In the month of April, Magic Eden emerged as the top NFT marketplace in terms of trading volume.
A recent report by DappRadar revealed that Magic Eden reached a trading volume of $486 million last month, surpassing Blur which had held the lead since its launch, but fell behind by $108 million.
Experts attribute the platform’s success to the support of Ordinals – trading tokens issued through the protocol accounted for 70% of the market volume.
Magic Eden’s performance was further bolstered by the introduction of the new Diamond rewards program and its ongoing partnership with Yuga Labs, a prominent NFT studio.
Analysts note that the increasing popularity of digital collectible assets on Bitcoin, such as Ordinals and Runes, was evident as UniSat and OKX NFT Marketplace made it to the top five trading platforms in the segment in April.
In terms of collections, Runestone claimed the top spot, displacing Bored Ape Yacht Club from its previous position.
Moreover, the total trading volume of NFT collections on Bitcoin saw a 32% increase in April, reaching $675 million, placing the Bitcoin blockchain as the second highest in trading volumes after Ethereum.
DappRadar experts highlighted the rising popularity of Blast, stating that the network was attracting traders through farming points for future airdrops related to the new deployment of Blur on the protocol.
Overall, April saw a total NFT trading volume of $1.35 billion, a 13% decrease from the previous month, indicating a downward trend towards the $1 billion mark that has been consistently observed since December 2023.
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