Data acquired by cryptocurrency trading simulator Crypto Parrot indicates that the all-time trading volume of the ten leading NFT marketplaces has hit $1.63bn as of May 4, 2021.
NBA Top Shot attained the highest trading volume at $549.71m, followed by OpenSea with a volume of $414.24m. The two marketplaces account for more than half of the trading volume at 59%.
CryptoPunks ranks third with a volume of $299.16m, while Rarible is fourth with a trading volume of $131.4m. Sorare with a trading volume of $65.46m ranks fifth.
Other marketplaces with notable trading volume include SuperRare.co ($52.59m), Foundation ($35.27m), Decentraland ($30.51m), AtomicMarket ($28.14m), and Axie Infinity ($27.41m).
Crypto art popularity leads to record trading volume on marketplaces
The significant trading volume on the highlighted marketplaces correlates with the recent popularity of NFTs.
According to the research report: “The popularity of crypto art lies in the ability to securely value, purchase, and exchange digital art using a digital ledger. NFT’s popularity is also powered by the fact that artists, including professionals, can prove ownership of their works through digital signs supported by blockchain technology. It, therefore, eliminates illegal duplication of digital works.”
Additionally, NBA Top Shot has the highest number of traders among the top ten marketplaces at 357,114. AtomicMarket ranks second with 239,284 traders. The traders on the two platforms represent about 72% of the 824,894 total traders by the top ten marketplaces. Elsewhere, OpenSea had 108,990 traders as of May 4 to rank third. Raible follows with 48,048 traders.
Other marketplaces with high traders include Axie Infinity (30,883), Sorare (20,682), Foundation (8,087), Decentraland (5,435), SuperRare.co (3,426), and CryptoPunks (2,945).