Magic Eden Takes Again The NFT Market Dominance In August 2024

Magic Eden Takes Again The NFT Market Dominance In August 2024 – CoinGecko

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Magic Eden, a cross-chain non-fungible token market, has exploded once more in adoption and buying and selling gross sales quantity this previous month, outpacing its main market competitor Blur NFT market. The NFT market platform Magic Eden has dominated the worldwide NFT market as of August 2024, sustaining the highest spot for the sixth consecutive month.

Magic Eden Tops The NFT Marketplaces In 2024

A current market analytics research executed by CoinGecko.com, an on-chain crypto market knowledge aggregator, and non-fungible token explorer, exhibits that Magic Eden is the main NFT market in 2024. Magic Eden dominates the NFT market with a month-to-month buying and selling quantity of $122.47 million in August, representing a 36.7% market share. This marks Magic Eden’s sixth consecutive month as the highest NFT market.

What are the highest NFT marketplaces in 2024? 🔎

Our newest research reveals that @MagicEden is the highest NFT Market in 2024, with a 36.7% share and $122.47M in August buying and selling quantity, marking its sixth consecutive month on the prime.

Learn the complete research: https://t.co/ib2r2f3e1T pic.twitter.com/3Gj17T0tU2

— CoinGecko (@coingecko) September 4, 2024

Launched in September 2021, Magic Eden is the main multi-chain digital market platform supporting non-fungible tokens on Solana, Ethereum, Polygon, and Bitcoin. Magic Eden allows customers to create, purchase, promote, and accumulate NFTs. The NFT market quickly rose in reputation and have become the second-largest NFT market in 2022 with a buying and selling market share of 31.7%. This made Magic Eden the closest competitor to OpenSea till Blur arrived.

Magic Eden began turning into notable in buying and selling gross sales quantity earlier final yr, notably after the launching of Bitcoin Ordinals collections. On the time, Magic Eden grew to become one of many first established NFT marketplaces to combine the Bitcoin Ordinals on its platform. Nonetheless, Magic Eden’s market share then shrank to a spread of three.4% to 9.2% in late 2023.

Earlier this yr, Magic Eden surged once more in adoption and quantity. In March, Magic Eden noticed month-to-month NFT buying and selling quantity greater than double to succeed in $734.60 million and surpassed Blur to seize the biggest market share of 38.5% for the primary time. Since then, Magic Eden has retained its prime place for the previous six months, outpacing OpenSea and Blur NFT market platforms.

Blur Ranks Second In The Prime NFT Marketplaces In 2024

Blur now ranks because the second hottest NFT market, after its market share fell from 35.4% in the beginning of the yr, to 25.4% in August. Over the identical interval, the month-to-month NFT buying and selling quantity on Blur has steadily dropped from $499.95 million to $84.69 million. OpenSea is the third prime NFT market in August, with a month-to-month buying and selling gross sales quantity of $66.52 million at a 19.9% NFT market share.

Different fashionable NFT marketplaces embrace the CryptoPunks market and X2Y2, which have recorded a rise in market share for the reason that begin of the yr. The CryptoPunks market elevated its market share from 2.4% to five.6% and ranks because the fifth largest NFT market, whereas X2Y2 noticed a smaller enhance from 0.7% to 1.2%. In complete, Magic Eden, Blur, and OpenSea account for almost all of NFT buying and selling quantity with a mixed 82.0% market share.