Magic Eden remains the top non-fungible token (NFT) marketplace for the sixth month in a row, according to a report published by CoinGecko today.
The report highlights that Magic Eden holds a 36.7% share of the NFT market, with a trading volume of $122.47 million in August alone.
Though Magic Eden has consistently been a popular choice among NFT traders, it was only the second most popular marketplace in 2022, trailing behind OpenSea. The rise of Blur later pushed Magic Eden to third place.
However, the platform’s recent growth can be attributed to its strategic move to capitalize on emerging trends, particularly the rise of Bitcoin Ordinals.
While Solana-based NFTs, which are central to Magic Eden’s offerings, were facing a decline, the platform quickly adapted by becoming one of the first to launch a dedicated platform for Bitcoin Ordinals.
This timely move paid off, with Magic Eden’s monthly NFT trading volume more than doubling to $734.60 million by March 2024.
In addition to its early adoption of Bitcoin Ordinals, Magic Eden integrated Runes in April, a token standard designed to streamline Bitcoin transactions for NFT issuance and trading. This introduction coincided with the Bitcoin halving event, which occurred in April and contributed to the surge in trading activity.
Meanwhile, Blur and OpenSea, once ahead of Magic Eden, now rank second and third, respectively. In August, Blur recorded a monthly NFT trading volume of $84.69 million, while OpenSea saw $66.52 million.
Other popular NFT marketplaces, such as the CryptoPunks marketplace and X2Y2, have also seen an increase in their market share since the beginning of the year.
