NFT aggregators gather listings from multiple marketplaces and platforms in one place as the market becomes more and more fragmented.
Monthly NFT sales fall 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 astonishing speed at which things are changing, it is still quite fragmented. Are aggregators an answer?
An NFT market aggregator consolidates inventory lists from several different markets, allowing users to achieve full market transparency and also buy and sell NFTs in bulk without having to interact with each market. NFT aggregation platforms have various benefits, including a single interface and bulk transactions, but also potential gas savings of up to 40% in time. NFT market aggregation tools have not been around for very long: Gem and Genie were both launched in January 2022. Nifty Gateway has recently moved into bringing together other markets, and Rarible has started doing the same there. included with payment with several types of crypto, e.g. like Tezos and Solana! OpenSea CEO and co-founder Devin Finzer described the decision to acquire Gem as part of one “need to better serve more experienced business users”. Save will remain platform independent, but some of its features will also be integrated into OpenSea’s own platform.
In January this year, Samsung launched the purchase and display of NFTs on its screens with a renewed browser that comes with an NFT aggregation platform included. There is still a lot to do for the discovery of NFTs for art, photography, books, etc … aggregators are a response to the fragmentation of startups to see if they will apply …
Here are some of the key benefits of using an NFT aggregator:
- Instead of switching between different NFT sites and figuring out where to get the best deal, an NFT aggregator will display inventory from multiple marketplaces in one interface. This not only saves you time but also increases overall data transparency so you can search for great deals without the need for an advanced NFT scanning tool.
- If you want to buy multiple NFTs, you usually need to make each purchase individually. Not only is it sometimes a tedious process, but it can also lead to higher purchase prices when people notice your shopping activity and raise their list prices. Bulk purchases literally allow you to watch at once, and if a particular NFT is no longer available, you will simply receive a refund.
- It is true that the best NFT aggregators have optimized their smart contracts in such a way that you can save up to sometimes 40% on gas costs compared to buying directly through the NFT market. You can see, high gas costs are not only the result of supply and demand, but are also 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 like. Platforms that offer this feature work effectively 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. Although we have not yet seen this type of user experience, we believe it is something that can add significant value to users.
Genie covering OpenSea, Rarible, NFTX, NFT20, Larva Labs
Flip covering OpenSea, LooksRare
Save covering OpenSea, Rarible, LooksRare, NFT20, X2Y2 were recently acquired by OpenSea 🙂