Magic Eden stays the highest non-fungible token (NFT) market for the sixth month in a row, in line with a report printed by CoinGecko right now.
The report highlights that Magic Eden holds a 36.7% share of the NFT market, with a buying and selling quantity of $122.47 million in August alone.
Although Magic Eden has constantly been a well-liked selection amongst NFT merchants, it was solely the second hottest market in 2022, trailing behind OpenSea. The rise of Blur later pushed Magic Eden to 3rd place.
Nevertheless, the platform’s latest progress could be attributed to its strategic transfer to capitalize on rising developments, notably the rise of Bitcoin Ordinals.
Whereas Solana-based NFTs, that are central to Magic Eden’s choices, had been going through a decline, the platform shortly tailored by changing into one of many first to launch a devoted platform for Bitcoin Ordinals.
This well timed transfer paid off, with Magic Eden’s month-to-month NFT buying and selling quantity greater than doubling to $734.60 million by March 2024.
Along with its early adoption of Bitcoin Ordinals, Magic Eden built-in Runes in April, a token commonplace designed to streamline Bitcoin transactions for NFT issuance and buying and selling. This introduction coincided with the Bitcoin halving occasion, which occurred in April and contributed to the surge in buying and selling exercise.
In the meantime, Blur and OpenSea, as soon as forward of Magic Eden, now rank second and third, respectively. In August, Blur recorded a month-to-month NFT buying and selling quantity of $84.69 million, whereas OpenSea noticed $66.52 million.
Different widespread NFT marketplaces, such because the CryptoPunks market and X2Y2, have additionally seen a rise of their market share because the starting of the 12 months.
