The Crypto.com NFT marketplace is trying to take its share of the NFT exchange volume.
The Crypto.com NFT marketplace is among the centralized organizations trying to get their piece of the NFT profits. The platform launched in March of 2021 and has sort of struggled to gain serious footing in the space since then. Since centralized exchanges operate differently than decentralized, market data is harder to come by. $CRO keeps these numbers a little closer to the chest, so things like:
- Wallet Data
- Transaction Data
- Account Data
are much harder to come by and is not aggregated by API sites. With that being said, we can use a few conversions and comparisons to make a decent assessment of the state of the marketplace.
First, this last week the top performing Crypto.com NFT collection was Mad Meerkat Burrow. The $CRO chain collection saw 3,043,009 $CRO in volume over the last seven days. That converts to ~450 ETH, or USD $1,142,266. That puts it in the same realm as SlimHoods or The Weirdo Ghost Game in terms of weekly volume. These are the 40th and 38th most popular ETH NFT collections during this time period.
Underwhelming Volume Leads to Multi-Chain Integration
While $1.1 million in weekly volume may seem pretty good, it’s fairly low in comparison to many other top NFT collections. Additionally, there is a fairly large drop-off from the top $CRO collection to the rest of the top five collections on the chain. The second-place collection, CROSkull, saw 87 ETH in equivalent volume the last seven days. The fifth most popular collection saw 24 ETH in weekly volume.
That puts those collections in the equivalent volume range as MoonCats (68th most popular) and IreneDAO (93rd), respectively. For one of the top centralized crypto exchanges, that’s pretty disappointing. The team behind this platform has started to integrate some new features to try to attract some more volume.
🖼️ https://t.co/mWolF9epBy NFT now supports Ethereum-based NFTs like @BoredApeYC & @TheSandboxGame
đź‘Ą Reach a wider audience
đź’¸ No extra listing fees
🙌 No gas fees for trades on https://t.co/mWolF9epBy NFTAvailable for whitelisted projects👉 https://t.co/NK0YUIZh23 pic.twitter.com/3fAmUfl2sM
— Crypto.com NFT (@cryptocomnft) February 14, 2022
Announced this last week, users can now post their ETH NFTs on the Crypto.com NFT marketplace. A few benefits of posting on Crypto.com include:
- No extra listing fees
- No gas fees on trades
To add, the second of those points is the most attractive for traders. Those fees can get as high as 0.05 ETH per trade when gas is peaking. Any savings are good savings in our eyes. But, something to keep in mind is that there seems to be issues in searching for these collections on the platform.
If you do not have a direct link to the listed NFT, you probably won’t find it at this moment. While this marketplace is disappointing when you dig a little deeper, it is one to watch in the future. They seem to be doing the right things to attempt to increase traffic and volume. Whether those things are actually functional and working is yet to be seen, though.
NOTE:Â Remember always to do your research, make your own decisions, and invest in projects that interest you!
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