Magic Eden NFT marketplace surpasses Blur in trading volume

In
April,
Magic
Eden
ranked
top
among
NFT
marketplaces
in
trading
volume.

According
to
a
report
from

DappRadar,
Magic
Eden
reached
$486
million
in
trading
volume
last
month,
with
Blur
losing
the
lead
for
the
first
time
since
launch,
trailing
by
$108
million.

Experts
linked
the
platform’s
performance
to
the
support
of

Ordinals
–
trading
tokens
issued
using
the
protocol
accounts
for
70%
of
the
market
volume.

Other
factors
include
the
new
Diamond
rewards
program
and
Magic
Eden’s
ongoing
partnership
with
Yuga
Labs,
one
of
the
leading
NFT
studios.

Analysts
believe
that
the
popularity
of
digital
collectible
assets
on
Bitcoin,
such
as
Ordinals
and
Runes,
was
emphasized
by
the
fact
that
UniSat
and
OKX
NFT
Marketplace
entered
the
top
five
trading
platforms
in
the
segment
in
April.

“Interestingly,
OpenSea
continues
to
lose
ground
in
trading
volume
and
appears
unable
to
keep
up
with
its
competition.
How
this
trend
will
evolve
remains
to
be
seen,
and
it
will
be
fascinating
to
observe
in
the
coming
months.”

DappRadar
report

In
terms
of
collections,
Runestone
took
the
lead,
displacing
Bored
Ape
Yacht
Club
from
the
first
place.

In
addition,
the
total
trading
volume
of

NFT
collections
on

Bitcoin
increased
by
32%
over
the
month,
reaching
$675
million,
putting
the
Bitcoin
blockchain
in
second
place
in
trading
volumes
after

Ethereum.

DappRadar
experts
emphasized
the
growing
popularity
of
Blast,
saying
the
network
is
attracting
traders
by
farming
points
for
future airdrops
associated
with
the
new
deployment
of
Blur
on
the
protocol.

According
to
DappRadar,
April’s
total
NFT
trading
volume
was
$1.35
billion,
13%
less
than
the
previous
month.
The
downtrend
toward
the
$1
billion
mark
has
been
steadily
observed
since
December
2023.