# Diving into Tezos' NFT Ecosystem

By [Origins Research](https://paragraph.com/@origins-research) · 2022-12-15

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https://twitter.com/crypto\_\_kermit

This article plunges deep into the Tezos NFT ecosystem, exploring recent changes in volume and marketplace activity. What’s driving this hive of activity? Let’s take a closer look. 

Article Outline
===============

*   The Tezos NFT Ecosystem
    
*   Key Drivers
    
*   Closing Remarks
    

The Tezos NFT Ecosystem
=======================

Despite a very grim Q3 across the NFT space, the [Messari Report](https://messari.io/report/state-of-tezos-q3-2022?utm_source=twitter_messaricrypto&utm_medium=organic_social&utm_campaign=state_of_tezos_q3_2022) suggests that NFTs on the Tezos blockchain have been flourishing and receiving an abundance of attention in the current bear market.

### 1/ User Activity

In fact, according to the report, NFT marketplaces dominated most of the user activity on the Tezos blockchain during Q3 with a combined 11,000 unique weekly active users. This represents 75% of all active users across the chain. [Objkt.com](https://objkt.com/), a leading NFT marketplace on Tezos, accounted for 40% of all active users.

![Top Applications in Q3 2022 on Tezos, Messari](https://storage.googleapis.com/papyrus_images/0fd7cbfcda3fc693d5edc49b7643e08129da813eeb3f54d9c511a6114e889cfd.png)

Top Applications in Q3 2022 on Tezos, Messari

### 2/ NFT Sales Volume

Additionally, NFT sales volume on Tezos increased for the sixth consecutive time this quarter, reaching a new all-time high of around 11 million XTZ (roughly ~$10.2 million USD at the time of writing).

![Top Applications in Q3 2022 on Tezos, Messari](https://storage.googleapis.com/papyrus_images/c5c3611064c68b707869e0a087850d53777b1fc49b69e4503f5d36e0b4986ffb.png)

Top Applications in Q3 2022 on Tezos, Messari

### 3/ NFT Marketplaces

The NFT ecosystem on Tezos began to take off in early 2021, with the launch of the NFT marketplace Hic et Nunc which has since [shut down and been resurrected](https://www.coindesk.com/tech/2021/11/18/what-hic-et-nuncs-resurrection-says-about-decentralized-infrastructure/) via [Teia](https://teia.art/), a community-owned NFT marketplace built in the image of Hic et Nunc in February 2022.

However, the dominating NFT marketplaces on Tezos are [Objkt.com](https://objkt.com/) and [Fx(hash)](https://www.fxhash.xyz/). [Objkt.com](https://objkt.com/) has ranked as 11th across all NFT marketplaces in terms of active users in the past 30 days, totalling over 16,500 users in November 2022; whereas [Fx(hash)](https://www.fxhash.xyz/) has ranked 11th in terms of secondary volume in the past month, bringing over $3.02 million USD in November 2022, according to [DappRadar](https://dappradar.com/rankings/category/marketplaces).

![Top NFT Marketplaces Ranked by 30-Day User Active Wallets (UAW), DappRadar](https://storage.googleapis.com/papyrus_images/aaa8bb713d6ac0a057d4862c83422d701d4ec403cb2ea6bbfe2209fcdb3935bf.png)

Top NFT Marketplaces Ranked by 30-Day User Active Wallets (UAW), DappRadar

![Top NFT Marketplaces Ranked by 30-Day Volume, DappRadar](https://storage.googleapis.com/papyrus_images/d4d57b2eaed04fdd5b5545c0cff300d097325555ec3c7012a685e6ec3a214767.png)

Top NFT Marketplaces Ranked by 30-Day Volume, DappRadar

Despite the promising growth seen on Tezos, its NFT ecosystem remains considerably small when compared with other blockchain giants, such as Ethereum and Solana. During Q3, Ethereum saw over 1.5 million unique active NFT users, Solana saw over 1.2 million, while [Tezos only saw a total of 85,000](https://messari.io/report/state-of-tezos-q3-2022?utm_source=twitter_messaricrypto&utm_medium=organic_social&utm_campaign=state_of_tezos_q3_2022).

