Magic Eden dominates the NFT market and its share is approaching 37%: CoinGecko

Magic Eden maintains its dominance in the nft market, with a 36.7% market share in August with a trading volume of nearly $123 million.

Magic Eden cemented its position as the leading non-fungible token marketplace in August, capturing 36.7% of the market share with a trading volume of $122.47 million, according to data from CoinGecko.

September 4th nft-marketplaces” target=”_blank”>Blog entryAnalysts at the cryptocurrency price data aggregator website noted that August marked the sixth consecutive month that Magic Eden led the market, further establishing its influence in the rapidly evolving nft sector.

Magic Eden, which initially launched as a Solana (SOL)-focused platform in 2021, rose to prominence in 2022 as the second-largest nft marketplace with a 31.7% share. However, a decline in Solana nfts saw its market share fall to 3.4% in 2023, analysts say.

The platform managed to rebound in 2024 by integrating bitcoin Ordinals (basically, nfts on the bitcoin network), which boosted its trading volume to $734.6 million in March and overtook rival Blur to claim the top spot with a 38.5% share.

OpenSea's market share falls below 20%

Once a close competitor, Blur saw its market share shrink from 35.4% in January to 25.4% in August, while OpenSea, the former market leader, now has a 19.9% ​​share, up from 9.9% at the start of this year. Together, Magic Eden, Blur and OpenSea dominate the nft market with a combined 82% share, the data shows.

Other platforms such as CryptoPunks marketplace and X2Y2 have also seen gains, while OKX nft Marketplace saw the most significant drop, from 18.4% to 2.4%, after a brief surge in late 2023. Analysts at CoinGecko say the nft trading space has evolved from a monopoly dominated by OpenSea, which had gained a stronghold during the nft bull run, to more of an “oligopoly in 2024 with healthier competition and diversity among nft marketplaces.”