Magic Eden Leads NFT Trading Volume, Surpassing Blur and OpenSea

September 05, 2024 03:37 PM AEST | By Team Kalkine Media

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Magic Eden Leads NFT Trading Volume, Surpassing Blur and OpenSea — Image source: shutterstock

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Magic Eden emerged as the leading NFT marketplace, achieving $122.47 million in trading volume and securing a 36.7% share of the total NFT market. According to data from CoinGecko, Magic Eden has maintained its position as the top NFT platform for six consecutive months.

Magic Eden supports a diverse range of NFTs across Ethereum, Solana, {Polygon} (POL), and Bitcoin, enabling users to create, trade, and collect various digital assets. The platform's dominance is attributed to its successful integration of the Bitcoin Ordinals protocol, which has proven popular among NFT collectors.

The top three NFT marketplaces, Magic Eden, Blur, and OpenSea, collectively control 82% of the market. Magic Eden first surpassed Blur in March, recording a notable monthly trading volume of $734 million compared to Blur's $530 million. Since then, Magic Eden has continued to lead the market.

In contrast, Blur’s trading volume saw a significant decline in August, falling to $84 million from nearly $500 million in January. This drop has reduced Blur’s market share to 25.4%, making it the second-largest NFT marketplace after Magic Eden.

OpenSea, the third major player, achieved a trading volume of $66.5 million in August, resulting in a market share of 19.9%. Although OpenSea has improved from a low of 9.9% in January, it remains below its previous peak performance. OpenSea also faced regulatory challenges in August, receiving a Wells notice from the U.S. Securities and Exchange Commission (SEC), indicating potential regulatory action.

Overall, the NFT market experienced a decline in August, with total monthly sales volumes falling short of $400 million. According to CryptoSlam, the total sales volume for the month was $374 million, marking a 76% decrease from the peak of $1.6 billion in March 2024. This decline reflects ongoing volatility in the NFT sector.

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