Magic Eden, a Solana-based NFT marketplace, achieved its highest monthly trading volume in March, outpacing Blur with a 194.4% increase to $756.5 million, attributed to its Diamond reward program and support for creator royalties. This surge led Magic Eden to become the top NFT marketplace by trading volume, dethroning Blur for the first time since OKX capitalized on a Bitcoin Ordinals craze last December. Despite a 51.6% increase in NFT trading volumes across the top 10 marketplaces in Q1 2024, the floor prices of major NFT collectibles have significantly dropped, highlighting the volatile nature of the NFT market.
Source: Bitcoin
