Original title: Magic Eden Marks 6th Month as Top Marketplace With 37% Share
Original author: Lim Yu Qian
Original source: https://www.coingecko.com/
Compiled by: Mars Finance, Daisy
What are the top NFT marketplaces?
The top-ranked NFT marketplace in 2024 is Magic Eden, with a market share of 36.7% in August and a monthly trading volume of $122.47 million. This marks the sixth consecutive month that Magic Eden has been the top-ranked NFT marketplace, solidifying its position as a key player in the NFT industry.
Magic Eden originally launched in late 2021 as a Solana-focused NFT marketplace, previously capturing a whopping 31.7% market share in 2022, making it the second-largest NFT marketplace. This made Magic Eden OpenSeaâs closest competitor until Blur came along. As Solana NFTs declined in popularity, Magic Edenâs market share shrank to between 3.4% and 9.2% in 2023.
Source: Dune Analytics, CoinGecko Reports
However, Magic Eden successfully took advantage of the advent of Bitcoin serial numbers and became one of the first NFT markets to integrate the chain. As a result, Magic Eden's monthly NFT trading volume more than doubled to $734.6 million in March 2024, surpassing Blur for the first time, occupying the largest market share of 38.5%.
Blur, currently the second most popular NFT trading marketplace, has seen its market share drop from 35.4% at the beginning of the year to 25.4% last month. During the same period, monthly NFT trading volume on Blur has steadily declined from $499.95 million to $84.69 million.
The third largest NFT market is OpenSea, which had a monthly trading volume of $66.52 million last month and a market share of 19.9%. In fact, OpenSea's market share has doubled from 9.9% at the beginning of the year, surpassing OKX and Tensor in April and rising in the rankings. Still, this recovery is still far from OpenSea's previous monopoly in NFT trading.
Overall, the three major NFT markets, Magic Eden, Blur, and OpenSea, account for the majority of NFT trading volume, with a combined market share of 82.0%.
Of the other popular NFT marketplaces, only CryptoPunks Marketplace and X2Y2 have seen an increase in market share since the beginning of the year. Specifically, CryptoPunks Marketplace increased its market share from 2.4% to 5.6%, becoming the fifth-largest NFT marketplace, while X2Y2 saw a smaller increase from 0.7% to 1.2%.
In contrast, the OKX NFT market experienced the largest market share loss during the same period, falling from 18.4% to 2.4%. Previously, OKX experienced a surge in NFT trading volume in late 2023 and briefly surpassed Blur with a 38.4% market share in December.
Top NFT Market Historical Data
From monopoly to oligopoly: NFT winter, market competition intensifies
OpenSea, Blur, and Magic Eden have been the main contenders for the top spot in the NFT market over the past few years from 2022 to 2024. During this period, OpenSea facilitated the highest cumulative NFT trading volume of $23.14 billion. Blur had a cumulative NFT trading volume of $8.54 billion, followed by Magic Eden with a cumulative trading volume of $6.39 billion.
Source: Dune Analytics, CoinGecko Reports
Most notably, despite the bear market conditions, the NFT trading space has evolved and arguably matured: from the monopoly of OpenSea, which dominated during the NFT bull run, to the duopoly of Blur and OpenSea, to the oligopoly in 2024, there is healthier competition and greater diversity among NFT markets.
Specifically, the number of NFT platforms with an overall annual market share of more than 10.0% has increased from 2 in previous years to 4 so far this year. That being said, it remains to be seen whether market popularity will continue to diverge, or if the trend will reverse and one or two platforms will capture a larger market share.
Top NFT Marketplaces (2023)
Blur solidified its position as the leading NFT marketplace in 2023, when the Ethereum-centric platform captured 62.4% of the market share in February and dethroned OpenSea as the number one player for most of the year. Overall, Blur has remained at the top of the charts for just 5 months after launching in October 2022. Blur's immediate success was largely due to two innovations, namely a platform design optimized for a large number of professional NFT traders or flippers, and a novel, well-structured airdrop farming points program.
