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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