DeFiLlama allows you to analyze the current DeFi market condition: chains, protocols, NFTs, oracles, forks, and even airdrops. It’s a powerful tool for you to do your research and compare different opportunities.
In this article, we want to take a look at NFT market in DeFi Llama. We will check NFT market on different blockchains as well as their marketplaces, such as OpenSea.io.
You can also read our article on OpenSea NFT marketplace to mint (create) your own NFT and sell it. In that article, you’ll learn how to turn your art into an NFT, set a price for it, and put your NFT for sale. It’s beginner-friendly and quite straightforward.
But before we start, let’s quickly see what a Non-Funglibe Token or NFT really is.
Non-Fungible
Token (NFT): What It Means
A Non-Fungible Token or NFT is a digital item on a blockchain system. NFTs are unique, meaning there’s only one single version of each NFT with that specific feature in the world. The term “Non-Fungible” is the technical term for this, which simply means: each NFT is unique!
To make things more clear, let’s talk about a familiar Fungible asset to see how it’s different from the non-fungible ones: Money. There’s no difference between two $1 bills.
They are both worth $1 and you can use either to buy a cup of coffee. But one NFT is not the same as another NFT. Each NFT has its own features so they have different values. You may be able to exchange one NFT with 1 cup of coffee, and the other with a house!
Beeple’s digital art is one the most expensive NFTs ever sold. “Everydays: the First 5000 Days” was sold for $69 million at Christie’s. He put together 5000 pieces of his work to create this masterpiece.
How to Use DeFi Llama: NFT Market
Let’s take a look at the NFT market to see where’s the best place to sell or buy some NFTs.
Go to the Defi Llama dashboard and choose “NFTs” from the side menu on the left. You’ll be directed to the NFT overview window.
These 3 metrics show the overall DeFi market condition:
- Total Volume: the current total worth of NFT market
- Daily Volume: the trading volume in dollars. It means users have bought and sold $23.3m
worth of NFTs in the past day. - Change (24h): compares today’s volume with the day before. As you can see, the volume is dropped more than 50%!
Now to analyze different NFT blockchains, choose “Chains” from the side menu on the left.
Now we can see major blockchains that allow you to create (mint) and sell your NFTs. As you can see, Ethereum is the biggest NFT market with 98% of the market share. So if you are an NFT creator, Ethereum allows you to showcase your art to the largest audience. What’s more, you can choose solutions like Polygon to avoid paying high fees.
DeFi Llama shows the number of Collections, Daily Volume, and Total Volume for each blockchain, as well.
Now choose “Marketplaces” from the side menu on the left to see the NFT marketplace on each blockchain.
As you can see, OpenSea.io is by far the biggest NFT marketplace right now. As mentioned before, you can read our article on OpenSea to start making your own NFTs and earn crypto.
EndNote
DeFi Llama is a great place for you to track the NFT market and figure out what is the best option to buy and sell NFTs.
Even though Ethereum’s OpenSea has the biggest audience, the competition is quite high as well. If you are a new NFT artist, maybe it’s better to consider small markets first, as you give your art a higher chance of being notice.