Blur

DappRadar

Eden

In April, Magic Eden ranked top among NFT marketplaces in trading volume. 
According to a report from <a href="https://dappradar.com/blog/magic-eden-overtakes-blur-as-top-nft-marketplace" target="_blank" rel="">DappRadar</a>, 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 <a href="https://crypto.news/tag/Ordinals/" target="_blank" rel="">Ordinals</a> – trading tokens issued using the protocol accounts for 70% of the market volume. 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14271767"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/05/Screenshot-2024-05-10-at-18.12.13-1024x574.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="574" src="https://crypto.news/app/uploads/2024/05/Screenshot-2024-05-10-at-18.12.13-1024x574.png" alt="Magic Eden NFT marketplace surpasses Blur in trading volume - 20"> 
 </picture> 
 <figcaption class="wp-element-caption">
 Source: <a href="https://dappradar.com/blog/magic-eden-overtakes-blur-as-top-nft-marketplace" target="_blank" rel="">DappRadar</a>
 </figcaption>
</figure> 
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. 
<blockquote class="wp-block-quote"> 
 “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.” <cite>DappRadar report</cite>
</blockquote> 
In terms of collections, Runestone took the lead, displacing Bored Ape Yacht Club from the first place. 
In addition, the total trading volume of <a href="https://crypto.news/tag/NFT/" target="_blank" rel="">NFT</a> collections on <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="">Bitcoin</a> increased by 32% over the month, reaching $675 million, putting the Bitcoin blockchain in second place in trading volumes after <a href="https://crypto.news/tag/Ethereum/" target="_blank" rel="">Ethereum</a>. 
DappRadar experts emphasized the growing popularity of Blast, saying the network is attracting traders by farming points for future&nbsp;<a href="https://crypto.news/tag/airdrop/" target="_blank" rel="">airdrops</a> 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. 
 You might also like: <a href="https://crypto.news/yuga-labs-restructures-nft-prices-grow-whats-next-for-the-market/" rel=""> Yuga Labs restructures, NFT prices grow: what’s next for the market? </a>

Magic Eden NFT marketplace surpasses Blur in trading volume

crypto.news

Other articles published on May 10, 2024

Solana Price Prediction: As SOL Pumps 6%, This SOL Airdrop Meme Coin Hints At A New Top-Tier Exch...

Solana (SOL) NFT Trading Surges 111% Despite Sales Dip

North Korean Lazarus Group Targets Crypto Scam Through Fake LinkedIn Accounts

DWF Labs CEO, Andrei Grachev, Rumored To Buy Prom (PROM) Altcoin

3 Cryptocurrencies With Enormous Potential to Make You 10x Richer in the Next 90 Day

DEBT Box Case Is Now Getting More Complicated With SEC Cover-Ups

Join our free newsletter for daily crypto updates!