Research on the Survival Status of NFT Trading Platforms (3): A Small Platform's Safe Corner and the Way of Survival
Original author: nobody (Twitter: @defioasis)
Related Reading:
Related Reading:
Research on the Survival Status of NFT Trading Platforms (2): The Dead End of Trading Mining
Disclosure: The author holds NFT platform tokens and other related assets as an individual investor, and has no interest in any platform or project party.
In the previous two articles, we reviewed the four main platforms in the current mainstream NFT market. This article is the third part of the research on the current situation of NFT trading platforms. In the post-royalty war, the development of leading platforms has been in trouble one after another, but small and beautiful platforms have shown vitality.
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Magic Eden: an unswerving multi-chain ecologist
Magic Eden originally originated from Solana. In the early days, there were Solana OG-level NFTs such as Degods and Solana Monkey Business for transaction support. Later, Solana chain game Stepn became popular with the Move-to-Earn model and Okay, which was called Solana BAYC at that time. The powerful wealth effect brought by Bears has made more people aware of the Solana NFT ecology and Magic Eden, the leading trading market for Solana NFT. Solana also quickly formed the NFT ecological scale second only to Ethereum. In addition, relying on the strong developer community on Solana, Magic Eden has complete data analysis, Launchpad, on-chain whitelist and other tools, as well as many third-party analysis websites, giving users an unusual sense of use.
The success on Solana made Magic Eden intend to pursue a larger market, and soon it integrated Ethereum. However, due to the many competitors on Ethereum and the fact that it has no particularly effective incentives, Magic Eden's layout on Ethereum is not considered a success. Misfortunes never come singly. In November last year, the sudden collapse of FTX and Alameda, the strongest supporters behind Solana, dealt a heavy blow to Solana's ecology. Especially in the field of DeFi, it has almost completely collapsed. In contrast, although the NFT field has also suffered heavy setbacks, cultural and spiritual attributes have shown a strong side, and the NFT community has become the cornerstone of Solana's revival. However, although most of the NFTs survived and chose to continue to build Solana, the DeLabs series of NFTs, the largest in the Solana NFT ecosystem, began to retreat. Degods and y 00 ts, as one of the most important trading volume components of Magic Eden, are naturally unwilling to give up this cake. Soon according to the voices from the community, Polygon became one of the options for DeLabs migration, and Magic Eden quickly integrated Polygon in December.
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Data source: https://dune.com/domo/ordinals-marketplaces
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Element: Building around the equity Pass NFT, defining a large collection of equity
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Data source: https://dappradar.com/multichain/marketplaces/element-market/
The primary purpose of EPG and EPS is to bring about the growth of NFT users, especially loyal users who grow up with the platform, but the positioning of the two users is different. EPG is positioned as an ecological card, which is biased towards partners and project parties for ELEDAO and platform ecology; EPS is a standard card for a wider range of ordinary users. Based on the differences in user positioning, Element's empowerment and rewards for users are also different. Element will first empower EPG holders, and all incentives on Element in the future will be related to EPG holders. Project parties who intend to cooperate with Element need to hold EPG to enjoy the traffic, brand, user support, etc. provided by the platform, which in turn provides value support for EPG. The increase in users brought to the platform through EPS has also indirectly enhanced the confidence of project parties holding EPG. Ordinary users can enjoy priority use and services of new products on the Element platform, as well as NFT airdrops driven by EPG-driven projects. On the whole, EPG and EPS are like two gears on the machine. If they can work, they can bring power to the operation of the machine (platform).
Based on the equity NFT Pass, Element also provides a new NFT issuance model, which allows effective linkage between the platform, project parties and ordinary users. When a new cooperation project holding EPG launches Launchpad on Element, users holding EPS will have new qualifications to play. This is like IEO on CEX, and EPS is like Binance's BNB and OKX's OKB. Whether it is the OpenSea "Airdrop as NFT Drop" mentioned in the first article or Element's NFT distribution model based on equity Pass NFT, it will become a trend for NFT Marketplace to participate in the project's Launchpad, which is essentially an endorsement of the quality of the project . Before launching a new project, the platform provides brand exposure; after launching a new project, the platform can also participate in the market making of projects to enhance the wealth effect.
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OKX NFT Marketplace: Enjoy the bonus of user increment brought by the built-in wallet of the exchange
There has always been a puzzled phenomenon in the NFT market. Relying on the FT exchange with an annual income of hundreds of millions, it has been unable to build its own NFT trading platform. The author believes that the main reason is that, limited by the size of the NFT market, the return on output is very low (and highly volatile), so the exchange’s investment in NFT (platform) will not be very high. In the case of low input and output, NFT is more like an accessory of the exchange to build its own chain empire.
Therefore, for exchanges, building an NFT trading platform is a part of building an empire on the chain. It is the same as doing public chains and doing DeFi. Compared with protocols that specialize in trading platforms, its importance and priority at the strategic level Relatively not that high. The focus of the exchange is still on how to transfer the huge exchange users off the chain to the users on the blockchain chain. This process is a process of bringing increment, and the difficulty lies mainly in the entry end, one is the product, and the other is the concept ( educate).
Unlike most exchanges that incubate or acquire other wallets, OKX has made its own Web3 wallet and built it into the exchange website/APP. Using the wallet as a function of the exchange platform, rather than two functions of the two platforms, allows users to use the wallet like an exchange, which is easier for new users to accept and realize the conversion to users on the chain. Combined with the exchange's own education on the use of users on the chain, as the base increases, more users will eventually learn about NFT and use the OKX NFT Marketplace of the transaction aggregation platform to conduct NFT transactions.
These three articles mainly focus on strategies to study the mainstream and creative NFT Marketplace pattern in the past cycle. Due to space limitations, for those not mentioned, such as AlienSwap and Tensor, which imitate blind box airdrops, have also made good progress, and some vertical markets and art markets are not divided into good subdivision tracks, but their strategies are compared with the previous ones. People do not have much innovation; such as AMM-type trading markets Sudoswap, Hadeswap, etc., the author's judgment is that this kind of floor price-based, too single trading form is difficult to adapt to the current market, and Blur Bid Pool is to some extent A variant of the AMM type, so this model may be more suitable as a supplement rather than a mainstream, and how to better combine bid pool and AMM, etc. For some of these regrets, we will discuss them later in the article "Future Directions".
