NFT Ecosystems Review – BeInCrypto editors take a look at the top five NFT ecosystems that delivered impressive results in 2021.
NFT Ecosystem No. 5: Wax
In fifth place, we have WAX, a blockchain created specifically for NFTs. It has everything companies and creators need to share their collections with the world. WAX supports any combination of NFT activities: games, marketplaces, dApps and exchanges can run on a decentralized blockchain system.
According to DappRadar, WAX supports six markets. The most famous is AtomicMarket, which has a trading volume of $312 million since its launch in early 2021. But the most impressive result for AtomicMarket is the number of traders – more than 800,000 have traded NFT on the platform, making it the second most popular after Axie Infinity.
NFT Ecosystems: The Most Popular WAX Kits
The three most popular groups featured on WAX are Farmers World, Farming Tales, and Alien Worlds, but only the previous groups made it into the top 20, reaching number 13 bestsellers of all time.
However, the whole situation may soon change, as WAX has received very strong support from Amazon. The online retailer announced last week that it has invested in Dibbs, a sports card marketplace built on WAX. With this collaboration, WAX could become one of the most successful NFT blockchains in 2022.
NFT Ecosystem No. 4: Solana
In fourth place we have Solana. This year has seen an exponential growth in the adoption of Solana’s cryptocurrency. Although the project has only been around for one year, a large community has already formed in and around its ecosystem.
At the launch of Solana, it was mentioned that it will be a blockchain focused on financial transactions, with faster transaction processing speed and less cost than Ethereum. While this remains the main feature of the project, NFTs have also become an important part of the Solana ecosystem.
Solana has five markets, two of which are in the top ten of all markets. Solanart, Magic Eden, Solana Monkey Business, DigitalEyes Market and Solsea provide access to a large number of groups and have attracted around 115,000 users so far. This is the lowest score in our top 5. According to DappRadar, the trading volume in these markets is just over $1 billion, while CryptoSlam has a figure of $800 million. Solana Markets has attracted the attention of the richest NFT traders, which is a good sign for the future collections being released on these platforms.
NFT Ecosystems: Solana Collections
As for the sets themselves, which were presented in Solana, they are not very popular. None of them made it to the top 20, and many of them are very similar to those of Ethereum. Examples include the decadent Monkey Academy and Solana Monkey Business. The Aurory group has the highest ratings on Solanart and has its origins in the for-profit computer game. In terms of all-time sales, Aurory ranked 36th.
However, Solana’s NFTs are gaining traction among celebrities. For example, former US First Lady Melania Trump has announced that she will build her own NFT pool on the Solana blockchain, starting at one SOL per NFT.
Basketball legend Michael Jordan is also set to join the NFT hype. According to BasketballNetwork, Jordan and his partners will launch a new app called HEIR in 2022. The goal of the project is to become the primary platform for fans and collectors who want to create and trade NFTs. HEIR will be built on the Solana blockchain, and the project has already raised $10 million from early investors like Lonzo Ball and Reddit co-founder Alexis Ohanian.
NFTs will be one of the main driving forces behind Solana’s growth next year, especially with sports celebrities lined up to participate. The next NFT blockchain on our list also aims to gain market share in the sports field.
in a #3: Flow
In third place we have a flow. The design of the Flow blockchain is based on games and digital assets. It was developed by the team at Dapper Labs, which has several successful projects under its belt such as CryptoKitties and Dapper Wallet.
Dapper Labs was founded in 2018 and, like Solana, has many strong partnerships. Their long list includes names such as the NBA, Warner Music Group, and UFC. The similarity with Solana stems from the fact that Dapper has attracted some incredibly prominent investors – Google Ventures, Samsung and Andreesen Horowitz. And these are just the most famous of them.
However, this is where the similarities end. Flow takes a different approach to development in the NFT space. It relies more on content, premium games, and brands.
