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Magic Eden, a cross-chain non-fungible token marketplace, saw a new surge in adoption and commercial sales last month, surpassing its main market competitor Blur NFT Marketplace. Magic Eden dominated the global NFT market as of August 2024, maintaining the top spot for the sixth consecutive month.
Magic Eden to Lead NFT Markets in 2024
A recent market analysis study conducted by quingeco.comOn-chain cryptocurrency market data and NFT Explorer show that Magic Eden is the leading NFT marketplace in 2024. Magic Eden dominates the NFT market with a monthly trading volume of $122.47 million in August, representing a market share of 36.7%. This marks Magic Eden’s sixth consecutive month as the top NFT marketplace.
What are the best NFT marketplaces in 2024? 🔎
Our latest study reveals that @Magic Eden It is the top NFT market in 2024, with a 36.7% share and $122.47 million trading volume in August, marking its sixth consecutive month at the top.
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 cross-chain digital marketplace platform that supports non-fungible tokens on Solana, Ethereum, Polygon, and Bitcoin. Magic Eden enables users to create, buy, sell, and collect NFTs. The NFT marketplace has rapidly risen in popularity and became the second largest NFT marketplace in 2022 with a trading market share of 31.7%. This made Magic Eden the closest competitor to OpenSea until Blur arrived.
Magic Eden started gaining traction in trading volume earlier last year, especially after launching its Bitcoin Ordinals collections. At the time, Magic Eden became one of the first established NFT marketplaces to integrate Bitcoin Ordinals on its platform. However, Magic Eden’s market share has since shrunk to a range of 3.4% to 9.2% by late 2023.
Earlier this year, Magic Eden saw a new surge in adoption and volume. In March, Magic Eden saw monthly NFT trading volume more than double to $734.60 million and overtook Blur to capture the largest market share at 38.5% for the first time. Since then, Magic Eden has maintained its top spot for the past six months, surpassing NFT marketplace platforms OpenSea and Blur.
Blur Ranks #2 in Best NFT Marketplaces in 2024
Blur now ranks second among the most popular NFT marketplaces, having seen its market share drop from 35.4% at the beginning of the year to 25.4% in August. Over the same period, Blur’s monthly NFT trading volume has steadily declined from $499.95 million to $84.69 million. OpenSea is the third largest NFT marketplace in August, with monthly trading volume of $66.52 million and a 19.9% NFT market share.
Other popular NFT marketplaces include CryptoPunks and X2Y2, which have both seen increases in market share since the beginning of the year. CryptoPunks increased its market share from 2.4% to 5.6% and ranks as the fifth largest NFT marketplace, while X2Y2 saw a smaller increase from 0.7% to 1.2%. In total, Magic Eden, Blur, and OpenSea account for the majority of NFT trading volume with a combined market share of 82.0%.
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