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Magic Eden surpasses Blur to become the leading NFT marketplace in March

Magic Eden surpasses Blur to become the leading NFT marketplace in March

May 8, 2024

The Solana Enjin non-fungible token platform is experiencing significant success. It recorded the highest trading volume in March, ahead of Blur, according to the report. CoinGecko highlights that Magic Eden trading volume increased by 194% to $765 million.

The CoinGecko report mentions that Blur also performed well, recording approximately $530 million in trading volume for the month. Blur's success is due in part to its Diamond rewards program and its expanding partnership with Yuga Labs. The duo strengthened their partnership at a time when Magic Eden announced it would no longer cooperate with NFT platforms that do not pay royalties to creators.

Magic Eden surpasses Blur to become the leading NFT marketplace in March - news

Over the past six months, Magic Eden has seen an increase in trading volume. Prior to March, Blur had been the NFT market leader by trading volume for several months. The market last surpassed Blur in revenue in December on the OKX NFT platform, which was driven by increased activity due to the rise of Bitcoin Ordinals.

Prior to this, Blur dominated the market in terms of trading volume for 10 months. Trading volume on OKX is down 73% after losing a significant share of Bitcoin trading to Magic Eden and other sites since December. Despite the drop, OKX took third place in terms of trading volume, with Tensor and Opensea rounding out the top five.

In the first quarter, the 10 largest NFT marketplaces recorded a total trading volume of $4.7 billion, up 51% from the previous quarter. Prices for leading NFT projects such as Bored Ape Yacht Club and CryptoPunks fell by 91% and 64%, respectively. It is noted that the last peak prices were reached in May 2022 and October 2021.

NFT marketplaces and studios are clashing over royalty payments to creators. OpenSea recently abandoned its royalty collection tool, according to its CEO, Devin Finzer, citing the tool's ineffectiveness due to competitors' bypass of the Seaport protocol. However, the company later changed its policy, announcing support for the ERC-712C earnings programming standard


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