OKX briefly outperformed Blur during the Ordinals hype in late 2023, which drove OKXâs NFT trading volume from $8.35 million (2.9% share) in October to $311.36 million (32.1% share) in November, and then to $684.65 million (38.4% share) in December.
Source: Dune Analytics, CoinGecko Reports
Tensor's market share also grew from 0.1% to 12.1%, and the platform's monthly NFT trading volume grew from $1.36 million to $215.57 million. As a result, Tensor surpassed its competitor Magic Eden for the first time in December 2023.
Meanwhile, OpenSea started the year as the largest platform with $438.08 million in monthly NFT trading volume (41.0% market share), but volume gradually declined to $171.1 million (9.6% market share) by the end of the year. Other NFT marketplaces that saw declines in both volume and market share include LooksRare, X2Y2, and CryptoPunks.
Top NFT Marketplaces (2022)
OpenSea has dominated the NFT trading space during the NFT bull run and continued to top the list for most of 2022. However, at the same time, OpenSea's monopoly is gradually weakening, with its trading volume and market share steadily declining from $4.64 billion (87.5%) in January to $250 million (37.3%) in November. Finally, OpenSea ended the year with a 34.6% share in December, second only to the then newcomer Blur.
Blur became a strong competitor immediately after its launch in October 2022, with monthly trading volume immediately reaching $36.6 million and a market share of 5.9%. In November, Blur's trading volume tripled to $156.1 million (23.2%), and then doubled again to $412.24 million (53.4%), becoming the largest NFT market for the month at the end of the year.
Source: Dune Analytics, CoinGecko Reports
Meanwhile, Magic Eden had a monthly trading volume of just $2.94 million at the beginning of 2022, with a market share of less than 0.1%. Although Magic Eden grew in the following months, reaching a market share of 31.5%, it was quickly eclipsed when Blur emerged. As a result, Magic Eden's market share suddenly plummeted from 27.6% in November to 1.5% at the end of December.
Top NFT Markets on Each Chain
What are the most popular NFT marketplaces on Ethereum?
The most popular Ethereum NFT market is Blur, with a market share of 68.8% and a year-to-date (YTD) Ethereum NFT trading volume of $2.43 billion. This figure is more than three times the $640 million in Ethereum NFT trading volume recorded by OpenSea. Meanwhile, Magic Eden is currently the largest NFT market on all chains and ranks third in Ethereum NFT trading with a 6.1% share.
As of 2024, the market share of the most popular Ethereum NFT marketplaces by total transaction volume is as follows:
What are the most popular NFT markets on Solana?
Magic Eden and Tensor are the most popular markets for trading Solana NFTs. On a year-to-date basis, Magic Eden has a slight advantage with a market share of 50.4% and a total Solana NFT volume of $654.8 million, while Tensor has a market share of 49.6% and a volume of $645.39 million. However, Tensor started 2024 in the lead, and Solana NFT volume fluctuates in both markets, so it is uncertain which competitor will emerge stronger.
As of 2024, the market share of the most popular Solana NFT marketplaces by total transaction volume is as follows:
What are the most popular NFT marketplaces on Bitcoin?
Magic Eden has become the most popular Ordinals market, with a 61.0% share and $1.79 billion in total Bitcoin NFT trading volume year-to-date. This share is more than double that of OKX, the second-largest Ordinals market, with a 28.8% market share and $840 million in trading volume.
As of 2024, the most popular Bitcoin ordinal markets market share by total transaction volume will be as follows:
Market share of the most popular NFT marketplaces
Top 10 NFT platforms by transaction volume market share as of August 2024:
Methodology
The research examines market share by USD volume of the top NFT marketplaces between January 1, 2022 and August 31, 2024, based on data provided by @hildobby, @datawarlock, @sealaunch, @ilemi, and @domo on Dune Analytics as of September 3, 2024. Market share percentages are calculated by taking the top 10 NFT marketplaces by total volume for a given period, and may vary from chart to chart depending on the set of markets included. Data here may differ from past reports due to changes in citation sources and/or fake transactions being retroactively flagged.
