Categories: MarketsMenafn

Magic Eden Tops August NFT Trading Volume

Magic Eden had the largest market share among non-fungible token (NFT) marketplaces in August, outperforming competitors like Blur and OpenSea.

On Sept. 4, crypto data tracker CoinGecko reported that Magic Eden achieved a trading volume of $122.47 million, representing 36.7% of the total NFT market share. This marks the platform’s sixth consecutive month as the top performer in the NFT space.

Magic Eden allows users to create, trade, and collect NFTs and supports assets based on Ethereum, Solana, Polygon, and Bitcoin. The platform first rose to the top in March, overtaking Blur with a recorded monthly trading volume of $734 million, while Blur had about $530 million. According to the report, Magic Eden’s trading volume increased significantly after integrating the Bitcoin Ordinals protocol, which has remained popular among NFT collectors.

Blur and OpenSea Follow Behind Magic Eden

Blur and OpenSea were the next largest NFT marketplaces in August, following Magic Eden. Blur had a trading volume of $84 million in August, which, as reported, shows an “83.2% drop compared to the start of the year” when its volume was almost $500 million in January. The reduced volume brought its market share down to 25.4%, making it the second-largest platform after Magic Eden.

OpenSea recorded a trading volume of $66.5 million in August, increasing its market share to 19.9%, an improvement from the 9.9% share it had in January. However, OpenSea remains far from its previous levels when it was a dominant player in the NFT market. The company faced challenges in August, including receiving a Wells notice from the United States Securities and Exchange Commission (SEC), which indicates that the regulator “may be looking to act against the company.”

NFT Market Records Declining Sales Volumes

The NFT market has continued to experience a decline in sales volumes. In August, the total NFT sales volume reached $374 million, according to data from CryptoSlam. This represents a significant decrease of 76% from the market’s peak performance in 2024 when “NFT sales volumes reached $1.6 billion in March.”

Magic Eden, Blur, and OpenSea collectively control 82% of the market. However, their performances have varied, with Blur and OpenSea experiencing fluctuations in market share and trading volumes throughout the year.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

Recent Posts

Sunny Mining Unveils Weekend Incentive Contracts for Short-Term Crypto Profits

Los Angeles, California, 22nd August 2025, ZEX PR WIRE, As digital assets gain increasing attention,…

2 days ago

Price pullbacks are no longer the end: APT miners help XRP investors lock in daily gains

Los Angeles, California, 22nd August 2025, ZEX PR WIRE, After XRP once again fell below…

2 days ago

Irys Raises $10M Series A to Unlock $3 Trillion Data Economy With First Programmable Datachain

CoinFund-Led Round Accelerates Institutional Adoption of Infrastructure For Datachains London, UK, Aug 22, 2025, ZEX…

3 days ago

BJMINING Attracts Thousands of New Users Amid Crypto Rally, Delivering $7,000 Daily Returns

London, UK, 22nd August 2025, ZEX PR WIRE- With the launch of Bitcoin and Ethereum…

3 days ago

XRP holders cash out $5,777 per day through secure blockchain cloud mining.

Start your journey to wealth with one click. Miami, Florida, 22nd August 2025, ZEX PR…

3 days ago

PlanMining Helps XRP Investors Earn $8,800 in Passive Income Daily

London, England, 22nd August 2025, ZEX PR WIRE, In today’s volatile cryptocurrency market, maintaining asset…

3 days ago