Non-fungible token (NFT) marketplace Magic Eden had the largest market share in August, surpassing competitors like Blur and OpenSea in NFT trading volume.
On Sept. 4, crypto data tracker CoinGecko highlighted that Magic Eden recorded a trading volume of $122.47 million. This represents 36.7% of the total NFT market share, bringing the platform its sixth consecutive month at the top of the NFT space.
Magic Eden is an NFT marketplace that allows users to create, trade and collect NFTs. The platform supports NFTs based on Ethereum, Solana, Polygon and Bitcoin.
Magic Eden, OpenSea, and Blur control 82% of market
Magic Eden first took the top spot for NFTs when it overtook Blur in March. At the time, Magic Eden recorded a monthly trading volume of $734 million, while Blur had around $530 million. Magic Eden’s trading volume spike is attributed to integrating the popular Bitcoin Ordinals protocol, which remains popular among NFT collectors.
The marketplace is followed by its two competitors Blur and OpenSea, forming the top three biggest NFT marketplaces.
Market share of top NFT marketplaces in 2024 by trading volume. Source: CoinGecko
In January, Blur had a trading volume of almost $500 million. However, its monthly volume in August dropped to $84 million, showing an 83.2% drop compared to the start of the year. Its performance last month also means that its market share dropped to 25.4%, making it the second-largest NFT platform after Magic Eden.
Meanwhile, OpenSea recorded a trading volume of $66.5 million in August, pushing its market share to 19.9%. The company recovered from a slump of having only a 9.9% share in January. While the firm seems to have gotten a boost, it’s still far from its past performances when it dominated the NFT space.
OpenSea also faced some challenges in August as the United States Securities and Exchange Commission (SEC) sent a Wells notice to the marketplace. This suggests the regulator may be looking to act against the company.
Related: ‘WTH did I just witness?' Magic Eden turns porno after hosting service hacked
NFT market on a continued decline
In August, NFT monthly sales volumes failed to exceed $400 million. According to CryptoSlam, the total sales volume only reached $374 million. This represents a 76% drop compared to its highest performance in 2024 when NFT sales volumes reached $1.6 million in March.
Magazine: ‘Painful to think about’: NFT Creator Nate Alex on selling 70 CryptoPunks too early