Key Drivers
===========

### 1/ Partnerships with Brands

The Tezos NFT ecosystem’s growth can be attributed to a number of big partnerships with major brands and companies.

Tezos has partnered with [Manchester United](https://www.manutd.com/collectibles) as its official training kit and technology partner.

![Manchester United x Tezos Training Kit & Metaverse Partnership](https://storage.googleapis.com/papyrus_images/4fcbd658ef576ece6a060edb0e0f154bc25eff472eb96672b526baa01c65270a.png)

Manchester United x Tezos Training Kit & Metaverse Partnership

It has also formed a multi-year technical partnership with [Oracle Red Bull Racing](https://www.redbullracing.com/int-en/tezos-joins-as-official-blockchain-partner) to build its first ever NFT fan experience. Additionally, Tezos has partnered with [McLaren Racing](https://www.mclaren.com/racing/partners/tezos/) for a multi-year technical partnership across Formula 1, IndyCar and esports.

![Oracle Red Bull Racing x Tezos Partnership](https://storage.googleapis.com/papyrus_images/4e5805fc6329f9c410a04fc0ebdee4aa4f64db23de63d6fe6dfd67c7fd63af27.png)

Oracle Red Bull Racing x Tezos Partnership

[Shopify](https://cointelegraph.com/news/shopify-users-get-their-hands-on-tezos-nfts-with-new-partnership) users have begun to get their hands on NFTs minted on Tezos through a partnership with Taco’s NFT loyalty program.

[Ubisoft](https://cointelegraph.com/news/ubisoft-launches-ubisoft-quartz-platform-for-playable-and-energy-efficient-nfts) has dropped its first NFTs to PC players on the Tezos blockchain.

Fashion giant, [Gap](https://www.coindesk.com/business/2022/01/12/fashion-giant-gap-launches-gamified-nfts-on-tezos/), launched its first NFT collection on Tezos.

Tezos has managed to cement strong partnerships with some of the biggest brands in the technology, fashion, food, sports, and gaming industries such as [Papa Johns](https://xtz.news/nft-news/papa-johns-use-the-tezos-blockchain-to-give-away-free-nft-bags-with-chance-to-win-real-life-version/), [Evian Water](https://nft.evian.com/faq), [Team Vitality](https://vitality.gg/en/v-hive/team-vitality-and-tezos-launch-v-hive-the-first-blockchain-based-support-to-earn-mobile-app-in-esports/), [CCP Games](https://xtz.news/adoption/ccp-games-introduces-tezos-based-kill-certificate-nfts-during-the-2021-eve-online-alliance-tournament/), [LVMH Guerlain](https://www.lvmh.com/news-documents/news/guerlain-launches-reaverse-project-with-a-collection-of-nft-cryptobees-to-support-rewilding-of-an-exceptional-nature-reserve-in-france/), and more.

### 2/ Top Collections on Tezos

However, looking at the top performing NFT collections on Tezos is a clear indication of another key reason the blockchain has managed to onboard the masses: art.

![Highest Volume NFT Collections on Tezos in the Past 30 Days](https://storage.googleapis.com/papyrus_images/315279e0fd9d8a0adf61b9319c41dcc9ba1a779c1ab50f42b38b61330eb9cd02.png)

Highest Volume NFT Collections on Tezos in the Past 30 Days

Tezos has become a home to many generative artists across blockchains, giving scores of artists a place to explore their art form and connect to a wider audience.

Despite a harsh crypto winter, 2022 has fed art collectors’ insatiable hunger for art according to the [Art Basel and UBS Survey of Global Collecting](https://www.ubs.com/global/en/our-firm/art/collecting/art-market-survey.html). In fact, high-net-worth (‘HNW’) collectors surveyed in the first half of 2022 spent an average of $46,000 USD on art-based NFTs. That’s more than they had spent in all of 2021 ($44,000 USD) and 2020 ($35,000 USD).

