Although NFTs are still a long way from their all-time highs in 2021, NFT trading is still a multi-billion dollar industry – but the NFT market we use in 2024 is very different from then.
From newcomers with novel ideas, to cryptocurrency exchanges discovering opportunities, to failed industry giants, the NFT market we use has changed dramatically in that time—whether it’s PFP, digital art, gaming assets, or more Many of these markets still exist.
Let’s take a closer look at the top 5 NFT markets in 2024.
Source: element#5 Elements
- roll out: July 1, 2021
- Blockchain: Ethereum, Polygon, Avalanche, etc.
- 30 day volume: $33.3 million
Element is a relatively new entrant to the NFT market space, but has quickly gained traction due to its multi-chain support and accessibility.
Founded by Feng Wang and Hongliang Zhu, it was released in 2021 and supports multiple chains: Ethereum, BNB Smart Chain, Polygon, Avalanche, Optimism, Arbitrum, ZKSync Era, Base, Linea, Blast, Cyber and opBNB – make it Go-A wide range of digital asset trading platform.
Another feature driving its popularity is its multi-market listings, hosting local listings, as well as listings on OpenSea, LooksRare, X2Y2 and other popular NFT marketplaces.
Element supports most mainstream wallets, including MetaMask, OKX wallet, Binance wallet, etc. The platform also provides instant data tracking with detailed insights into floor prices, volume and activity trends.
While it hasn’t yet gained traction in the top NFT markets, Element’s low fee structure and broad blockchain support have seen its popularity continue to grow – and we expect it will continue to do so in 2024.
Source: OKX#4 OKX NFT
- roll out: April 24, 2023
- Blockchain: Bitcoin, Ethereum, Solana and more
- 30 day volume: $19 million
OKX NFT is an extension of OKX cryptocurrency exchange, leveraging its existing user base to build a powerful NFT trading platform.
The NFT trading platform was initially launched to support the trading of emerging Bitcoin inscriptions, and has since added support for Ethereum, Solana, Optimism, etc. on this basis.
OKX’s high-profile partnerships with companies such as McLaren and Manchester City Football Club have exposed the OKX brand to millions of people around the world and facilitated exclusive NFT issuances with these two well-known brands.
OKX NFT currently supports popular wallets such as MetaMask and Phantom, as well as its native OKX wallet. The platform includes powerful search and filtering tools, as well as ample real-time NFT analysis.
OKX expects to continue growing in 2024 as high-profile partnerships flourish.
Source: Magical Eden#3 Magical Eden
- roll out: September 17, 2021
- Blockchain: Solana, Ethereum, Bitcoin, Polygon, Base
- 30 day volume: $74.3 million
Magic Eden dominates Solana NFT trading, but has also expanded support for Ethereum, Bitcoin, Polygon, and Base.
Developed by a group of Australian blockchain enthusiasts, Magic Eden quickly became the go-to platform for Solana-based NFT trading upon launch – a position it has maintained to this day.
The platform is known for promoting the overall growth of Solana and was the go-to marketplace for (at the time) DeGods, y00ts, and CryptoUndeads to trade.
Magic Eden supports more than 400 third-party wallets, including MetaMask, Coinbase, Trust, etc. The platform provides comprehensive real-time data with detailed analysis and tracking of key NFT collection metrics.
Magic Eden has consistently ranked as one of the most popular marketplaces in the community over the years, especially for its protection of creator royalties – despite a bug in 2023 that allowed fake listings to be assigned to established series, Magic Eden Remaining an important market as of 2024, it continues to build its community as it continues to add features.
Source: OpenSea#2 Open Sea
- roll out: December 20, 2017
- Blockchain: Ethereum, Polygon, Base, etc.
- 30 day volume: $104.6 million
OpenSea is the original NFT marketplace, founded in 2017 by Devin Finzer and Alex Atallah.
OpenSea was the leading marketplace during the 2021 NFT boom, facilitating transactions in top Ethereum series such as Bored Ape Yacht Club, Doodles, Moonbirds and more. Today, it supports a variety of additional blockchains, including BNB Smart Chain, Avalanche, Klaytn, and more.
The platform provides a polished, user-friendly experience and supports a variety of wallets, including MetaMask, Coinbase Wallet, WalletConnect, and more. Its powerful and growing set of features, tools and analytics continues to add value to the platform and its many users.
OpenSea has faced various challenges, including its stance in favor of creator royalties, fee structures, and the purchase of a Gem marketplace to rebrand it as OpenSea Pro — but overall popularity has declined despite the rise of other NFT marketplaces , but it remains a cornerstone of the industry.
In 2024, can it still maintain its status as a mainstay in the industry? Time will tell.
Source: Blur#1 Blur
- roll out: February 14, 2023
- Blockchain: Ethereum explodes
- 30 day volume: $96 million
Since its launch, Blur has shaken up the NFT industry and quickly emerged as the most popular marketplace.
Developed by Tieshun Roquerre (Pacman) and Anthony Liu (Galaga), Blur is designed for professional traders, providing advanced tools and features for trading first Ethereum NFTs and then NFTs from its own blockchain, Blast.
Blur leverages its own governance token, $BLUR, to reward users for listing and trading on the platform, which has certainly been a significant driver of its growth to date, along with its controversial zero-fee structure.
The platform is data-driven, optimized for speed and prioritizing efficiency over aesthetics. Blur supports many different wallets, including MetaMask, WalletConnect, Coinbase Wallet, and more, allowing users to explore NFTs from leading collections, easily track trending collections, and get ample real-time data analysis to provide granular insights for experienced traders.
Despite its success, Blur was not without controversy. It has faced scrutiny for its aggressive marketing, “trade to earn” practices, and the aforementioned zero-fee structure, with some in the community blaming Blur for the broader decline in NFT floor prices.
Despite this, the entire NFT community voted with their wallets. Blur has solidified its position as one of the top NFT markets in 2024, and as it continues to add features and provide incentives for users, it is well-positioned to continue to be the market leader as it enters 2025.
