Blur

Eden

Magic Eden

Non-fungible token (NFT) marketplace Magic Eden had the largest market share in August, surpassing competitors like Blur and OpenSea in NFT trading volume.&nbsp;
On Sept. 4, crypto data tracker CoinGecko <a data-ct-non-breakable="null" href="https://www.coingecko.com/research/publications/top-nft-marketplaces" rel="noopener noreferrer nofollow" target="null" text="null">highlighted</a> that Magic Eden recorded a trading volume of $122.47 million. This represents 36.7% of the total NFT market share, bringing the platform its sixth consecutive month at the top of the NFT space.&nbsp;
Magic Eden is an NFT marketplace that allows users to create, trade and collect NFTs. The platform supports NFTs based on Ethereum, Solana, Polygon and Bitcoin.&nbsp;
<h2 id="magic-eden-opensea-and-blur-control-82-of-market">Magic Eden, OpenSea, and Blur control 82% of market</h2>
Magic Eden first took the top spot for NFTs when it <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/magic-eden-overtake-blur-leading-nft-marketplace-march" rel="noopener noreferrer nofollow" target="null" text="null">overtook Blur in March</a>. At the time, Magic Eden recorded a monthly trading volume of $734 million, while Blur had around $530 million. Magic Eden’s trading volume spike is attributed to integrating the popular Bitcoin Ordinals protocol, which remains popular among NFT collectors.&nbsp;
The marketplace is followed by its two competitors Blur and OpenSea, forming the top three biggest NFT marketplaces.
<figure><img alt="Magic Eden dominates NFT trading volume, surpassing Blur and OpenSea: CoinGecko" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191bcda-0ebe-732a-b17a-1c2486d05e8d">
 <figcaption style="text-align: center;">
 Market share of top NFT marketplaces in 2024 by trading volume. Source: CoinGecko
 </figcaption>
</figure>
In January, Blur had a trading volume of almost $500 million. However, its monthly volume in August dropped to $84 million, showing an 83.2% drop compared to the start of the year. Its performance last month also means that its market share dropped to 25.4%, making it the second-largest NFT platform after Magic Eden.&nbsp;
Meanwhile, OpenSea recorded a trading volume of $66.5 million in August, pushing its market share to 19.9%. The company recovered from a slump of having only a 9.9% share in January. While the firm seems to have gotten a boost, it’s still far from its past performances when it dominated the NFT space.&nbsp;
OpenSea also faced some challenges in August as the United States Securities and Exchange Commission (SEC) <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/opensea-wells-notice-sec-nfts" rel="noopener noreferrer nofollow" target="null" text="null">sent a Wells notice</a> to the marketplace. This suggests the regulator may be looking to act against the company.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/wth-did-i-just-witness-magic-eden-turns-porno-after-hosting-service-hacked" rel="noopener noreferrer nofollow" target="null" text="null">‘WTH did I just witness?' Magic Eden turns porno after hosting service hacked</a>
<h2 id="nft-market-on-a-continued-decline">NFT market on a continued decline</h2>
In August, NFT monthly sales volumes failed to exceed $400 million. According to CryptoSlam, the total sales volume <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/nft-sales-august-2024-decline" rel="noopener noreferrer nofollow" target="null" text="null">only reached $374 million</a>. This represents a 76% drop compared to its highest performance in 2024 when NFT sales volumes reached $1.6 million in March.&nbsp;<iframe width="100%" height="315" src="https://www.youtube.com/embed/HpNl-1zRqxk" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
 Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/painful-nft-creator-nate-alex-70-cryptopunks/" rel="noopener noreferrer nofollow" target="null" text="null">‘Painful to think about’: NFT Creator Nate Alex on selling 70 CryptoPunks too early</a>

Magic Eden dominates NFT trading volume, surpassing Blur and OpenSea: CoinGecko

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