Blur Leads NFT Market in Q1 Despite Magic Eden’s Surge in Trading Volume

Blur Leads NFT Market in Q1 Despite Magic Eden's Surge in Trading Volume

Blur maintained its position as the top non-fungible token (NFT) marketplace in the first quarter of this year, achieving $1.5 billion in NFT trading volume. Despite this, Magic Eden saw a significant increase in market share in March, with its trading volumes for NFTs exceeding those of Blur.

Blur Leads NFT Market in Q1 Despite Magic Eden's Surge in Trading Volume

According to a CoinGecko report, Blur led all marketplaces with a total trading volume of $1.5 billion for NFTs in the first quarter, capturing a market share of 27.6%, an increase from 24.9% in the previous quarter. 

In the specific category of Ethereum-based NFTs, Blur continued to lead in March, posting $565.6 million in trading volume, while OpenSea followed with $163.7 million. 

Magic Eden, on the other hand, showed a remarkable rise in March. CoinGecko’s data revealed that Magic Eden’s NFT trading volume reached $756.5 million in March, a significant jump from $256.9 million in February, while Blur recorded $530.4 million in the same month. 

This surge at Magic Eden was “due to its introduction of its Diamond reward program, and its Ethereum-based marketplace with Yuga Labs,” according to CoinGecko.

Additionally, the trading volume of Ordinals on Magic Eden contributed to the platform’s growth. For instance, on March 3, Magic Eden’s daily trading volume for Ordinals was $39.3 million, compared to $8.62 million at OKX’s marketplace. “Bitcoin NFT trading volume shifted to other platforms such as Magic Eden, and UniSat,” stated the report from CoinGecko.

In a related note, the floor price for the Bored Ape Yacht Club collection dropped to 10.04 ETH (approximately $298,500) on Tuesday, marking its lowest value since August 2021.

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