In the first quarter of this year, Blur maintained its position as the leading non-fungible token (NFT) marketplace, boasting a staggering $1.5 billion in NFT trading volume. However, March saw a notable shift in the market dynamics, with Magic Eden’s trading volume surpassing Blur’s for all NFTs combined.
According to 2024 Q1 Crypto Industry Report, Blur secured $1.5 billion in trading volume for all NFTs throughout the entire first quarter, giving it a market share of 27.6% for the period, up from 24.9% in the previous quarter. Ethereum-based NFT trading also saw Blur dominating in March, with $565.6 million in Ethereum NFT trading volume, followed by OpenSea at $163.7 million, as reported by The Block.
Despite Blur’s stronghold in the market, Magic Eden, a Solana-based NFT marketplace, witnessed a surge in its trading volume in March. CoinGecko’s Q1 2024 report, published on April 17, revealed that Magic Eden’s NFT trading volume skyrocketed by 194.4% to reach $756.5 million, outpacing Blur, which marginally increased to $530.4 million.
CoinGecko attributed Magic Eden’s rise in market share to its innovative initiatives, including introducing the Diamond reward program and its ongoing partnership with Yuga Labs. This strategic move coincided with Yuga Labs’ decision to sever ties with NFT marketplaces lacking support for creator royalties.
March marked the first time since December, when OKX’s NFT marketplace capitalized on the Bitcoin Ordinals craze, that Blur had been dethroned as the leading NFT marketplace by trading volume. Previously, Blur had dominated trading volumes for 10 consecutive months following its surpassing of OpenSea in February 2023.
