Blur retained its position as the leading non-fungible token (NFT) marketplace in the first quarter of 2024, with a total trading volume of $1.5 billion. However, Magic Eden experienced significant growth in March, surpassing Blur in total NFT trading volume for the month.
Throughout the entire first quarter, Blur recorded $1.5 billion in trading volume for all NFTs, maintaining its dominance with a market share of 27.6%. Notably, Blur’s Ethereum-based NFT trading volume in March reached $565.6 million, securing its position as the top marketplace for Ethereum-based NFT transactions.
In contrast, Magic Eden witnessed a surge in market share in March, with its NFT trading volume amounting to $756.5 million, a significant increase from $256.9 million in February. The introduction of the Diamond reward program and the expansion of its Ethereum-based marketplace with Yuga Labs contributed to this growth.
Furthermore, Magic Eden’s Ordinals trading volume also played a significant role in its expansion. On March 3 alone, the daily trading volume for Ordinals on Magic Eden reached $39.3 million, surpassing OKX’s marketplace, which recorded $8.62 million on the same day.
According to CoinGecko, the surge in trading volume on Magic Eden indicates a shift in Bitcoin NFT trading volume to other platforms, including Magic Eden and UniSat.
Meanwhile, the floor price of the Bored Ape Yacht Club collection dropped to a low of 10.04 ETH (approximately $298,500) on Tuesday, marking its lowest point since August 2021.
The dynamic performance of Blur and the rapid growth of Magic Eden underscore the evolving landscape of the NFT market, presenting exciting opportunities and challenges for both collectors and traders.