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Magic Eden had the largest market share among non-fungible token (NFT) marketplaces in August, outperforming competitors like Blur and OpenSea.
On Sept. 4, crypto data tracker CoinGecko reported that Magic Eden achieved a trading volume of $122.47 million, representing 36.7% of the total NFT market share. This marks the platform's sixth consecutive month as the top performer in the NFT space.
Magic Eden allows users to create, trade, and collect NFTs and supports assets based on Ethereum, Solana, Polygon, and Bitcoin. The platform first rose to the top in March, overtaking Blur with a recorded monthly trading volume of $734 million, while Blur had about $530 million. According to the report, Magic Eden's trading volume increased significantly after integrating the Bitcoin Ordinals protocol, which has remained popular among NFT collectors.
Blur and OpenSea Follow Behind Magic Eden
Blur and OpenSea were the next largest NFT marketplaces in August, following Magic Eden. Blur had a trading volume of $84 million in August, which, as reported, shows an“83.2% drop compared to the start of the year” when its volume was almost $500 million in January. The reduced volume brought its market share down to 25.4%, making it the second-largest platform after Magic Eden.
OpenSea recorded a trading volume of $66.5 million in August, increasing its market share to 19.9%, an improvement from the 9.9% share it had in January. However, OpenSea remains far from its previous levels when it was a dominant player in the NFT market. The company faced challenges in August, including receiving a Wells notice from the United States Securities and Exchange Commission (SEC), which indicates that the regulator“may be looking to act against the company.”
NFT Market Records Declining Sales Volumes
The NFT market has continued to experience a decline in sales volumes. In August, the total NFT sales volume reached $374 million, according to data from CryptoSlam. This represents a significant decrease of 76% from the market's peak performance in 2024 when“NFT sales volumes reached $1.6 billion in March.”
Magic Eden, Blur, and OpenSea collectively control 82% of the market. However, their performances have varied, with Blur and OpenSea experiencing fluctuations in market share and trading volumes throughout the year.
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