Ordinals sales elevate Magic Eden to top NFT marketplace surpassing Blur by $108 million Ordinals sales elevate Magic Eden to top NFT marketplace surpassing Blur by $108 million
Magic Eden outperforms Blur in NFT trading volume for first time, driven by its expansion into Bitcoin Ordinals and dynamic rewards.
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Updated: May. 10, 2024 at 9:27 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Magic Eden has surpassed Blur to become the top NFT marketplace in terms of trading volume, marking a significant shift in the competitive landscape of digital asset exchanges. This development comes as Blur, previously a dominant player in the Ethereum-based NFT market, sees a decline in its market share.
According to DappRadar’s Dapp Industry Report for April 2024, Magic Eden’s trading volume exceeded Blur’s by $108 million. This surge is attributed to Magic Eden’s strategic expansion into Bitcoin Ordinals and its robust rewards programs, attracting traders and collectors alike. The platform’s integration of Bitcoin Ordinals trading, which now constitutes 70% of its total volume, emphasizes the growing popularity of this new asset class within the NFT space.
Magic Eden’s rise is also supported by its comprehensive platform features, which include low transaction fees and a user-friendly interface that supports multiple blockchains. Combined with strategic partnerships and continuous platform enhancements, these features have enabled Magic Eden to capture and sustain a significant portion of the market share.
Broader NFT market declines as Inscriptions rise.
The report also highlighted a shift in conditions in the broader NFT market. Total trading volume decreased to $1.35 billion in April, a 13% drop from the previous month, while sales have increased by 20%. This trend can be attributed to several factors, including the rising popularity of Runestone, a Bitcoin Ordinals inscription that has surpassed Bored Ape Yacht Club as the NFT collection with the highest trading volume.
Moreover, Bitcoin collections have seen a 32% increase in trading volume, reaching $675 million, positioning Bitcoin as the blockchain with the highest trading volume, followed by Ethereum. Additionally, the Blast chain has gained traction among traders seeking to farm airdrop points via Blur’s new deployment.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,134.34
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
OpenSea
OpenSea is a decentralized peer-to-peer marketplace for buying, selling, and trading NFTs.
Magic Eden
Magic Eden is a multi-Chain NFT marketplace, pushing boundaries on Solana, Ethereum, and Polygon and driving the next billion users to Web3.
Blur
Blur is an NFT marketplace and aggregator that was launched on October 19, 2022.