A Solana-based NFT marketplace, Magic Eden, achieved its highest monthly trading volume in March, surpassing Blur. According to CoinGecko’s Q1 2024 report, Magic Eden’s NFT trading volume soared 194.4% to $756.5 million, while Blur slightly rose to $530.4 million.
The surge was fueled by Magic Eden’s new Diamond reward program and ongoing collaboration with Yuga Labs. This marked the sixth consecutive month of volume growth for Magic Eden.
March saw Blur lose its top spot for the first time since OKX’s NFT marketplace benefited from a Bitcoin Ordinals craze in December. OKX, however, has experienced a 73.3% decline in Bitcoin NFT trading volume since then.
However, OKX still took the third spot among the biggest NFT trading platforms in terms of its Q1 2024 trading volume. Altogether, the top 10 NFT marketplaces of the last year experienced a trading volume increase of 51.6%.
The case with the NFT market in spite of the dropping prices of the top collectibles, including Bored Ape Yacht Clubs and CryptoPunks, shows that creator royalties are still a concern. OpenSea, which was the pioneer in the NFT marketplace, has just reaffirmed its support for the creator fees implementation.
Magic Eden’s explosion in NFT trading volume demonstrated that the platform is gaining dominance in the market, as a result of innovative strategies and partnerships.
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