Publicly available 24-hour trading volume reports from NFT marketplaces

Magic Eden Tops NFT Marketplaces, Surpasses Blur, Holds 51% Market Share, OpenSea at 30%

Jun 1, 2024, 07:56 PM

Magic Eden has emerged as the top NFT marketplace across Ethereum, Solana, and Bitcoin, surpassing competitors like Blur and OpenSea in 24-hour trading volume. The platform now holds a 51% market share, while OpenSea holds a 30% share. Magic Eden's success is attributed to its multi-chain strategy, user-friendly mobile wallet, and royalty protection on all chains. The platform's dominance in trading volume includes significant activity in ETH, SOL, and BTC markets. Notably, Magic Eden offers tipping on Bitcoin and accounts for 70% of the entire ecosystem's royalties paid to creators. The mobile wallet allows cross-chain swaps with $2 in gas fees, demonstrated at a Consensus event. However, some users have raised concerns about potential fake trading volumes on the platform.