CoinGecko's Q1 2024 report revealed that Magic Eden, a Solana-based NFT marketplace, experienced a significant increase in trading volume in March, reaching $756.5 million. This surpasses the trading volume of Blur, the previous industry leader, which only marginally increased to $530.4 million during the same period.

The rise of Magic Eden can be attributed to factors like its Diamond reward program and ongoing partnership with Yuga Labs. This shift marks the sixth consecutive month of trading volume growth for Magic Eden.

In contrast, Blur, which held the top position for ten straight months, was dethroned in March due to the rise of other platforms like Magic Eden and UniSat. OKX, previously a major player in Bitcoin NFT trading, has seen a significant decline in trading volume since December.

Despite the overall increase in NFT trading volumes across the top 10 marketplaces to $4.7 billion in Q1 2024, the floor prices of popular NFT collectibles such as Bored Ape Yacht Clubs and CryptoPunks have experienced significant drops.

The debate around enforcing creator royalties in NFT marketplaces remains a contentious issue. Marketplaces like OpenSea have faced criticism for their handling of royalty enforcement, with some platforms resorting to alternative methods to avoid creator fees.