In the first quarter of 2024, the NFT trading market rode the wave of a larger market recovery, hitting a record high of $4.7 billion in sales volume across the top 10 marketplaces.
Based on CoinGecko’s recent findings, Blur remained the dominant NFT marketplace during the first quarter of 2024, achieving a total volume of $1.5 billion and commanding a 27.6% market share. This represents an increase from the previous quarter.
- Closely following behind is Magic Eden, which has emerged as a major competitor, surpassing Blur in March. The growth is primarily driven by its Diamond reward program as well as the launch of its royalty-enforced Ethereum marketplace with Yuga Labs, which raked in over $0.76 billion in trading volume.
- Magic Eden’s trading volume soared by 393% from $153 million in December to $757 million in March, CoinGecko revealed.
- Meanwhile, OKX, once a dominant force in Bitcoin NFT trading, witnessed a significant decline in volumes, plummeting by more than 73% from December 2023 to March 2024. Its market share has dwindled to 9.5% from 37.6% during the same period.
- Additionally, NFT lending volumes spiked by over 50% in January compared to December, owing to the increased demand for Pudgy Penguins. Six popular platforms surged from $1.48 billion in the fourth quarter of 2023 to $2.13 billion in the first quarter of 2024, up by 43.6%.
- Since the beginning of the year, the floor price of Pudge Penguins has risen by 98% despite most blue-chip NFTs continuing to decline. Subsequently, the loans originated from the collection were up by 209% from $252 million to $781 million in the first quarter of the year.
- On the other hand, loans originated from Bored Apes and Mutant Apes took a tumble from 47.1% to 43.6%.
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2024-04-20 16:54