Join us telegram Stay up to date with the latest news coverage by subscribing to our channels.
Magic Eden, a cross-chain non-fungible token marketplace, has seen another explosive growth in adoption and transaction volume this month, outpacing its main market competitor, Blur NFT Marketplace. As of August 2024, the NFT marketplace platform has dominated the global NFT market, maintaining its #1 position for six consecutive months.
Magic Eden, #1 NFT Marketplace in 2024
According to a recent market analysis study conducted by CoinGecko.com, an on-chain cryptocurrency market data aggregator and non-fungible token explorer, Magic Eden is the leading NFT marketplace in 2024. Magic Eden dominated the NFT marketplace in August with a monthly trading volume of $122.47 million, taking a 36.7% market share. This marks the sixth consecutive month that Magic Eden has been the top NFT marketplace.
What are the best NFT marketplaces in 2024? 🔎
According to our latest research, @MagicEden The #1 NFT marketplace in 2024 held the top spot for the sixth consecutive month with a 36.7% share and $122.47 million in August trading volume.
Read the full study: https://t.co/ib2r2f3e1T pic.twitter.com/3Gj17T0tU2
— CoinGecko (@coingecko) September 4, 2024
Launched in September 2021, Magic Eden is a leading multi-chain digital marketplace platform supporting NFTs on Solana, Ethereum, Polygon, and Bitcoin. Magic Eden allows users to create, buy, sell, and collect NFTs. The NFT marketplace has grown rapidly in popularity, becoming the second largest NFT marketplace in 2022 with a 31.7% market share. This makes Magic Eden the closest competitor to OpenSea until Blur’s launch.
Magic Eden began to gain traction in trading volume early last year, especially after launching its Bitcoin Ordinals collection. At the time, Magic Eden was one of the first NFT marketplaces to integrate Bitcoin Ordinals into its platform. However, Magic Eden’s market share has since dwindled to a range of 3.4% to 9.2% by late 2023.
Earlier this year, Magic Eden saw another surge in adoption and trading volume. In March, Magic Eden more than doubled its monthly NFT trading volume to $734.6 million, overtaking Blur for the first time ever to claim the largest market share at 38.5%. Since then, Magic Eden has maintained the top spot for the past six months, ahead of OpenSea and Blur NFT marketplace platforms.
Blur, #2 Top NFT Marketplace in 2024
Blur is currently ranked as the second most popular NFT marketplace after its market share dropped from 35.4% at the beginning of the year to 25.4% in August. During the same period, Blur’s monthly NFT trading volume has steadily decreased from $499.95 million to $84.69 million. OpenSea was the third-largest NFT marketplace in August, recording $66.52 million in monthly trading volume and 19.9% of the NFT market share.
Other popular NFT marketplaces include CryptoPunks Marketplace and X2Y2, which have seen their market share increase since the beginning of the year. CryptoPunks Marketplace is ranked as the fifth largest NFT marketplace, increasing its market share from 2.4% to 5.6%, while X2Y2 saw a slight increase from 0.7% to 1.2%. Overall, Magic Eden, Blur, and OpenSea account for the majority of NFT trading volume, with a combined market share of 82.0%.
Related NFT News:
Most Searched Crypto Launch – Pepe Unchained
- Layer 2 Meme Coin Ecosystem
- Featured on Cointelegraph
- SolidProof and Coinsult audited
- Staking Rewards – pepeunchained.com
- ICO Raises Over $10 Million – Closing Soon
Join us telegram Stay up to date with the latest news coverage by subscribing to our channels.