A recent report from DappRadar highlights that in April, Magic Eden emerged as the leading NFT marketplace in terms of trading volume. Magic Eden achieved a trading volume of $486 million, overtaking Blur which trailed behind by $108 million for the first time since its launch.

Experts attribute Magic Eden's success to the support it received from Ordinals, with trading tokens issued using the protocol contributing to 70% of the market volume. Additionally, factors such as the introduction of the Diamond rewards program and the ongoing partnership with Yuga Labs have also contributed to Magic Eden's rise to the top.

Analysts noted an increase in the popularity of digital collectible assets on Bitcoin, such as Ordinals and Runes, as UniSat and OKX NFT Marketplace entered the top five trading platforms in this segment in April.

Despite Magic Eden's success, OpenSea seems to be losing ground in terms of trading volume and is struggling to keep up with its competitors. The future evolution of this trend will be interesting to observe in the upcoming months.

In the realm of collections, Runestone has taken the lead, displacing Bored Ape Yacht Club from its first-place position. The total trading volume of NFT collections on Bitcoin saw a 32% increase over the month, reaching $675 million, positioning the Bitcoin blockchain as the second-highest in trading volumes after Ethereum.

DappRadar also highlighted the rising popularity of Blast, noting that the network is attracting traders by offering farming points for future airdrops associated with the new deployment of Blur on the protocol.

With a total NFT trading volume of $1.35 billion in April, which is 13% lower than the previous month, the trend towards reaching the $1 billion mark has been consistently observed since December 2023. It will be fascinating to see how the NFT market evolves in the coming months.

Source: DappRadar

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