KEY POINTS
Magic Eden, the popular Solana-based non-fungible token (NFT) platform, outpaced Blur in trading volume during March, as revealed in a recent report from CoinGecko.
CoinGecko attributes this surge to Magic Eden’s Diamond reward program, launched in 2023. This program incentivizes users with points (“Diamonds”) for buying NFTs directly on the platform. These points can be redeemed for benefits like reduced trading fees and exclusive access to participate in future sales.
Another factor contributing to Magic Eden’s rise is its partnership with Yuga Labs, announced in February. This collaboration involved launching a new marketplace focused on Ethereum-based NFTs, specifically designed to prioritize creator royalties.
Beyond these initiatives, Magic Eden has been making headlines with various developments. In January, it launched a multi-chain wallet, and just last month, it announced plans to integrate the Runes token standard. This integration aims to improve support for Bitcoin NFTs and broaden accessibility for users.
Magic Eden has also become a dominant player in Bitcoin NFT trading volume, dethroning the previous leader, OKX.
Looking at the last week’s data, Magic Eden appears to hold onto its top spot among leading marketplaces by trading volume.
However, despite March’s win and current lead, Blur remained the top marketplace for the entire first quarter of 2024, with a total trading volume of $1.5 billion.
The CoinGecko report also revealed that the combined trading volume across the top ten marketplaces reached $4.7 billion in Q1 2024. This data offers a glimmer of hope for the NFT community, which has witnessed numerous market downturns, leading to decreased interest.
Signs of a revival emerged in late 2023, with analysts noticing positive data trends. This year, the NFT market seems to be off to a good start, particularly for Bitcoin-based NFTs, possibly fueled by the upcoming halving event expected this month.
