Magic Eden dominates NFT market as its share nears 37%: CoinGecko

Magic Eden continues to dominate the NFT market, holding a 36.7% market share with approximately $123 million in trading volume in August.

According to data from CoinGecko, Magic Eden solidified its position as the leading marketplace for non-fungible tokens, capturing 36.7% of the market share with a trading volume of $122.47 million in August.

Analysts at the cryptocurrency price data aggregator website reported in a September 4 blog post that August marked the sixth consecutive month Magic Eden led the market, further cementing its influence in the rapidly evolving NFT sector.

Top 10 NFT marketplaces by trading volume since 2022 | Source: CoinGecko

Originally launched in 2021 as a Solana (SOL)-centric platform, Magic Eden emerged as the second-largest NFT market with a 31.7% share in 2022. However, analysts say the decline in Solana NFTs could see its market share drop to as low as 3.4% in 2023.

The platform managed to rebound in 2024 by integrating Bitcoin Ordinals, which are essentially NFTs on the Bitcoin network, and in March, it increased its trading volume to $734.6 million, taking the top spot with a 38.5% share, surpassing rival Blur.

OpenSea’s market share drops below 20%

Once a close competitor, Blur’s market share fell from 35.4% in January to 25.4% in August, while former market leader OpenSea’s share rose to 19.9% ​​from 9.9% earlier this year. The data shows that Magic Eden, Blur, and OpenSea together dominate the NFT market with an 82% share.

Other platforms like the CryptoPunks marketplace and X2Y2 also saw gains, while OKX NFT Marketplace saw the most significant decline from 18.4% to 2.4% after a brief surge in late 2023. CoinGecko analysts say the NFT trading space is evolving from a monopoly dominated by OpenSea, which gained a strong foothold during the NFT bull run, to “more of an oligopoly with healthier competition and diversity among NFT marketplaces in 2024.”