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Magic Eden Leads NFT Market in April Trading Volume
In April, Magic Eden emerged as the leading NFT marketplace by trading volume, according to a report from DappRadar. The platform achieved an impressive $486 million in trades last month, surpassing Blur, which saw a $108 million deficit and lost its top spot for the first time since its launch.
Experts attribute Magic Eden’s success to its support for Ordinals, a protocol that now accounts for 70% of the market volume in trading tokens. Additionally, the platform’s new Diamond rewards program and ongoing partnership with Yuga Labs, a prominent NFT studio, have bolstered its performance.
The increasing interest in digital collectible assets on Bitcoin, such as Ordinals and Runes, is further evidenced by UniSat and OKX NFT Marketplace making it into the top five trading platforms in this segment in April.
“Interestingly, OpenSea continues to lose ground in trading volume and appears unable to keep up with its competition. How this trend will evolve remains to be seen, and it will be fascinating to observe in the coming months,” the DappRadar report notes.
In the realm of NFT collections, Runestone claimed the top position, overtaking Bored Ape Yacht Club. The overall trading volume of NFT collections on Bitcoin also saw a 32% increase, reaching $675 million and positioning the Bitcoin blockchain as the second-largest in trading volumes, right after Ethereum.
DappRadar experts highlighted the rising popularity of Blast, which is drawing in traders by offering points for future airdrops linked to the new deployment of Blur on the protocol.
Despite these successes, April’s total NFT trading volume was $1.35 billion, marking a 13% decline from the previous month. This steady downtrend toward the $1 billion mark has been observed since December 2023.
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