Magic Eden NFT Marketplace Exceeds Blur in Trading

Magic Eden has surpassed Blur to become the top trading platform in terms of volume. Data from DappRadar reveals that Magic Eden’s trading volume hit $486 million in April, outperforming Blur by $108 million. This marks the first time Blur has fallen behind since its inception.

The surge in Magic Eden’s trading activity is primarily attributed to its support of Ordinals. This innovative protocol has contributed to 70% of the platform’s total trading volume. The introduction of the Diamond rewards program and a strategic partnership with Yuga Labs, a prominent NFT studio, also played significant roles in boosting Magic Eden’s market presence.

Other platforms have noticed shifts as well. UniSat and OKX NFT Marketplace have made their way into the top five trading platforms, largely due to the rising popularity of digital collectible assets on Bitcoin, including Ordinals and Runes. Runestone, another digital asset collection, has now surpassed the Bored Ape Yacht Club, claiming the top spot in popular collections.

The overall trading volume of NFTs on the Bitcoin blockchain saw a significant increase, rising by 32% over the month to reach $675 million. This surge placed Bitcoin as the second-highest blockchain in NFT trading volumes, just behind Ethereum.

Despite these positive trends, the total NFT trading volume across all platforms experienced a decrease. April’s total trading volume amounted to $1.35 billion, which is 13% lower than the previous month. This decline is part of a broader downward trend that has been consistent since December 2023.

DappRadar has also highlighted the growing popularity of the Blast network. The network has been attracting attention by offering points that can be farmed for future airdrops. This strategy is tied to the new deployment of Blur on the Blast protocol, adding another layer of engagement and investment opportunity for traders.