In the first quarter of 2024, NFT trading volumes across the top 10 marketplaces reached an impressive $4.7 billion. Leading the pack was Blur, maintaining its position as the top NFT marketplace with $1.5 billion in volume and capturing a market share of 27.6%. This marked a significant increase from the previous quarter, solidifying Blur’s stronghold in the industry.
Not far behind Blur is Magic Eden, a major competitor that surpassed Blur in March. The growth of Magic Eden can be attributed to its Diamond reward program and the launch of its royalty-enforced Ethereum marketplace in partnership with Yuga Labs, which generated over $0.76 billion in trading volume. Magic Eden’s trading volume surged by an impressive 393% from $153 million in December to $757 million in March, according to CoinGecko’s report.
In contrast, OKX, which was once a dominant force in Bitcoin NFT trading, witnessed a significant decline in volumes. The platform’s trading volumes plummeted by more than 73% from December 2023 to March 2024, with its market share dwindling to 9.5% from 37.6% during the same period. This decline is indicative of the rapidly shifting landscape of the NFT market.
NFT lending volumes saw a significant spike in January, with a 50% increase compared to December. This surge was fueled by the growing demand for Pudgy Penguins, leading to a total volume of $2.13 billion in the first quarter of 2024, up by 43.6% from the previous quarter. The floor price of Pudgy Penguins rose by 98% since the beginning of the year, showcasing the increasing value of this particular collection.
Despite the overall increase in NFT lending volumes, loans originated from Bored Apes and Mutant Apes experienced a decline from 47.1% to 43.6%. In contrast, loans originating from the Pudgy Penguins collection saw a substantial increase of 209%, reaching $781 million in the first quarter of the year. This shift in loan origination highlights the changing preferences and market dynamics within the NFT space.
The first quarter of 2024 showcased a dynamic and evolving landscape for NFT trading volumes. While established market leaders like Blur continued to dominate, emerging competitors like Magic Eden made significant strides. At the same time, platforms like OKX experienced a decline, signaling the need for adaptation and innovation in the face of changing market trends. With NFT lending volumes on the rise and shifting trends in loan origination, the NFT market remains a vibrant and ever-changing ecosystem.
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