Magic Eden, a Solana-based NFT marketplace, saw its biggest monthly trade volume in March, exceeding Blur. According to CoinGecko’s Q1 2024 report, Magic Eden’s NFT trade volume increased 194.4% to $756.5 million, while Blur’s rose slightly to $530.4 million.
The increase was powered by Magic Eden’s new Diamond reward scheme and continuous collaboration with Yuga Labs. This was Magic Eden’s sixth straight month of volume growth.
Blur lost its top spot in March for the first time since December, when OKX’s NFT marketplace profited from a Bitcoin Ordinals mania. However, OKX has seen a 73.3% drop in Bitcoin NFT trading volume since then.
The NFT market, despite falling prices for prominent collectibles such as Bored Ape Yacht Clubs and CryptoPunks, demonstrates that artist royalties remain a worry. OpenSea, the pioneer of the NFT marketplace, has just confirmed its support for the creator fees implementation.
Nonetheless, OKX ranked third among the largest NFT trading platforms in terms of Q1 2024 trading volume. Over the last year, the top ten NFT marketplaces saw a 51.6% growth in trade volume.
Magic Eden’s massive increase in NFT trading volume revealed that the platform is acquiring market dominance as a consequence of new techniques and collaborations.
Read also: Yuga Labs Will Support Only Royalty-Respecting NFT Platforms
