In April, Magic Eden ranked first among nft marketplaces in trading volume.
According to a report by nft-marketplace” target=”_blank” rel=””>DappRadarMagic Eden reached $486 million in trading volume last month, and Blur lost the lead for the first time since its launch, falling behind by $108 million.
Experts linked the platform's performance to the support of Ordinals: trading tokens issued using the protocol account for 70% of the market volume.
<img decoding="async" width="1024" height="574" src="https://crypto.news/app/uploads/2024/05/Screenshot-2024-05-10-at-18.12.13-1024×574.png” alt=”Magic Eden nft Market Overtakes Blur in Trading Volume – 1″/>
Other factors include the new Diamond rewards program and Magic Eden's continued partnership with Yuga Labs, one of the leading nft studios.
Analysts believe that the popularity of collectible digital assets in bitcoin, such as Ordinals and Runes, was accentuated by the fact that UniSat and OKX nft Marketplace entered the top five trading platforms in the segment in April.
“Interestingly, OpenSea continues to lose ground in trading volume and seems unable to keep up with its competition. It remains to be seen how this trend will evolve and will be fascinating to watch in the coming months.”
DappRadar Report
In terms of collections, Runestone took the lead, displacing Bored Ape Yacht Club from first place.
Furthermore, the total trading volume of nft collections in bitcoin increased by 32% during the month, reaching $675 million, placing the bitcoin blockchain in second place in trading volumes after ethereum.
DappRadar experts emphasized the growing popularity of Blast and said that the network is attracting traders by accumulating points for future airdrops associated with Blur's new deployment on the protocol.
According to DappRadar, the total nft trading volume in April was $1.35 billion, down 13% from the previous month. The downward trend towards the $1 billion mark has been consistently observed since December 2023.
