Blur Continues To Dominate In NFT Marketplace, Achieves $1.5 Billion In Q1 Volume - CryptoInfoNet

Blur Continues To Dominate In NFT Marketplace, Achieves $1.5 Billion In Q1 Volume – CryptoInfoNet

Time Stamp: April 20, 2024 2:58 PM
Blur Continues To Dominate In NFT Marketplace, Achieves $1.5 Billion In Q1 Volume - CryptoInfoNet PlatoBlockchain Data Intelligence. Vertical Search. Ai.

In the first quarter of 2024, the NFT trading space experienced significant growth, with volumes across the top 10 marketplaces reaching $4.7 billion.

According to the latest report by CoinGecko, Blur continued to dominate as the leading NFT marketplace during this period, with $1.5 billion in volume and a market share of 27.6%, an increase from the previous quarter.

Not far behind is Magic Eden, which emerged as a strong competitor, surpassing Blur in March. The growth can be attributed to its Diamond reward program and the launch of a royalty-enforced Ethereum marketplace with Yuga Labs, generating over $0.76 billion in trading volume.

Magic Eden’s trading volume increased by 393% from $153 million in December to $757 million in March, as revealed by CoinGecko. Meanwhile, OKX, a prominent player in Bitcoin NFT trading, experienced a significant decline in volumes, dropping by more than 73% from December 2023 to March 2024, with market share decreasing from 37.6% to 9.5%.

NFT lending volumes saw a spike of over 50% in January compared to December, driven by the demand for Pudgy Penguins. Six popular platforms saw an increase from $1.48 billion in the fourth quarter of 2023 to $2.13 billion in the first quarter of 2024, a 43.6% increase.

Despite the overall decline in blue-chip NFTs, the floor price of Pudge Penguins rose by 98% since the beginning of the year. As a result, loans originated from the collection increased by 209%, from $252 million to $781 million in the first quarter of the year.

Conversely, loans originated from Bored Apes and Mutant Apes decreased from 47.1% to 43.6%.

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