April saw a significant shift in the landscape of NFT marketplaces, with Magic Eden emerging as the leader in trading volume, surpassing Blur for the first time since its launch.
According to a report by DappRadar, Magic Eden recorded an impressive trading volume of $486 million last month, securing the top spot in the NFT marketplace rankings. This marked a substantial $108 million lead over Blur, which had previously held the top position.
Experts attribute Magic Eden’s remarkable performance to several key factors, including the overwhelming support for Ordinals – trading tokens issued using the platform’s protocol, which accounted for a substantial 70% of the market volume. Additionally, the introduction of the Diamond rewards program and Magic Eden’s strategic partnership with Yuga Labs, a prominent NFT studio, further bolstered its popularity among traders.
The rise of digital collectible assets on Bitcoin, such as Ordinals and Runes, was highlighted by the inclusion of UniSat and OKX NFT Marketplace in the top five trading platforms for the segment in April. Meanwhile, OpenSea experienced a decline in trading volume, indicating challenges in keeping pace with its competitors.
In terms of collections, Runestone claimed the top spot, surpassing Bored Ape Yacht Club. The total trading volume of NFT collections on Bitcoin witnessed a notable 32% increase, reaching $675 million, positioning the Bitcoin blockchain as the second-largest platform in terms of trading volumes after Ethereum.
DappRadar experts underscored the growing popularity of Blast, noting its ability to attract traders through farming points for future airdrops associated with the new deployment of Blur on the protocol.
Despite the overall decrease in total NFT trading volume to $1.35 billion in April, down by 13% compared to the previous month, the trend towards the $1 billion mark has been steadily observed since December 2023, indicating sustained interest and activity in the NFT market.
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