Blur remained top NFT marketplace in Q1 as Magic Eden surged last month

Blur remained the leading non-fungible token marketplace in the first quarter of this year with $1.5 billion in NFT trading volume. However, Magic Eden gained market share in March, with its trading volume for all NFTs surpassing Blur's.

For the entire first quarter, Blur recorded $1.5 billion in trading volume for all NFTs, the highest among all marketplaces, giving it a market share of 27.6% for the period, up from 24.9% in the previous quarter, according to a CoinGecko report. For Ethereum-based NFT trading, Blur remained top in March with $565.6 million in Ethereum NFT trading volume, followed by OpenSea’s $163.7 million, The Block’s data showed.

Magic Eden, however, appears to have gained market share in March. CoinGecko data showed that the NFT trading volume on the marketplace amounted to $756.5 million in March — up from $256.9 million in February — while Blur logged $530.4 million in trading volume in the same month. CoinGeck said the volume surge on Magic Eden could be primarily “due to its introduction of its Diamond reward program, and its Ethereum-based marketplace with Yuga Labs.

The Ordinals trading volume on Magic Eden appears to have also contributed to the platform’s growth. For example, on March 3, the daily trading volume for Ordinals on Magic Eden amounted to $39.3 million, while OKX's marketplace recorded $8.62 million on the day, according to The Block’s data dashboard. “Bitcoin NFT trading volume shifted to other platforms such as Magic Eden, and UniSat,” CoinGecko said in its report.

Meanwhile, the floor price of the Bored Ape Yacht Club collection dropped to a low of 10.04 ETH on Tuesday, the lowest point since August 2021, according to The Block’s data dashboard.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures.

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