CoinGecko cited Magic Eden’s new Diamond reward program and its ongoing commitment to support creator royalties as the main catalysts.
Magic Eden, a Solana-based nonfungible token marketplace, recorded its largest monthly trading volume in March, surpassing industry leader Blur.CoinGecko said Magic Eden’s rise up the ranks was partly contributed by its new Diamond reward program and its continued partnership with Yuga Labs — at a time when the NFT studioby trading volume since OKX’s NFT marketplace capitalized on a Bitcoin Ordinals craze last December.
However, OKX has lost a large share of Bitcoin NFT trading volume since then to the likes of Magic Eden and UniSat, and as a result, its trading volume has tanked 73.3% since December to $180 million. Despite this, OKX still managed to rake in the third-largest NFT trading volume in Q1 2024, with Solana-based Tensor and OpenSea rounding out the top five.
Meanwhile, NFT trading volumes across the top 10 marketplaces amounted to $4.7 billion in Q1 2024 — a 51.6% increase from Q4 2023.such as Bored Ape Yacht Clubs and CryptoPunks have plummeted more than 91% and 64%, respectively since reaching peaks in May 2022 and October 2021.last August.