Magic Eden Outshines Blur: Tops NFT Trading Volume in Record March Surge
Summary:
In March, Solana-based NFT marketplace Magic Eden surpassed Blur, setting a monthly trading volume record at $756.5 million, as reported by CoinGecko. This ascend was fueled by the new Diamond reward program and a partnership with Yuga Labs. Despite a decrease of NFT Bitcoin trading volume by 73.3% by December, OKX secured the third position in trading volume in Q1 2024. In the meantime, the overall NFT trading volumes across the top 10 platforms grew by 51.6% to $4.7 billion in Q1 2024.
In March, Solana-based NFT marketplace, Magic Eden, set a new record for its monthly trading volume, outperforming industry forerunner, Blur. CoinGecko's Q1 2024 report, released on April 17, revealed that Magic Eden saw a surge of 194.4% in NFT trading volume, topping $756.5 million. Meanwhile, Blur's volume rose modestly to $530.4 million. The sudden skyrocketing ascend of Magic Eden is attributed partly to its latest Diamond reward scheme and enduring alliance with Yuga Labs, especially when the NFT studio severed links with marketplaces not backing creator royalties. This marked the sixth month in succession that Magic Eden experienced a growth in trading volumes.
March signified the first month that Blur was dethroned as the top NFT marketplace by trading volume since OKX’s NFT marketplace capitalized on the Bitcoin Ordinals frenzy in December last year. Prior to this, Blur had held the highest trading volumes for ten straight months after overtaking OpenSea in February 2023. Since then, a significant share of Bitcoin NFT trading volume has shifted from OKX to competitors such as Magic Eden and UniSat, with its trading volume plummeting by 73.3% since December to sit at $180 million.
Regardless, OKX still secured the third top spot for NFT trading volume in Q1 2024, followed by Solana-based Tensor and OpenSea to complete the top five. Concurrently, the aggregate NFT trading volumes on the top 10 marketplaces reached $4.7 billion for Q1 2024, marking a rise of 51.6% from Q4 2023.
Nonetheless, the floor prices of leading NFT collectibles like Bored Ape Yacht Clubs and CryptoPunks have nosedived more than 91% and 64% in turn since attaining zeniths in May 2022 and October 2021.
Enforcing creator royalties has lately become a contentious issue between NFT marketplaces and studios. OpenSea, formerly a leading NFT marketplace, controversially discontinued its on-chain royalty enforcement tool in August last year. Its CEO, Devin Finzer, cited lackluster success and claimed that competitors such as Blur, Dew, and LooksRare, were skirting it by implementing the Seaport Protocol to sidestep OpenSea’s blacklist, and thus escape creator charges. However, OpenSea later partially reversed this stance earlier this month, introducing support for an ERC-721C programmable earnings standard.
Published At
4/18/2024 2:49:42 AM
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