NFTs
Ordinals sales elevate Magic Eden to the top of the NFT market, surpassing Blur by $108 million
Magic Eden has surpassed Blur to become the leading NFT marketplace in terms of trading volume, marking a significant shift in the competitive landscape of digital asset exchanges. This development comes as Blur, previously a dominant player in the Ethereum-based NFT market, sees a decline in its market share.
According to DappRadar’s Dapp Industry Report for April 2024, Magic Eden’s turnover exceeded Blur’s by $108 million. This increase is attributed to Magic Eden’s strategic expansion into Bitcoin Ordinals and its robust rewards programs, attracting traders and collectors. The integration of the Bitcoin platform Ordinals trading, which now constitutes 70% of its total volume, emphasizes the growing popularity of this new asset class in the NFT space.
Top 5 NFT Marketplaces (DappRadar)
Magic Eden’s rise is also supported by its comprehensive platform features, which include low transaction fees and a user-friendly interface that supports multiple blockchains. Combined with strategic partnerships and continuous platform improvements, these capabilities have enabled Magic Eden to capture and sustain a significant portion of market share.
The broader NFT market shrinks as registrations increase.
The report also highlighted a change in conditions in the broader context NFT Marketplace. Total turnover decreased to $1.35 billion in April, a 13% drop from the previous month, while sales increased 20%. This trend can be attributed to several factors, including the growing popularity of Runestone, a Bitcoin Ordinals entry that has overtaken Bored Ape Yacht Club as the NFT collection with the highest trading volume.
Furthermore, Bitcoin collections saw a 32% increase in trading volume, reaching $675 million, positioning Bitcoin as the blockchain with the highest trading volume, followed by Ethereum. Additionally, the Blast chain has gained traction among traders looking to farm airdrop points through the new Blur deployment.
April NFT Trading Volume and Sales Count (DappRadar)
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NFTs
Non-Fungible Items; Picking Up Where NFTs Left Off — COZ Co-Founder Tyler Adams – Op-Ed Bitcoin News
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Image: AI-generated via Midjourney
Solana Monkey Business topped CryptoSlam’s non-fungible token (NFT) sales charts on July 22 with $875,914 in total sales.
The collection had 122 unique buyers, equaling the number of sellers, and an average price of $5,308 per NFT.
This increase in daily sales boosted the SMB’s all-time sales volume to a new record of $212.48 million.
The Solana-based ape-themed collection entered the list of the top 30 NFT sellers of all time over the weekend, knocking SATS BRC-20 NFTs off the rankings.
The second best performing collection of the day was gETH Locked Deposit.
This NFT, which represents gETH locked on the Ethereum layer-2 network Arbitrum, saw a daily sales volume of $583,047 from just one transfer.
The asset was brother-in-law just moments before the transfer is made.
In third place, DMarket’s NFTs and in-game virtual items on the Mythos Network saw a total of $565,002 in sales.
The collection attracted 3,254 unique buyers and 2,848 sellers, with an average price of $24.66 per item. Active DMarket owners stood at 5,111, contributing to a total owner count of 397,931.
Outside of the top three, Ethereum’s DogeZuki Collection came in fourth place with $436,787. Bored Ape Yacht Club, another Ethereum collection, had total sales of $341,576 for fifth place.
While a Solana collection led the day’s results, the network’s total NFT sales for the day were slightly outpaced by Ethereum.
Ethereum led all blockchains in sales on Monday with $4.2 million, with Solana close behind at $4.1 million.
Non-Fungible Items; Picking Up Where NFTs Left Off — COZ Co-Founder Tyler Adams – Op-Ed Bitcoin News
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