In April, Magic Eden ranked high amongst NFT marketplaces in buying and selling quantity.
In accordance with a report from DappRadar, Magic Eden reached $486 million in buying and selling quantity final month, with Blur dropping the lead for the primary time since launch, trailing by $108 million.
Consultants linked the platform’s efficiency to the assist of Ordinals – buying and selling tokens issued utilizing the protocol accounts for 70% of the market quantity.
Different components embody the brand new Diamond rewards program and Magic Eden’s ongoing partnership with Yuga Labs, one of many main NFT studios.
Analysts imagine that the recognition of digital collectible property on Bitcoin, reminiscent of Ordinals and Runes, was emphasised by the truth that UniSat and OKX NFT Market entered the highest 5 buying and selling platforms within the phase in April.
“Apparently, OpenSea continues to lose floor in buying and selling quantity and seems unable to maintain up with its competitors. How this pattern will evolve stays to be seen, and it will likely be fascinating to watch within the coming months.”
DappRadar report
By way of collections, Runestone took the lead, displacing Bored Ape Yacht Membership from the primary place.
As well as, the whole buying and selling quantity of NFT collections on Bitcoin elevated by 32% over the month, reaching $675 million, placing the Bitcoin blockchain in second place in buying and selling volumes after Ethereum.
DappRadar consultants emphasised the rising recognition of Blast, saying the community is attracting merchants by farming factors for future airdrops related to the brand new deployment of Blur on the protocol.
In accordance with DappRadar, April’s complete NFT buying and selling quantity was $1.35 billion, 13% lower than the earlier month. The downtrend towards the $1 billion mark has been steadily noticed since December 2023.