A recent market analytics study done by CoinGecko.com, an on-chain crypto market data aggregator, and non-fungible token explorer, shows that Magic Eden is the leading NFT marketplace in 2024.
Magic Eden, a cross-chain non-fungible token marketplace, has seen a resurgence in adoption and trading sales volume this past month, outpacing its major market competitor Blur NFT marketplace. The NFT market platform Magic Eden has dominated the global NFT market as of August 2024, maintaining the top spot for the sixth consecutive month.
A recent market analytics study done by CoinGecko.com, an on-chain crypto market data aggregator, and non-fungible token explorer, shows that Magic Eden is the leading NFT marketplace in 2024. Magic Eden dominates the NFT marketplace with a monthly trading volume of $122.47 million in August, representing a 36.7% market share. This marks Magic Eden’s 6th consecutive month at the top NFT marketplace.
Launched in September 2021, Magic Eden is the leading multi-chain digital market platform supporting non-fungible tokens on Solana, Ethereum, Polygon, and Bitcoin. Magic Eden enables users to create, buy, sell, and collect NFTs. The NFT marketplace rapidly rose in popularity and became the second-largest NFT marketplace in 2022 with a trading market share of 31.7%. This made Magic Eden the closest competitor to OpenSea until Blur arrived.
Magic Eden started becoming notable in trading sales volume earlier last year, particularly after the launching of Bitcoin Ordinals collections. At the time, Magic Eden became one of the first established NFT marketplaces to integrate the Bitcoin Ordinals on its platform. However, Magic Eden’s market share then shrank to a range of 3.4% to 9.2% in late 2023.
Earlier this year, Magic Eden surged again in adoption and volume. In March, Magic Eden saw monthly NFT trading volume more than double to reach $734.60 million and surpassed Blur to capture the largest market share of 38.5% for the first time. Since then, Magic Eden has retained its top position for the past six months, outpacing OpenSea and Blur NFT market platforms.
Blur now ranks as the second most popular NFT marketplace, after its market share fell from 35.4% at the start of the year, to 25.4% in August. Over the same period, the monthly NFT trading volume on Blur has steadily dropped from $499.95 million to $84.69 million. OpenSea is the third top NFT marketplace in August, with a monthly trading sales volume of $66.52 million at a 19.9% NFT market share.
Other popular NFT marketplaces include the CryptoPunks marketplace and X2Y2, which have recorded an increase in market share since the start of the year. The CryptoPunks marketplace increased its market share from 2.4% to 5.6% and ranks as the fifth largest NFT marketplace, while X2Y2 saw a smaller increase from 0.7% to 1.2%. In total, Magic Eden, Blur, and OpenSea account for the majority of NFT trading volume with a combined 82.0% market share.