NFT Ecosystems: NFT Markets
The Flow blockchain only has two NFT marketplaces – NBA Top Shot and Starly. Starly is a relative newcomer with under $400,000 in revenue, while the NBA Top Shot is definitely a blockchain gem.
The NBA Top Shot was ranked 3rd in the NFT market and attracted nearly half a million traders. The collection and NBA-branded designs aimed at mass adoption have led to rapid platform growth that shows no sign of slowing down. Flow has the most transactions, surpassing Ronin, who has nearly three times the number of users.
And as a reminder, the NBA’s best shots are Proof of Concept (PoC). The NFL is already building a trading floor called NFL All Day. If you make it to NBA success, Flow could become one of the top three NFT series.
And that’s not all: the European football leagues are also keen to take part in the event that La Liga plans to join. If this yields good results, the English Premier League can follow suit, whose global reach could lead Flow into the blockchain space.
in a No. 2: Ronin
We are almost at the top of our list of the best NFT blockchains for 2021. The second place is well deserved by Ronin – Ethereum side chain. Ronin is the core structure of Axie Infinity as gas shipments pass through when players exchange AXS tokens.
Ronin itself is made in the same way as many other Level 1 blockchains. Not unlike Ethereum or even PayPal and eBay.
Many see the move to Ronin as a defining moment for Axie’s growth, as the blockchain has bypassed the Ethereum network and allowed for faster transactions and lower fees. Axie is currently the only game on the Ronin Network, but in the future, the developers are planning to host new games as well as other types of dApps. An example is the katana, the decentralized exchange of ronin.
NFT Ecosystems: Popular
The Ronin blockchain is not even a year old, but the popularity of the game behind it has attracted nearly 1.5 million traders who traded a staggering $3.8 billion. This is by far the largest single group trading volume.
Now the main phenomenon is Axie. It is the leader among all playable games to earn. At the time of this writing, 2.5 million people are playing it every month. Pokémon-inspired NFT is a stable source of income even in less developed economies such as the Philippines and Venezuela. The latter actually accounts for 40% of all Axie users.
But the biggest problem with Ronin now is that the team relies solely on one successful mega project, Axi. For example, all the other NFT blockchains on top of us have many projects in development or are dependent on the creation of many communities. Time will tell who takes the right approach.
1st place: Ethereum
The first place goes to Ethereum – the original NFT ecosystem and the undisputed leader in the crypto world. Over 90% of the digital assets on the network are ERC-721 tokens, including Axie Infinity, which, as mentioned, is the Ethereum sidechain.
We are sure we have all heard of Cryptopunks and Bored Apes NFT combinations. According to Cryptoslam, the latter has sold over $1.8 billion, which is an insane number for a novelty in the cryptocurrency space.
Due to the fact that a large number of NFTs have been created on the Ethereum blockchain over the past year, gas fees have also increased. This led to the emergence of Solana, a competitor to Ethereum, as well as the emergence of the Ronin side chain. But Ethereum is working on a solution to this situation and is preparing to switch to the Proof of Stake (PoS) algorithm next year. After that, the network should become more scalable, and gas fees will decrease.
Now let’s take a look at what the building blocks of the Ethereum NFT ecosystem are.
And we must start with OpenSea – the largest market for NFT at the moment. OpenSea has a total trade turnover of $13.2 billion, more than all other markets combined. Of course, many of them focus on single groups or don’t actually have many NFTs, while OpenSea tries to accommodate as many non-fungible tokens as possible.
The Ethereum NFT ecosystem itself is already very powerful, as it includes more than a dozen trading platforms, with a total turnover of more than $11 billion. In terms of the number of Ethereum users, Ronin is only second, but their connection is likely to lead to a sustainable growth in the number of people buying and selling NFTs on the Ethereum network.
Two noteworthy markets are Decentraland and Sandbox. We’ve already done reviews of both platforms, but for now I’d like to highlight them as projects from the metaverse. 2022 could be the year of rapid growth in the metaverse, so keep an eye out for these two – they could be the driving force behind Ethereum’s NFT market growth.
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