In line with a broader market resurgence, the NFT trading space witnessed Q1 2024, with volumes across the top 10 marketplaces rising to $4.7 billion.
According to CoinGecko’s latest report, Blur maintained its position as the leading NFT marketplace during this period. During the first quarter of 2024, Blur recorded $1.5 billion in volume while capturing a 27.6% market share, an increase from the previous quarter.
- Closely followed by Magic Eden, which has emerged as a major competitor, surpassing Blur in March. The growth is primarily driven by the Diamond rewards program and the launch of the royalty-enforced Ethereum marketplace with Yuga Labs, which raked in more than $0.76 billion in trading volume.
- Magic Eden’s trading volume rose 393% from $153 million in December to $757 million in March, CoinGecko revealed.
- Meanwhile, OKX, once a dominant force in Bitcoin NFT trading, witnessed a significant drop in volumes, plummeting by more than 73% between December 2023 and March 2024. The market share has shrunk from 37.6% in the same period to 9.5%.
- Additionally, NFT loan volume increased by more than 50% in January compared to December, due to increased demand for Pudgy Penguins. Six popular platforms rose from $1.48 billion in Q4 2023 to $2.13 billion in Q1 2024, an increase of 43.6%.
- Since the start of the year, the floor price of Pudge Penguins has risen 98%, even as most blue-chip NFTs continue to decline. Subsequently, loans originating from the collection increased 209%, from $252 million to $781 million in the first quarter of the year.
- On the other hand, loans originating from Bored Apes and Mutant Apes fell from 47.1% to 43.6%.