Ordinals sales elevate Magic Eden to top NFT marketplace surpassing Blur by $108 million Liam ‘Akiba’ Wright · 2 weeks ago · 2 min read
Magic Eden outperforms Blur in NFT trading volume for first time, driven by its expansion into Bitcoin Ordinals and dynamic rewards.
2 min read
Updated: May. 10, 2024 at 9:27 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Magic Eden has surpassed Blur to become the top NFT marketplace in terms of trading volume, marking a significant shift in the competitive landscape of digital asset exchanges. This development comes as Blur, previously a dominant player in the Ethereum-based NFT market, sees a decline in its market share.
According to DappRadar’s Dapp Industry Report for April 2024, Magic Eden’s trading volume exceeded Blur’s by $108 million. This surge is attributed to Magic Eden’s strategic expansion into Bitcoin Ordinals and its robust rewards programs, attracting traders and collectors alike. The platform’s integration of Bitcoin Ordinals trading, which now constitutes 70% of its total volume, emphasizes the growing popularity of this new asset class within the NFT space.
Magic Eden’s rise is also supported by its comprehensive platform features, which include low transaction fees and a user-friendly interface that supports multiple blockchains. Combined with strategic partnerships and continuous platform enhancements, these features have enabled Magic Eden to capture and sustain a significant portion of the market share.
Broader NFT market declines as Inscriptions rise.
The report also highlighted a shift in conditions in the broader NFT market. Total trading volume decreased to $1.35 billion in April, a 13% drop from the previous month, while sales have increased by 20%. This trend can be attributed to several factors, including the rising popularity of Runestone, a Bitcoin Ordinals inscription that has surpassed Bored Ape Yacht Club as the NFT collection with the highest trading volume.
Moreover, Bitcoin collections have seen a 32% increase in trading volume, reaching $675 million, positioning Bitcoin as the blockchain with the highest trading volume, followed by Ethereum. Additionally, the Blast chain has gained traction among traders seeking to farm airdrop points via Blur’s new deployment.
Mentioned in this article
Latest Bitcoin Stories
Latest Press Releases
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
[2024 Upgrade] Tryspace Car Windshield Sun Shade Umbrella - [Newest Nanoparticles Coatings] Protect Car from Sun Rays & Heat Damage Keep Cool and Protect Interior Medium
$39.99 (as of July 2, 2024 21:15 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Original Bunch O Balloons Tropical Party 330+ Rapid-Filling Self-Sealing Water Balloons (Amazon Exclusive 10 Pack) by ZURU Water Balloon for the Whole Family, Kids, Teens and Adults
$24.99 (as of July 1, 2024 21:15 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Glow Sticks Bulk Party Favors 100pk - 8" Glow in the Dark Party Supplies, Light Sticks for Neon Party Glow Necklaces and Bracelets for Kids or Adults
$7.95 (as of July 1, 2024 21:15 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Crocs Unisex-Adult Classic Clogs
$43.12 (as of July 1, 2024 21:15 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
