NFT Marketplaces Overview: Q1 2024

Blur’s Dominance

• Throughout the entire first quarter, Blur boasted the highest trading volume for all NFTs, capturing a market share of 27.6%. This marked an increase from its 24.9% share in the previous quarter.
• Specifically for Ethereum-based NFT trading, Blur remained dominant in March, recording $565.6 million in trading volume. This outpaced competitors like OpenSea, which recorded $163.7 million in the same period.

Magic Eden’s Rise

• While Blur maintained its lead; Magic Eden made significant strides in March. Its NFT trading volume skyrocketed to $756.5 million, up from $256.9 million in February.
• CoinGecko attributed Magic Eden’s surge to the introduction of its Diamond reward program and the launch of its Ethereum-based marketplace with Yuga Labs.

Impact of Ordinal Trading

• The trading volume of Ordinals on Magic Eden played a pivotal role in the platform’s growth. For instance, on March 3, the daily trading volume for Ordinals reached $39.3 million on Magic Eden. It surpassed OKX’s marketplace, which recorded $8.62 million on the same day.

Shift in Bitcoin NFT Trading

• CoinGecko’s report noted a shift in Bitcoin NFT trading volume to platforms like Magic Eden and UniSat, indicating a diversification away from traditional marketplaces.

Bored Ape Yacht Club Price Fluctuation

• Interestingly, the floor price of the Bored Ape Yacht Club collection experienced a significant drop to 10.04 ETH (approximately $298,500) on a recent Tuesday. This marked the lowest point since August 2021, according to data from The Block.

While Blur kept its strong place in the NFT marketplace during Q1 2024; Magic Eden’s surge in trading volume during March showcased its potential to challenge the status quo. The introduction of innovative reward programs and the rise of Ordinals trading contributed to Magic Eden’s rapid growth; indicating a dynamic and evolving landscape in the world of NFTs.