What is the Element NFT Marketplace and NFT Aggregation?
NFT marketplace Element was launched on July 1, 2021 as a solution to the problem of fluctuating interest rates on most DeFi programs and the liquidity of principal after user deposits. On August 15, the platform officially launched its version 2.0, which faces a different sector than the original version.
Now the platform calls itself the first community-driven decentralized NFT aggregation marketplace. This model is designed to make the NFT markets more liquid and lower gas fees for trading.
Element was inspired by the DeFi aggregation trading protocol 1inch, which provides users with the lowest transaction prices by choosing the transaction path with the lowest slippage and price impact.
Core features of the Element platform
Element aggregates NFTs from all the most popular blockchains, including Ethereum, BNB Chain, Polygon, Avalanche and Solana. This is a big advantage compared to trading markets such as OpenSea and X2Y2.
Screenshot source – element.market
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Tools for aggregated transactions
Batch purchase
Users can select multiple collections in Element’s interface and bulk buy multiple NFTs in one transaction, which is more efficient and cheaper than buying them one by one.
Screenshot source – element.market
Batch Awaiting Order
Pending orders for multiple assets in different collections in multiple markets are integrated on the same page. After the user selects the NFT they have, sets the price in multiple markets, the user can complete pending orders of multiple assets and markets with one click.
Collective offer
The collection offer function sends offers to multiple assets in multiple assets in one operation. It allows users to quickly pick up NFTs with low prices.
Quick swipe
The slider’s quick scan function is designed and NFTs can be selected from the latest shelves, from low to high, and the highest sales volume. And add to cart to buy with one click.
On-chain NFT data
Element’s data provides real-time tracking and updating of chain data, including transaction volume, minimum price, number of buyers and sellers, number of giant whale positions, number of pending orders and more.
Screenshot source – element.market
How is Element different from OpenSea and GEM?
OpenSea set the model for standard NFT marketplaces, which other platforms like X2Y2 and LooksRare iterated on. However, they have persistent problems with liquidity and efficiency.
Element and GME used features like batch bidding and pending orders across multiple trading platforms to fix these issues.
By October 5, when buying and selling NFTs on OpenSea, only one can be traded at a time. If you want to buy in batches, you have to do the transaction several times and it costs more gas. Element and GEM can solve efficient transactions and reduce the cost of transaction fees, which can avoid back and forth price comparison in different markets. This is the biggest advantage of aggregated transactions.
Footprint Analytics – Daily transactions
Footprint Analytics – Comparison of data from the best marketplaces
Indicators of element data on Ethereum, BNB chain and polygon
Footprint Analytics shows that the BNB Chain marketplace is active on three dimensions: number of transactions, total trading volume and daily active users, highly correlated with the fact that it has many GameFi NFT partner projects. For example, the recently popular metaverse-style card game Era7 was created on BNB Chain, which combines combat and strategy.
Footprint Analytics – Total transactions by chain
Footprint Analytics – Total user per chain
Footprint Analytics – Daily Active Users
Summary
The element aggregation trading protocol has gained recognition in the NFT market, especially for its continuous product refinement and for capturing the pain points of the regular NFT trading.
This piece is contributed by Footprint Analytics society.
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Disclaimer: Views and opinions expressed by the author should not be considered financial advice. We do not provide advice on financial products.
