Trading volume of Magic Eden NFT marketplace outperforms Blur
In April, Magic Eden emerged as the leading NFT marketplace in terms of trading volume, surpassing its competitors. According to a report by DappRadar, Magic Eden recorded an impressive trading volume of $486 million last month, leaving Blur trailing behind by $108 million, marking the first time that Blur has lost its top position since its launch.
Experts attribute Magic Eden’s outstanding performance to the strong support it received from Ordinals, trading tokens that account for a substantial 70% of the market volume. This, coupled with the introduction of the new Diamond rewards program and the ongoing partnership with Yuga Labs, one of the prominent NFT studios, has contributed to the platform’s success.
Analysts have also highlighted the growing popularity of digital collectible assets on Bitcoin, specifically Ordinals and Runes. This was further validated by the inclusion of UniSat and OKX NFT Marketplace in the top five trading platforms for the segment in April.
In terms of collections, Runestone has taken the lead, displacing Bored Ape Yacht Club from its long-held first place position. Additionally, the total trading volume of NFT collections on Bitcoin witnessed a significant 32% increase over the month, reaching an impressive $675 million. As a result, the Bitcoin blockchain now holds the second position in terms of trading volumes, just behind Ethereum.
DappRadar experts have emphasized the rising popularity of Blast, noting that the network is attracting traders through the farming of points for future airdrops associated with the new deployment of Blur on the protocol.
According to DappRadar’s findings, the total NFT trading volume for April amounted to $1.35 billion, which is a 13% decrease compared to the previous month. This downward trend towards the $1 billion mark has been consistently observed since December 2023.
In light of these developments, the market is eagerly watching the restructuring of Yuga Labs and the subsequent growth in NFT prices, speculating on what lies ahead for the NFT market.
