Magic Eden, a Solana-based NFT marketplace, achieved its highest monthly trading volume in March, overtaking industry leader Blur.
Magic Eden experienced a remarkable 194.4% increase in NFT trading volume in March, reaching $756.5 million, while Blur’s volume marginally rose to $530.4 million, as reported by CoinGecko’s Q1 2024 report released on April 17.
Magic Eden’s ascent in trading volume was attributed in part to its new Diamond reward program and continued partnership with Yuga Labs. This growth coincided with Yuga Labs severing ties with NFT marketplaces that didn’t support creator royalties.
March marked the sixth consecutive month of trading volume growth for Magic Eden.
Blur’s displacement as the leading NFT marketplace by trading volume in March marked a significant shift, with OKX losing a substantial portion of Bitcoin NFT trading volume to platforms like Magic Eden and UniSat. OKX’s trading volume plummeted by 73.3% since December to $180 million.
Despite this, OKX still maintained the third-largest NFT trading volume in Q1 2024, with Solana-based Tensor and OpenSea rounding out the top five.
Overall, NFT trading volumes across the top 10 marketplaces totaled $4.7 billion in Q1 2024, reflecting a 51.6% increase from Q4 2023.
Despite the surge in trading volume, the floor prices of leading NFT collectibles such as Bored Ape Yacht Clubs and CryptoPunks have declined significantly, dropping by more than 91% and 64%, respectively, from their peak values.
Enforcement of creator royalties has emerged as a contentious issue between NFT marketplaces and studios. OpenSea, once the dominant marketplace, controversially discontinued its on-chain royalty enforcement tool in August, citing limited success. However, OpenSea recently reintroduced support for an ERC-721C programmable earnings standard, partially reversing its stance on creator royalties.
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