A new report shows that the NFT marketplace Magic Eden continues to lead in trading volume, outperforming competitors like Blur and OpenSea.
Magic Eden Maintains Leadership
Magic Eden, a platform for creating, trading, and collecting NFTs, recorded a trading volume of $122.47 million in August, representing 36.7% of the total NFT market share. This marks the sixth consecutive month that the platform has held the top spot in the NFT space.
Market Control by NFT Platforms
Magic Eden first took the top spot for NFTs in March, overtaking Blur, and has remained at the top since. In January, Blur had a trading volume of almost $500 million, but by August, this figure dropped to $84 million, an 83.2% decline. OpenSea, with a trading volume of $66.5 million in August, increased its market share to 19.9%, despite challenges related to a Wells notice from the SEC.
Decline of the NFT Market
In August, NFT monthly sales volumes did not exceed $400 million, reaching only $374 million. This represents a 76% decline compared to the highest performance of 2024, when sales volumes reached $1.6 billion in March.
Despite the overall decline in the NFT market, Magic Eden continues to dominate, surpassing significant competitors like Blur and OpenSea.
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