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Blur Maintains Lead in NFT Marketplace, Clocks $1.5 Billion in Q1 Volume

Summary:
Riding in the coattails of a broader market resurgence, the NFT trading space witnessed in 2024 Q1, with volumes across the top 10 marketplaces soaring to .7 billion. According to CoinGecko’s latest report, Blur maintained its stronghold as the leading NFT marketplace during this period. During the first quarter of 2024, Blur recorded .5 billion in volume while at the same time, capturing a 27.6% market share, up from the previous quarter. Closely following behind is Magic Eden, which has emerged as a major competitor, surpassing Blur in March. The growth is primarily driven by its Diamond reward program as well as the launch of its royalty-enforced Ethereum marketplace with Yuga Labs, which raked in over %excerpt%.76 billion in trading volume. Magic Eden’s trading volume

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Riding in the coattails of a broader market resurgence, the NFT trading space witnessed in 2024 Q1, with volumes across the top 10 marketplaces soaring to $4.7 billion.

According to CoinGecko’s latest report, Blur maintained its stronghold as the leading NFT marketplace during this period. During the first quarter of 2024, Blur recorded $1.5 billion in volume while at the same time, capturing a 27.6% market share, up from the previous quarter.

  • Closely following behind is Magic Eden, which has emerged as a major competitor, surpassing Blur in March. The growth is primarily driven by its Diamond reward program as well as the launch of its royalty-enforced Ethereum marketplace with Yuga Labs, which raked in over $0.76 billion in trading volume.
  • Magic Eden’s trading volume soared by 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 decline in volumes, plummeting by more than 73% from December 2023 to March 2024. Its market share has dwindled to 9.5% from 37.6% during the same period.
  • Additionally, NFT lending volumes spiked by over 50% in January compared to December, owing to the increased demand for Pudgy Penguins. Six popular platforms surged from $1.48 billion in the fourth quarter of 2023 to $2.13 billion in the first quarter of 2024, up by 43.6%.
  • Since the beginning of the year, the floor price of Pudge Penguins has risen by 98% despite most blue-chip NFTs continuing to decline. Subsequently, the loans originated from the collection were up by 209% from $252 million to $781 million in the first quarter of the year.
  • On the other hand, loans originated from Bored Apes and Mutant Apes took a tumble from 47.1% to 43.6%.

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