this year amid the broader crypto meltdown. Nevertheless, some innovative NFT projects have been able to buck the trend and make huge waves in the industry despite the bear market.
In November, NFT project Art Gobblers generated over $50 million in secondary sales after free coin. 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 enter 2023, the demand for NFT aggregators is also expected to grow.
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About the author
Ruholamin Haqshanas is an accomplished crypto and financial journalist with over two years of experience writing in the field. He has a solid grasp of various segments of the FinTech space, including the decentralized iteration of financial systems (DeFi), and the emerging market for non-fungible tokens (NFT). He is an active user of digital assets for money transfers.
