2024-04-21
In the midst of a general market resurgence, the NFT trading sector witnessed an extraordinary surge in the first quarter of 2024, with trading volumes on the top 10 platforms reaching a remarkable $4.7 billion.
According to the latest report from CoinGecko, Blur maintained its dominant position as the leading NFT marketplace during this period. With a trading volume of $1.5 billion and a market share of 27.6%, Blur's influence significantly expanded compared to the previous quarter.
Close on its heels is Magic Eden, emerging as a formidable competitor and surpassing Blur in March.
This growth can be attributed to its Diamond reward program and the successful launch of its royalty-enforced Ethereum marketplace in collaboration with Yuga Labs, generating over $0.76 billion in trading volume.
CoinGecko revealed that Magic Eden experienced a staggering 393% increase in trading volume, rising from $153 million in December to $757 million in March.
Meanwhile, OKX, once a dominant force in Bitcoin NFT trading, witnessed a drastic decline in volumes, plummeting by over 73% from December 2023 to March 2024. Its market share dwindled from 37.6% to a mere 9.5% during the same period.
Additionally, NFT lending volumes saw a significant spike of over 50% in January compared to December, driven by the heightened demand for Pudgy Penguins. Six prominent platforms collectively saw a surge from $1.48 billion in the fourth quarter of 2023 to $2.13 billion in the first quarter of 2024, indicating a growth of 43.6%.
Despite the overall decline in most blue-chip NFTs, the floor price of Pudgy Penguins has risen by an impressive 98% since the beginning of the year.
Consequently, loans originating from the Pudgy Penguins collection experienced a substantial increase of 209%, soaring from $252 million to $781 million in the first quarter of the year. Conversely, loans originating from Bored Apes and Mutant Apes declined from 47.1% to 43.6%.
