Ordinals sales elevate Magic Eden to top NFT marketplace surpassing Blur by $108 million

4 months ago

Magic Eden has surpassed Blur to go the apical NFT marketplace successful presumption of trading volume, marking a important displacement successful the competitory scenery of integer plus exchanges. This improvement comes arsenic Blur, antecedently a ascendant subordinate successful the Ethereum-based NFT market, sees a diminution successful its marketplace share.

According to DappRadar’s Dapp Industry Report for April 2024, Magic Eden’s trading measurement exceeded that of Blur by $108 million. This surge is attributed to Magic Eden’s strategical enlargement into Bitcoin Ordinals and its robust rewards programs, which person importantly attracted traders and collectors alike. The platform’s integration of Bitcoin Ordinals trading, which present constitutes 70% of its full volume, emphasizes the increasing popularity of this caller plus people wrong the NFT space.

Magic Eden’s emergence is besides supported by its broad level features, which see debased transaction fees and a user-friendly interface that supports aggregate blockchains. These features, combined with strategical partnerships and continuous level enhancements, person enabled Magic Eden to seizure and prolong a important information of the marketplace share.

Broader NFT marketplace declines arsenic Inscriptions rise.

The study besides highlighted a displacement successful conditions successful the broader NFT market. Total trading measurement decreased to $1.35 cardinal successful April, a 13% driblet from the erstwhile month, portion the fig of income has accrued by 20%. This inclination tin beryllium attributed to respective factors, including the rising popularity of Runestone, a Bitcoin Ordinals inscription that has surpassed Bored Ape Yacht Club arsenic the NFT postulation with the highest trading volume.

Moreover, Bitcoin collections person seen a 32% summation successful trading volume, reaching $675 million, positioning Bitcoin arsenic the blockchain with the highest trading volume, followed by Ethereum. Additionally, the Blast concatenation has gained traction among traders seeking to workplace airdrop points via Blur’s caller deployment.