Blur maintains leadership in the NFT market and registers a volume of 1.5 billion dollars in the first quarter

Capitalizing on a broader market resurgence, the nft trading space witnessed in the first quarter of 2024, with volumes in the top 10 markets soaring to $4.7 billion.

According to CoinGecko's latest report, Blur maintained its position as the leading nft marketplace during this period. During the first quarter of 2024, Blur recorded volume of $1.5 billion while capturing a 27.6% market share, up from the previous quarter.

• It is closely followed by Magic Eden, which has become a major competitor, surpassing Blur in March. The growth is primarily due to its Diamond rewards program, as well as the launch of its royalty-based ethereum marketplace with Yuga Labs, which raised over $760 million in trading volume.
• Magic Eden Trading Volume Soared 393% from $153 Million in December to $757 Million in March, CoinGecko crypto-report” target=”_blank” rel=”noopener” data-wpel-link=”external”>revealed.
• Meanwhile, OKX, once a dominant force in bitcoin nft trading, witnessed a significant decline in volumes, falling more than 73% from December 2023 to March 2024. Its market share shrank from 37.6% to 9.5% during the same period.
• Additionally, nft lending volumes increased by more than 50% in January compared to December, due to increased demand for Pudgy Penguins. Six popular platforms increased from $1.48 billion in the fourth quarter of 2023 to $2.13 billion in the first quarter of 2024, an increase of 43.6%.
• Since the beginning of the year, the floor price for Pudge Penguins has increased by 98% even though most top-tier nfts continue to decline. Subsequently, loans from collection increased by 209%, going from $252 million to $781 million in the first quarter of the year.
• On the other hand, loans originated by Bored Apes and Mutant Apes fell from 47.1% to 43.6%.

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