### 3/ Art Basel

Art Basel had people’s attention focused on NFTs and generative art. In fact, Tezos and [Fx(hash)](https://www.fxhash.xyz/) had a big presence in Art Basel Miami in December 2022, with booths designed to showcase generative art and the multiple innovations including:

*   Minting experiences;
    
*   Artwork traits, rarities, randomization, and;
    
*   Learning materials in order to help newcomers learn about generative art and art on the blockchain.
    

![Tezos x Fx(hash)’s booth in Art Basel: Miami, December 2022](https://storage.googleapis.com/papyrus_images/3ad65350ea877beb5a146b22918bb9524a932ccfea945ddcab88f298bdc1ad6c.png)

Tezos x Fx(hash)’s booth in Art Basel: Miami, December 2022

![Feature Explorer Showing Udnē by DistCollective, from @Kaloh_nft](https://storage.googleapis.com/papyrus_images/afa50d0935878c7b4c6573870b7a8337ecf0f3288bb0a5baf88bc83b3daeae5c.png)

Feature Explorer Showing Udnē by DistCollective, from @Kaloh\_nft

It is no surprise that key events like Art Basel not only help further the mainstream adoption of art NFTs, but also [lure in higher-net-worth art collectors](https://mirror.xyz/origins-research.eth/E7-Vo-vARxhR9RaSb2wsLFIZhP9a7c6JDEiMTjuT_Vk) into the NFT space.

Since the introduction of NFTs in major auction houses such as [Christie’s](https://www.christies.com/en) and [Sotheby’s](https://www.sothebys.com/en/), large record-breaking sales such as Beeple’s [Everydays: The First 5000 Days](https://onlineonly.christies.com/s/beeple-first-5000-days/beeple-b-1981-1/112924) selling for $69.3 million USD, and large museums, like [MoMA acquiring NFTs](https://decrypt.co/109672/moma-to-sell-70-million-art-collection-may-use-proceeds-to-buy-digital-art-and-nfts) and exhibiting various generative NF artists, [HNW collectors have been acquiring art-related NFTs](https://www.ubs.com/global/en/our-firm/art/collecting/art-market-survey.html) like never before. The Tezos blockchain is here for it.

Closing Remarks
===============

### TL;DR

Here are the summarized points made throughout this article:

*   Despite a very grim Q3 across, NFTs on the Tezos blockchain have been flourishing and unexpectedly attracting significant attention in the bear market.
    
*   NFT marketplaces dominated most of the user activity on the Tezos blockchain during Q3 taking over a total of 75% of all active users across the chain. Additionally, NFT sales volume on Tezos increased for the sixth consecutive time this quarter, reaching a new all-time high of around 11 million XTZ ( ~$10.2 million USD). The dominating NFT marketplaces on Tezos are Objkt.com and Fx(hash).
    
*   The Tezos NFT ecosystem’s growth can be attributed to a number of big partnerships the blockchain has done with major brands and companies such as Manchester United, Oracle Red Bull Racing, McLaren Racing, Shopify, Ubisoft, Gap, Papa Johns, Evian Water, Team Vitality, CCP Games, LVMH Guerlain, and more.
    
*   However, Tezos has also become a home to generative art, giving many artists a place to explore their art form and connect to a wider audience. Additionally, key events like Art Basel help further the mainstream adoption of art NFTs on Tezos, and lure in higher-net-worth art collectors into its ecosystem.
    

At [OriginsNFT](https://originsnft.io/) we leverage data-driven decision making, educational resources, and proprietary analytics to remain ahead of the curve with respect to blockchain tech and specifically NFTs. To find out more, please visit our [website](https://originsnft.io/) or [Twitter](https://twitter.com/OriginsNFT?s=20&t=32UYETa5iiqxkDBj0NcVrg).

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*Originally published on [Origins Research](https://paragraph.com/@origins-research/diving-into-tezos-nft-ecosystem)*