Magic Eden, a renowned cross-chain non-fungible token marketplace, has once again solidified its position as the leading marketplace for non-fungible tokens in October 2024, capturing 29% of the total market share with a trading sales volume of $98 million. Magic Eden NFT market platform significantly grew in popularity and became the leading NFT marketplace earlier this year.
Magic Eden Takes Lead In Trading Sales Volume In October 2024
Data compiled by Tiexo.com, an on-chain non-fungible token market explorer and an analytics hub, Magic Eden is again the leading NFT marketplace in October 2024. In the past 30 days, the NFT marketplace has amassed a trading sales volume of $98 million, representing 29% of the total market share. This marks Magic Eden’s 8th consecutive month as the top NFT marketplace.
Launched in September 2021, Magic Eden is a multi-chain digital market platform supporting non-fungible tokens on Solana, Ethereum, Polygon, and Bitcoin blockchain networks. Recently, the NFT marketplace added support for Base, Arbitrum, Abstract, and ApeChain blockchain networks. Magic Eden NFT marketplace enables users to create, buy, sell, and collect NFTs.
Magic Eden became notable in the NFT market earlier last year, particularly after it added support for the Bitcoin blockchain network to allow its users to mint the most hyped NFTs, “Ordinals NFT collections”. At the time, Magic Eden became the first established NFT marketplace to integrate the Bitcoin Ordinals on its platform. This made Magic Eden the closest competitor to OpenSea and Blur.
Earlier this year, Magic Eden resurged again in adoption and volume. In March 2024, Magic Eden exploded in monthly NFT trading volume to reach $734.60 million, capturing the largest market share of 38.5% for the first time in crypto history. Since then, Magic Eden has retained its top position for the past eight months, outpacing its rival OpenSea and Blur NFT marketplaces.
Magic Eden has remained the top non-fungible token marketplace for the eighth month. In October, the NFT marketplace attracted a trading sales volume of $98.27 million, with the Bitcoin NFT collection taking the largest share of 64%. Solana-based NFTs traded on Magic Eden ranks second, with a total sub-market share of 33%, while the Ethereum-based NFTs take the remaining 2%.
OpenSea Ranks 2nd In Trading Sales Volume In October 2024
OpenSea, another renowned non-fungible token marketplace on the Ethereum NFT ecosystem, has been this month’s second most-traded NFT marketplace, following the footprints of Magic Eden closely in trading sales volume. In the past 30 days, the OpenSea NFT market has raised a trading sales volume of $92.9 million, taking 27% of the total market share in the NFT market.
Launched in 2017, OpenSea is the world’s first and largest web3 marketplace for NFTs and crypto collectibles. The NFT marketplace allows users to browse, create, buy, sell, and auction NFTs. Initially, OpenSea focused on the Ethereum blockchain and has since grown to become one of the largest decentralized marketplaces for NFTs, supporting various blockchain networks and a wide range of digital assets.
Blur, a decentralized non-fungible token marketplace on the Ethereum NFT ecosystem designed for professional traders, has been this month’s third top-traded NFT marketplace in the NFT market. In the past 30 days, the Blur NFT market platform has raised a trading sales volume of $83.43 million, representing 24.90% of the five most-traded NFT marketplace market share.
Unleashed in December 2022, Blur is a decentralized NFT marketplace designed for professional traders, offering unique capabilities and flexible creator royalties. Since its inception, the Blur NFT marketplace rapidly ascended to prominence by catering exclusively to professional NFT traders. Its innovative features, including lending, batch trading, and zero-fee transactions, have redefined the NFT trading experience.
Tensor, another top leading non-fungible token marketplace on the Solana NFT ecosystem, and Unisat, the Bitcoin marketplace for Ordinals and BRC 20 NFTS, have been the fourth and fifth most-traded NFT marketplaces in October 2024, crawling behind the Blur NFT marketplace. In the past 30 days, Tensor has recorded a trading sales volume of $24.99 million, while Unisat has amassed a trading sales volume of $13.49 million.
Magic Eden Emerges the Largest NFT Platform By Marketplace Users
In terms of user adoption, Magic Eden emerged as the biggest NFT platform in October 2024, according to data compiled by the NFT analytics platform nftpulse.org. In the past 30 days, the NFT marketplace has recorded 139,036 users, taking 33.9% of the total 411,062 users in October 2024. The Solana OG marketplace saw over 57% of its users from the Solana NFT ecosystem.
OpenSea was the second leading NFT platform in terms of users in October. In the past 30 days, the NFT marketplace has recorded more than 123,000 users, most of which come from the Base and Ethereum networks. Of the 123,000 users, 37.5% utilized the Base L2 network, 35.7% used the Ethereum blockchain network, and 25% came from the Polygon, a renowned Ethereum blockchain network.
Tensor, OKX, and Blur were the third, fourth, and fifth NFT marketplaces by users in the NFT market in October 2024. In the past 30 days, these NFT marketplaces have amassed 81,033, 20,023, and 19,003 users, respectively. Tensor has taken 19.8% of the total user volume, while OKX and Blur have taken 4.9 and 4.6%, respectively. Magic Eden has also appeared to lead weekly marketplace users, garnering over 70,000 users.
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