NFT’s New King Crowned! Magic Eden Overtakes Blur in Monthly Trading Volume, Two Key Factors Catapult it to the Throne.

Magic Eden Surpasses Blur in Monthly Trading Volume
Decentralized application data analytics platform DappRadar recently released its industry report for April, and the data shows that NFT trading platform Magic Eden has officially surpassed Blur as the leading NFT marketplace.
In April, Magic Eden’s trading volume reached $486 million, while Blur’s was $378 million. Magic Eden’s growth can be attributed to its active expansion in the Bitcoin sector, particularly its offering of Ordinals protocol tokens on the platform, which has attracted many collectors. Currently, Ordinals alone accounts for 70% of Magic Eden’s trading volume, indicating that Bitcoin NFTs are still highly popular.
Ordinals Protocol: Launched in December 2022, this protocol allows users to store images, audio, and other content on the Bitcoin blockchain, bringing about an unprecedented revolution and being hailed as the “second phase of Bitcoin.”
In addition to this reason, Magic Eden’s new user loyalty program, “Diamond Rewards,” has also contributed significantly to the platform’s trading volume. The purpose of Diamond Rewards is to provide incentives to Magic Eden’s loyal players, collectors, creators, and NFT enthusiasts, allowing them to accumulate rewards through purchases, listings, or bidding on NFTs.
It’s not just Magic Eden’s trading volume that has grown. Due to the focus on Bitcoin ecosystem protocols like Runes and Ordinals in April, UniSat and OKX NFT Marketplace, two major Bitcoin-supporting trading platforms, ranked third and fourth in the NFT marketplace rankings. The former leader, OpenSea, had a trading volume of $134 million last month, placing it in fifth place.
Runes Protocol: Introduced by Casey Rodarmor, the founder of Ordinals, this protocol provides a simpler and more efficient system than BRC-20, aiming to address the slow and expensive transaction issues on the Bitcoin blockchain.


☝️Further reading:
How did Magic Eden skyrocket to second place in just 9 months? What makes it so attractive for customers in the NFT trading business?
Decentralized applications related to gaming gaining popularity
In addition to the NFT marketplace rankings, DappRadar’s report also summarized the decentralized application market overview for April.
DappRadar pointed out that the number of active wallets interacting with decentralized applications (Dapps) continues to increase, indicating a higher level of interaction with Dapps. This is a positive sign for the expansion of the Web3 industry.
As for the most popular types of Dapps, DappRadar states that gaming is in the lead, with a daily active wallet count of 2.9 million, a 17% increase from the previous month. The number of active wallets interacting with DeFi (Decentralized Finance) is 2 million, while for NFT trading-related wallets, it is 1.3 million.
Blockchain games still dominate the Dapp space, with at least 28% of interactions in April occurring in gaming-related applications.
DappRadar analyzed the NFT collections with the most transactions, and NFTs from gaming-related applications performed well. These include sports game Sorare, blockchain game pioneer Axie Infinity, and the popular card strategy game Gods Unchained, all of which have attracted a large number of traders.


Source:
CryptoSlate, CoinMarketCap, DappRadar