Magic Eden Dominates NFT Marketplaces with 37% Share in August 2024

Magic Eden has solidified its place because the main NFT market, holding a 36.7% market share with $122.47 million in month-to-month buying and selling quantity in August 2024, in accordance with CoinGecko. This milestone marks the sixth consecutive month Magic Eden has topped the NFT market rankings.

What Are the High NFT Marketplaces?

Initially launched in late 2021 as a Solana-focused NFT platform, Magic Eden has seen important shifts in its market share over time. The platform beforehand captured as much as 31.7% of the market in 2022, making it the second largest NFT market behind OpenSea till Blur’s entrance. The decline in Solana NFTs’ reputation led to a drop in Magic Eden’s market share to between 3.4% and 9.2% in 2023.

Nevertheless, Magic Eden capitalized on the rise of Bitcoin Ordinals, being one of many first established NFT marketplaces to combine the chain. This strategic transfer resulted in a surge in buying and selling quantity, which greater than doubled to $734.60 million in March 2024, permitting Magic Eden to surpass Blur and seize a 38.5% market share for the primary time.

Blur, which ranks because the second hottest NFT market, noticed its market share decline from 35.4% initially of the 12 months to 25.4% final month. Month-to-month buying and selling quantity on Blur additionally dropped from $499.95 million to $84.69 million throughout the identical interval.

OpenSea, the third largest NFT market, holds a 19.9% market share with $66.52 million in month-to-month buying and selling quantity. Regardless of doubling its market share from 9.9% initially of the 12 months, OpenSea’s restoration continues to be removed from its earlier dominance within the NFT buying and selling area.

In complete, Magic Eden, Blur, and OpenSea account for a mixed 82.0% of the NFT buying and selling quantity.

Different Notable NFT Marketplaces

Amongst different fashionable NFT marketplaces, solely the CryptoPunks market and X2Y2 have recorded a rise in market share for the reason that begin of the 12 months. CryptoPunks’ market share rose from 2.4% to five.6%, rating it because the fifth largest NFT market, whereas X2Y2 noticed a smaller improve from 0.7% to 1.2%.

Conversely, the OKX NFT market skilled probably the most important decline, dropping from an 18.4% market share to simply 2.4%. This decline follows a surge in buying and selling quantity on the finish of 2023, the place OKX briefly overtook Blur with a 38.4% market share in December.

Historic Knowledge and Market Evolution

From 2022 to 2024, OpenSea, Blur, and Magic Eden have been the principle contenders for the highest NFT market place. Over this era, OpenSea facilitated the best cumulative NFT buying and selling quantity at $23.14 billion, adopted by Blur at $8.54 billion, and Magic Eden at $6.39 billion.

The NFT market panorama has developed from an OpenSea monopoly in the course of the NFT bull run to a extra aggressive oligopoly in 2024. The variety of marketplaces with over 10% market share has elevated from simply two in earlier years to 4 this 12 months, indicating a more healthy competitors and variety within the NFT market.

High NFT Marketplaces by Chain

On the Ethereum blockchain, Blur leads with a 68.8% market share, facilitating $2.43 billion in Ethereum NFT buying and selling quantity year-to-date. OpenSea follows with an 18.1% share, whereas Magic Eden ranks third with a 6.1% share.

For Solana NFTs, Magic Eden and Tensor are the preferred marketplaces. Magic Eden holds a slight lead with a 50.4% market share from $654.80 million in buying and selling quantity, in comparison with Tensor’s 49.6% share from $645.39 million.

Magic Eden additionally dominates the Bitcoin Ordinals market with a 61.0% share from $1.79 billion in buying and selling quantity, greater than twice that of OKX, which holds a 28.8% market share.

The highest 10 NFT platforms ranked by market share as of August 2024 are:

For extra detailed insights, go to the total report on CoinGecko.

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