Magic Eden Surpasses Blur in NFT Trading Volume

In April, Magic Eden claimed the top spot in NFT marketplace trading volume, reaching $486 million. Blur, for the first time since its launch, fell behind by $108 million, according to a report by DappRadar.

Experts attributed the platform’s surge to its support for Ordinals, with trading of tokens issued via the protocol accounting for 70% of the market volume.

Other contributing factors included the new Diamond rewards program and Magic Eden’s ongoing partnership with leading NFT studio Yuga Labs.

Analysts noted that the popularity of digital collectible assets on Bitcoin (Ordinals and Runes) was highlighted by the inclusion of UniSat and OKX NFT Marketplace in the top five trading platforms in the segment in April.

They also observed that OpenSea, which had dominated the market unchallenged before Blur’s emergence, continued to lose ground in April.

In terms of collections, Runestone took the lead, displacing Bored Ape Yacht Club from the top position.

The total trading volume of Bitcoin-based NFT collections increased by 32% over the month, reaching $675 million.

This propelled the blockchain of the first cryptocurrency to second place in trading volumes, behind Ethereum. In this regard, DappRadar experts highlighted the growing popularity of Blast. The network attracts traders by farming points for future airdrops related to Blur’s new deployment on the protocol, they believe.

The total NFT trading volume in April was $1.35 billion, 13% less than the previous month. Overall, the trend towards the $1 billion mark has been steadily observed since December 2023, DappRadar specialists noted.

The number of sales increased by 20%, which experts again attributed to the popularity of Bitcoin NFTs.

Earlier, a sharp surge in activity following the launch of Runes, timed to coincide with the halving, helped the network of the first cryptocurrency reach 1 billion processed transactions over its lifetime.