In March, Magic Eden, a popular Solana-based nonfungible token (NFT) marketplace, saw a significant increase in trading volume, surpassing the industry leader Blur.
According to CoinGecko’s Q1 2024 report released on April 17, Magic Eden’s NFT trading volume jumped by 194.4% to $756.5 million, while Blur’s trading volume only saw a slight increase to $530.4 million.
CoinGecko attributed Magic Eden’s rise in the ranks to factors such as its new Diamond reward program and its partnership with Yuga Labs, particularly as the NFT studio cut ties with marketplaces that did not support creator royalties.
This marked the sixth consecutive month that Magic Eden saw an increase in trading volume.
