In August, Magic Eden had more deals than Blur and OpenSea, two competitors with more experience. As a result, it became the market leader in NFTs. After the market report from CoinGecko on September 4, Magic Eden had a 36.7% share and made $122.47 million in deals. The site has been the best place to buy NFTs for six months in a row.
Magic Eden is a well-known NFT store that sells currencies based on Ethereum, Solana, Polygon, and Bitcoin, among others. Its popularity in August shows that its effect on the NFT market is growing.
Before Magic Eden, Blur was the market leader. In March, Magic Eden took over the top spot. In that moment, Magic Eden said they dealt with $734 million every month, while Blur said they dealt with maybe $530 million. Recently, there have been more trades in Magic Eden. This is because it now uses the Bitcoin Ordinal protocol, which is becoming more popular among people who collect NFTs.
Magic Eden Leads Blur, OpenSea Lag
The next biggest NFT markets, after Magic Eden, Blur and OpenSea Blur posted a trading volume of $84 million in August, a sharp 83.2% drop from its around $500 million volume in January. Blur’s market share has dropped to 25.4%, hence it ranks as the second-largest platform following Magic Eden.
Having reached an August trading volume of $66.5 million, OpenSea boasts a 19.9% market share. The platform remains below its past dominance in the NFT sector even if it recovered from a collapse earlier in the year when its market share dropped to 9.9% in January.
In August OpenSea also had legal difficulties when the U.S. Securities and Exchange Commission (SEC) sent a Wells notice to the business indicating possible regulatory action.
In August, Magic Eden had more deals than Blur and OpenSea, two competitors with more experience. As a result, it became the market leader in NFTs. After the market report from CoinGecko on September 4, Magic Eden had a 36.7% share and made $122.47 million in deals. The site has been the best place to buy NFTs for six months in a row.
