Magic Eden Stays The Main NFT Market In October 2024, With +400K Customers

Magic Eden, a famend cross-chain non-fungible token market, has as soon as once more solidified its place because the main market for non-fungible tokens in October 2024, capturing 29% of the overall market share with a buying and selling gross sales quantity of $98 million. Magic Eden NFT market platform considerably grew in recognition and have become the main NFT market earlier this 12 months.

Magic Eden Takes Lead In Buying and selling Gross sales Quantity In October 2024

Information compiled by Tiexo.com, an on-chain non-fungible token market explorer and an analytics hub, Magic Eden is once more the main NFT market in October 2024. Previously 30 days, the NFT market has amassed a buying and selling gross sales quantity of $98 million, representing 29% of the overall market share. This marks Magic Eden’s eighth consecutive month as the highest NFT market.

Launched in September 2021, Magic Eden is a multi-chain digital market platform supporting non-fungible tokens on Solana, Ethereum, Polygon, and Bitcoin blockchain networks. Just lately, the NFT market added assist for Base, Arbitrum, Summary, and ApeChain blockchain networks. Magic Eden NFT market allows customers to create, purchase, promote, and gather NFTs.

Magic Eden turned notable within the NFT market earlier final 12 months, significantly after it added assist for the Bitcoin blockchain community to permit its customers to mint probably the most hyped NFTs, “Ordinals NFT collections”. On the time, Magic Eden turned the primary established NFT market to combine the Bitcoin Ordinals on its platform. This made Magic Eden the closest competitor to OpenSea and Blur.

Earlier this 12 months, Magic Eden resurged once more in adoption and quantity. In March 2024, Magic Eden exploded in month-to-month NFT buying and selling quantity to succeed in $734.60 million, capturing the biggest market share of 38.5% for the primary time in crypto historical past. Since then, Magic Eden has retained its high place for the previous eight months, outpacing its rival OpenSea and Blur NFT marketplaces.

Magic Eden has remained the highest non-fungible token market for the eighth month. In October, the NFT market attracted a buying and selling gross sales quantity of $98.27 million, with the Bitcoin NFT assortment taking the biggest share of 64%. Solana-based NFTs traded on Magic Eden ranks second, with a complete sub-market share of 33%, whereas the Ethereum-based NFTs take the remaining 2%.

OpenSea Ranks 2nd In Buying and selling Gross sales Quantity In October 2024

OpenSea, one other famend non-fungible token market on the Ethereum NFT ecosystem, has been this month’s second most-traded NFT market, following the footprints of Magic Eden intently in buying and selling gross sales quantity. Previously 30 days, the OpenSea NFT market has raised a buying and selling gross sales quantity of $92.9 million, taking 27% of the overall market share within the NFT market.

Launched in 2017, OpenSea is the world’s first and largest web3 market for NFTs and crypto collectibles. The NFT market permits customers to browse, create, purchase, promote, and public sale NFTs. Initially, OpenSea targeted on the Ethereum blockchain and has since grown to grow to be one of many largest decentralized marketplaces for NFTs, supporting varied blockchain networks and a variety of digital property.

Blur, a decentralized non-fungible token market on the Ethereum NFT ecosystem designed for skilled merchants, has been this month’s third top-traded NFT market within the NFT market. Previously 30 days, the Blur NFT market platform has raised a buying and selling gross sales quantity of $83.43 million, representing 24.90% of the 5 most-traded NFT market market share.

Unleashed in December 2022, Blur is a decentralized NFT market designed for skilled merchants, providing distinctive capabilities and versatile creator royalties. Since its inception, the Blur NFT market quickly ascended to prominence by catering solely to skilled NFT merchants. Its modern options, together with lending, batch buying and selling, and zero-fee transactions, have redefined the NFT buying and selling expertise.

Tensor, one other high main non-fungible token market on the Solana NFT ecosystem, and Unisat, the Bitcoin market for Ordinals and BRC 20 NFTS, have been the fourth and fifth most-traded NFT marketplaces in October 2024, crawling behind the Blur NFT market. Previously 30 days, Tensor has recorded a buying and selling gross sales quantity of $24.99 million, whereas Unisat has amassed a buying and selling gross sales quantity of $13.49 million.

Magic Eden Emerges the Largest NFT Platform By Market Customers

By way of consumer adoption, Magic Eden emerged as the largest NFT platform in October 2024, in accordance with knowledge compiled by the NFT analytics platform nftpulse.org. Previously 30 days, the NFT market has recorded 139,036 customers, taking 33.9% of the overall 411,062 customers in October 2024. The Solana OG market noticed over 57% of its customers from the Solana NFT ecosystem.

OpenSea was the second main NFT platform by way of customers in October. Previously 30 days, the NFT market has recorded greater than 123,000 customers, most of which come from the Base and Ethereum networks. Of the 123,000 customers, 37.5% utilized the Base L2 community, 35.7% used the Ethereum blockchain community, and 25% got here from the Polygon, a famend Ethereum blockchain community.

Tensor, OKX, and Blur had been the third, fourth, and fifth NFT marketplaces by customers within the NFT market in October 2024. Previously 30 days, these NFT marketplaces have amassed 81,033, 20,023, and 19,003 customers, respectively. Tensor has taken 19.8% of the overall consumer quantity, whereas OKX and Blur have taken 4.9 and 4.6%, respectively. Magic Eden has additionally appeared to steer weekly market customers, garnering over 70,000 customers.

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