Magic Eden NFT marketplace surpasses Blur in trading volume

In April, Magic Eden ranked top among NFT marketplaces in terms of transaction volume.

According to a report from DappRadar, Magic Eden reached $486 million in transaction volume last month, falling behind Blur by $108 million, losing the lead for the first time since its launch.

Experts attributed the platform’s performance to the support of Ordinals; Token trading issued using the protocol accounts for 70% of market volume.

Source: DappRadar

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 such as Ordinals and Runes in Bitcoin is highlighted by UniSat and OKX NFT Marketplace entering the top five trading platforms in the segment in April.

“Interestingly, OpenSea continues to lose ground in trading volume and seems unable to keep up with the competition. “Time will tell how this trend will develop, and it will be fascinating to observe in the coming months.”

DappRadar report

In terms of collections, Runestone has taken the lead, displacing Bored Ape Yacht Club.

Additionally, the total transaction volume of NFT collections on Bitcoin increased by 32% during the month, reaching $675 million, placing the Bitcoin blockchain in second place after Ethereum in transaction volumes.

DappRadar experts highlighted the growing popularity of Blast and said that the network attracts traders by collecting points for future airdrops associated with the new distribution of Blur in the protocol.

According to DappRadar, April’s total NFT transaction volume was $1.35 billion, down 13% from the previous month. The downward trend towards $1 billion has been observed steadily since December 2023.