NFT aggregators are bringing offers from multiple marketplaces and platforms together in one place as the market becomes increasingly fragmented.
Monthly NFT sales drop below $1 billion for the first time in 12 months, but the NFT market may recover faster than the original crypto market. The NFT industry is still in its infancy and despite the mind-boggling speed at which things are changing, it’s still quite fragmented. Are Aggregators an Answer?
An NFT market aggregator consolidates inventories from multiple different markets, allowing users to gain complete market transparency and also buy and sell NFTs in bulk without interacting with each individual market. NFT aggregation platforms have several advantages, including a single interface and bulk transactions, as well as potential gas savings of up to 40% over time. NFT market aggregation tools have not been around very long: Gem and Genie both launched in January 2022. Nifty Gateway recently moved into aggregating other markets and Rarible has started doing the same there. like Tezos and Solana! OpenSea CEO and co-founder Devin Finzer described the decision to acquire Gem as part of a “should serve more experienced business users better”. Gem will remain cross-platform, but some features will also be integrated into OpenSea’s own platform.
In January of this year, Samsung launched the purchase and display of NFTs on its screens with a revamped browser that comes with an NFT aggregation platform. Much work remains to be done in the discovery of NFTs for art, photography, books, etc.
Here are some of the key benefits of using an NFT aggregator:
- Instead of switching between different NFT websites and figuring out where to get the best deal, an NFT aggregator shows the stock from multiple marketplaces in one interface. This not only saves you time, but also increases overall data transparency, allowing you to hunt for bargains without the need for an advanced NFT scanning tool.
- If you want to buy multiple NFTs, you usually have to make each purchase individually. Not only is that an annoying process at times, but it can also lead to higher purchase prices when people notice your store activity and increase their list prices. With bulk purchases, you can literally watch in one go and if a particular NFT is no longer available, you simply get your money back.
- That’s right, the best NFT aggregators have optimized their smart contracts so that you can save up to 40% on gas costs compared to buying directly through the NFT market. You see, high gas costs are not just a result of supply and demand, but are often caused by sloppy smart contract code. Inefficient smart contract source code can have dramatic effects on gas costs.
- While this is not a feature offered by all NFT aggregators, some of them allow you to pay with any ERC-20 token you want. Platforms that provide this feature basically act as a decentralized exchange, similar to UniSwap or SushiSwap. They monitor liquidity pools for different tokens and if they can offer a rate on your tokens, they will accept it as payment.
- To use any of the dApps, you need to connect your cryptocurrency wallets, such as MetaMask or an alternative to MetaMask. Since the dApp can now look into your wallet address, the NFT aggregation platform should technically be able to customize the interface based on the NFTs you already own. While we haven’t seen this type of user experience yet, we think it’s something that can add significant value to users.
Genius for OpenSea, Rarible, NFTX, NFT20, Larva Labs
Flip covering OpenSea, LooksRare
Gem that includes OpenSea, Rarible, LooksRare, NFT20, X2Y2, was recently acquired by OpenSea 🙂