In March 2024, the Solana NFT marketplace Magic Eden experienced its greatest monthly trading activity, outpacing Blur. As reported in CoinGecko’s Q1 2024 analysis, Magic Eden’s NFT sales volume jumped by an impressive 194.4% to reach $756.5 million, whereas Blur recorded a slight increase to $530.4 million in trading volume.
The CoinGecko 2024 Q1 Crypto Industry Report is Now Available – Here Are Its Top 7 Insights 📈
— CoinGecko (@coingecko) April 17, 2024
Magic Eden experienced a significant increase in activity due to its new Diamond rewards scheme and continued partnership with Yuga Labs. For the sixth month in a row, Magic Eden witnessed an uptick in trading volume.
In December, the Bitcoin Ordinals craze brought significant growth to OKX’s NFT marketplace, causing Blur to relinquish its leading position in March for the first time since then. However, following this surge, OKX encountered a substantial decrease of 73.3% in Bitcoin NFT trading volume.
Despite coming in third place for NFT trading platform volume in Q1 2024, OKX still had a significant impact on the market. In fact, the combined trading volume of the top 10 NFT marketplaces from the previous year saw a notable rise of approximately 51.6%.
Despite decreasing values of popular NFT collections like Bored Ape Yacht Clubs and CryptoPunks in the market, the importance of creator royalties remains a significant issue. OpenSea, an early leader in NFT marketplaces, has recently reiterated its commitment to enforcing creator fees.
Magic Eden’s significant increase in NFT trading activity shows that the platform is becoming a major player in the market. This growth can be attributed to its inventive approaches and collaborations.
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2024-04-18 07:32