In April, Magic Eden ranked top among NFT marketplaces in trading volume.
According to a report from DappRadar, Magic Eden reached $486 million in trading volume last month, with Blur losing the lead for the first time since launch, trailing by $108 million.
Experts linked the platform’s performance to the support of Ordinals – trading tokens issued using the protocol accounts for 70% of the market volume.
Other factors include the new Diamond rewards program and Magic Eden’s ongoing partnership with Yuga Labs, one of the leading NFT studios.
Analysts believe that the popularity of digital collectible assets on Bitcoin, such as Ordinals and Runes, was emphasized 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 appears unable to keep up with its competition. How this trend will evolve remains to be seen, and it will be fascinating to observe in the coming months.”
DappRadar report
In terms of collections, Runestone took the lead, displacing Bored Ape Yacht Club from the first place.
In addition, the total trading volume of NFT collections on Bitcoin increased by 32% over the month, reaching $675 million, putting the Bitcoin blockchain in second place in trading volumes after Ethereum.
DappRadar experts emphasized the growing popularity of Blast, saying the network is attracting traders by farming points for future airdrops associated with the new deployment of Blur on the protocol.
According to DappRadar, April’s total NFT trading volume was $1.35 billion, 13% less than the previous month. The downtrend toward the $1 billion mark has been steadily observed since December 2023.
