- Despite Magic Eden’s sharp increase in trade volume last month, Blur continues to be the leading NFT marketplace for the first quarter.
With $1.5 billion in NFT trading volume in the first quarter of this year, Blur continued to be the top non-fungible token marketplace. Nonetheless, Magic Eden increased its market share in March since its total NFT trading volume was higher than Blur’s.
According to a CoinGecko research, Blur had the greatest trading volume for all NFTs during the first quarter, totaling $1.5 billion.
This gave it a market share of 27.6% for the time, up from 24.9% the previous quarter. Blur continued to lead Ethereum-based NFT trading in March with $565.6 million in trading volume, followed by OpenSea with $163.7 million.
But it looks like Magic Eden increased its market share in March. According to CoinGecko data, Blur recorded $530.4 million in trading volume in March, whilst the NFT trading volume on the market reached $756.5 million in March, up from $256.9 million in February.
Magic Eden may have had a spike in volume “due to its introduction of its Diamond reward program, and its Ethereum-based marketplace with Yuga Labs,” according to CoinGecko.
The rise of Magic Eden appears to have been aided by the volume of Ordinals trading on the site. For instance, The Block’s data dashboard shows that on March 3, the daily trading volume for Ordinals on Magic Eden was $39.3 million, but the volume on OKX’s marketplace was $8.62 million.
According to CoinGecko’s analysis, “Bitcoin NFT trading volume shifted to other platforms such as Magic Eden, and UniSat.”
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
