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

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