Blur

Eden

Magic Eden

Magic Eden maintains its dominance in the NFT marketplace, holding a 36.7% market share in August with a trading volume of nearly $123 million. 
<a href="https://crypto.news/tag/magic-eden/" target="_blank">Magic Eden</a> solidified its position as the leading marketplace for <a href="https://crypto.news/tag/nft/" target="_blank">non-fungible tokens</a> in August, capturing 36.7% of the market share with a trading volume of $122.47 million, according to data from CoinGecko. 
In a Sept. 4 <a href="https://www.coingecko.com/research/publications/top-nft-marketplaces" target="_blank">blog post</a>, analysts at the crypto price data aggregator website noted that August marked the sixth consecutive month that Magic Eden has led the market, further establishing its influence in the rapidly evolving NFT sector. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="874" height="729" src="https://crypto.news/app/uploads/2024/09/hidufhgsiudf.png" alt="Magic Eden dominates NFT market as its share nears 37%: CoinGecko - 20" class="wp-image-14295928">
 <figcaption class="wp-element-caption">
 Top 10 NFT marketplaces by trading volume since 2022 | Source: <a href="https://www.coingecko.com/research/publications/top-nft-marketplaces" target="_blank">CoinGecko</a>
 </figcaption>
</figure> 
Initially launched as a Solana (<a rel="" href="https://crypto.news/price/solana/">SOL</a>) centric platform in 2021, Magic Eden rose to prominence in 2022 as the second-largest NFT marketplace, capturing a 31.7% share. However, a decline in Solana NFTs saw its market share drop to as low as 3.4% in 2023, the analysts say. 
The platform managed to rebound in 2024 by integrating <a href="https://crypto.news/tag/ordinals/" target="_blank">Bitcoin Ordinals</a> — basically NFTs on the Bitcoin network — pushing its trading volume to $734.6 million in March and surpassing its rival <a href="https://crypto.news/tag/blur/" target="_blank">Blur</a> to claim the top spot with a 38.5% share. 
 You might also like: <a rel="" href="https://crypto.news/sec-probes-opensea-but-nft-artists-are-likely-not-the-target-opinion/"> SEC probes OpenSea, but NFT artists are likely not the target | Opinion </a> 
<h2 class="wp-block-heading" id="opensea-s-market-share-falls-below-20">OpenSea’s market share falls below 20%</h2> 
Blur, once a close competitor, saw its market share decline from 35.4% in January to 25.4% in August, while <a href="https://crypto.news/tag/opensea/" target="_blank">OpenSea</a>, the former market leader, now holds a 19.9% share, up from 9.9% earlier this year. Together, Magic Eden, Blur, and OpenSea dominate the NFT market with a combined 82% share, the data shows. 
Other platforms like the CryptoPunks marketplace and X2Y2 have also seen gains, while OKX NFT Marketplace experienced the most significant drop, from 18.4% to 2.4%, after a brief surge in late 2023. Analysts at CoinGecko say the NFT trading space has evolved from a monopoly dominated by OpenSea, which had gained a stronghold during the NFT bull run, to more of an “oligopoly in 2024 with healthier competition and diversity among NFT marketplaces.” 
 Read more: <a rel="" href="https://crypto.news/magic-eden-nft-blur/"> Magic Eden NFT marketplace surpasses Blur in trading volume </a>

Magic Eden dominates NFT market as its share nears 37%: CoinGecko

Table of Contents

crypto.news

Other articles published on Sep 4, 2024

Microsoft reportedly apologizes to Jyamma Games after Xbox certification delays

What Is the Recently Funded Bolt Protocol?

Raboo’s Presale Explosion: Shaking Up Solana’s Meme Coins, Bonk, and WIF!

CFTC Orders Uniswap to Pay $175,000 Fine

Donald Trump Announces New Crypto Project "The DeFiant Ones," Aims to Serve Unbanked Communities

Bitcoin Faces Significant Price Drop Due to Multiple Factors

Join our free newsletter for daily crypto updates!