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.
