Magic Eden Dominates NFT Marketplaces with 37% Share in August 2024

Ted Hisokawa Sep 04, 2024 06:32

Magic Eden continues to lead NFT marketplaces with a 37% market share in August 2024, maintaining its top position for six consecutive months.

Magic Eden has solidified its position as the leading NFT marketplace, holding a 36.7% market share with $122.47 million in monthly trading volume in August 2024, according to CoinGecko. This milestone marks the sixth consecutive month Magic Eden has topped the NFT marketplace rankings.

What Are the Top NFT Marketplaces?

Initially launched in late 2021 as a Solana-focused NFT platform, Magic Eden has seen significant shifts in its market share over the years. The platform previously captured up to 31.7% of the market in 2022, making it the second largest NFT marketplace behind OpenSea until Blur's entrance. The decline in Solana NFTs' popularity led to a drop in Magic Eden's market share to between 3.4% and 9.2% in 2023.

However, Magic Eden capitalized on the rise of Bitcoin Ordinals, being one of the first established NFT marketplaces to integrate the chain. This strategic move resulted in a surge in trading volume, which more than doubled to $734.60 million in March 2024, allowing Magic Eden to surpass Blur and capture a 38.5% market share for the first time.

Blur, which ranks as the second most popular NFT marketplace, saw its market share decline from 35.4% at the start of the year to 25.4% last month. Monthly trading volume on Blur also dropped from $499.95 million to $84.69 million during the same period.

OpenSea, the third largest NFT marketplace, holds a 19.9% market share with $66.52 million in monthly trading volume. Despite doubling its market share from 9.9% at the start of the year, OpenSea's recovery is still far from its earlier dominance in the NFT trading space.

In total, Magic Eden, Blur, and OpenSea account for a combined 82.0% of the NFT trading volume.

Other Notable NFT Marketplaces

Among other popular NFT marketplaces, only the CryptoPunks marketplace and X2Y2 have recorded an increase in market share since the start of the year. CryptoPunks' market share rose from 2.4% to 5.6%, ranking it as the fifth largest NFT marketplace, while X2Y2 saw a smaller increase from 0.7% to 1.2%.

Conversely, the OKX NFT marketplace experienced the most significant decline, dropping from an 18.4% market share to just 2.4%. This decline follows a surge in trading volume at the end of 2023, where OKX briefly overtook Blur with a 38.4% market share in December.

Historical Data and Market Evolution

From 2022 to 2024, OpenSea, Blur, and Magic Eden have been the main contenders for the top NFT marketplace position. Over this period, OpenSea facilitated the highest cumulative NFT trading volume at $23.14 billion, followed by Blur at $8.54 billion, and Magic Eden at $6.39 billion.

The NFT marketplace landscape has evolved from an OpenSea monopoly during the NFT bull run to a more competitive oligopoly in 2024. The number of marketplaces with over 10% market share has increased from just two in previous years to four this year, indicating a healthier competition and diversity in the NFT market.

Top NFT Marketplaces by Chain

On the Ethereum blockchain, Blur leads with a 68.8% market share, facilitating $2.43 billion in Ethereum NFT trading volume year-to-date. OpenSea follows with an 18.1% share, while Magic Eden ranks third with a 6.1% share.

For Solana NFTs, Magic Eden and Tensor are the most popular marketplaces. Magic Eden holds a slight lead with a 50.4% market share from $654.80 million in trading volume, compared to Tensor's 49.6% share from $645.39 million.

Magic Eden also dominates the Bitcoin Ordinals marketplace with a 61.0% share from $1.79 billion in trading volume, more than twice that of OKX, which holds a 28.8% market share.

The top 10 NFT platforms ranked by market share as of August 2024 are:

For more detailed insights, visit the full report on CoinGecko.

Image source: Shutterstock

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