In a big change in the always-changing world of non-fungible tokens (NFTs), Magic Eden has surpassed Blur as the NFT platform with the most trades.
A new report from DappRadar says that Magic Eden soared to the top in April with an impressive $486 million worth of trades. Thanks to this amazing accomplishment, Blur fell to second place, $108 million behind.
Experts say Magic Eden’s great success is due to several main factors. Notably, the platform’s ability to support Ordinals, trading tokens created through the protocol, has been very important, making up 70% of the market value.
Magic Driving Growth The Diamond Rewards Program and Strategic Partnerships
The platform’s popularity and trading activity have also grown thanks to the new Diamond rewards program and Magic Eden’s ongoing relationship with Yuga Labs, a well-known NFT studio.
Analysts say the huge demand for digital collectibles on the Bitcoin blockchain, like Ordinals and Runes, has greatly affected the market’s functioning. The fact that UniSat and OKX NFT Marketplace are now among the top five NFT trading sites for April shows that this trend is becoming clearer.
Interestingly, OpenSea continues to lose ground in trading volume and appears unable to keep up with its competition. How this trend will evolve remains to be seen, and it will be fascinating to observe in the coming months.
DappRadar report
Runestone has taken over as the collection leader, pushing Bored Ape Yacht Club out of first place. This change shows how the tastes and interests of people in the NFT community are changing.
Also, the overall trading volume of NFT collections on the Bitcoin blockchain went through a big jump, rising by 32% to $675 million in April. This increase pushed the Bitcoin blockchain to the top of NFT trading rates, making it the second most traded blockchain after Ethereum.
According to experts at DappRadar, Blast is also becoming more popular, especially among traders who want to earn points for future airdrops related to the new Blur deployment on the protocol.
Even though Magic Eden and other top NFT platforms did very well in March, trading in NFTs dropped slightly in April, totaling $1.35 billion, or 13% less than the previous month. Since December 2023, this steady falling trend is getting closer to $1 billion.
As the NFT environment changes and adapts to new market conditions, Magic Eden’s rise to the top shows how strong and appealing the platform is in a more competitive market.
