Blur

Eden

In the highly competitive NFT landscape, Magic Eden is emerging as the new leader, surpassed Blur in terms of monthly transaction volume, hitting $756.5 Million.&nbsp;
Magic Eden, the Solana-based NFT marketplace expanded its strong roots in the NFT landscape, surpassing giants including Blur and OpenSea. The marketplace is outperforming in terms of monthly transaction volume and its new Diamond reward program is considered to be the strong pillar behind the same. In March, the NFT marketplace hit a trading volume of $756.5 Million.
<h2 class="wp-block-heading" id="strong-magic-eden-s-outstanding-performance-strong">Magic Eden’s Outstanding Performance</h2>
At a time when the NFT marketplace is showcasing slow and steady growth, Magic Eden, one of the popular NFT marketplaces is outperforming. According to CoinGecko, Magic Eden surpassed many of the NFT giants including OpenSea, Blur, and OKX in monthly transaction volume.
According to CoinGecko’s Q1 2024 report, Magic Eden recorded its largest monthly trading volume in March, hitting $756.5 Million which is a 194.4% spike from the previous month. Furthermore, it is the sixth consecutive month that the NFT marketplace spiked its trading volume.
March’s data showcases that Magic Eden’s effortless surpassed Blur as a leading NFT marketplace. Before this, Blur reported outstanding performance for 10 straight months after it defeated OpenSea in February 2023.
Furthermore, Magic Eden’s new Diamond reward program and continued partnership with Yuga Labs are emerging as the main reasons behind the NFT marketplace’s outstanding performance. These initiatives no doubt attracted <a href="https://www.thecoinrepublic.com/2024/04/17/top-4-nfts-by-market-cap-a-closer-look-at-their-analytics/" target="_blank" rel="noopener noreferrer nofollow">NFT </a>enthusiasts towards the respective marketplace and spiked the platform’s transaction volume.
Diamond Reward program is a cross-chain rewards program, developed for everyone and permits individuals to buy, list, and sell NFTs using the diamonds.
Additionally, the NFT marketplace’s plan to prioritize copyright support for creators also played a vital role in expanding roots in the NFT space. These steps signal a downturn of Blur and a shift occurred despite the initial hype over Bitcoin Ordinals, which initially boosted Blur’s transactions.
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<h3 class="wp-block-heading" id="strong-other-players-standing-in-nft-marketplace-strong">Other Players Standing In NFT Marketplace&nbsp;</h3>
OKX, another effective marketplace has lost its large share of Bitcoin NFT trading volume. However, the NFT marketplace still managed to sustain its third-largest NFT trading volume in the first Q1 of 2024. OKX’s market share is standing at 9.5% in March 2024.
Furthermore, Tensor and OpenSea succeeded in securing a position among the top five. Additionally, the top 10 NFT marketplaces collectively generated $4.7 Billion in Q1 2024 which is a hike of 51.6% from Q4 2023.
The biggest competitor of Magic Eden, Blur secured over $530 Million in trading volume in March 2024 whereas OpenSea succeeded in collecting $161 Million.
Despite the ups and downs, the floor price of many of the NFT collectibles including Bored Ape Yacht Clubs and CryptoPunks dropped by more than 91% and 64%. Moreover, NFT projects based on the Ethereum and Solana blockchain are outperforming.
In March, the Ethereum network generated $69 Billion, after a hike of 37.07% from last month. Solana, on the other hand, hit $40 Billion in March alone.

Magic Eden’s Strategic Moves Pay Off; Passed Blur In NFT Market

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Thecoinrepublic.com

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