PANews reported on May 10 that according to CryptoSlate, according to the April 2024 Dapp Industry Report released by DappRadar, Magic Eden's transaction volume exceeded Blur, reaching $108 million. This surge is attributed to Magic Eden's strategic expansion into Ordinals trading and its launch of a rewards program, which attracted traders and collectors. The platform has integrated Bitcoin Ordinals trading, which now accounts for 70% of its total trading volume. Magic Eden has surpassed Blur to become the largest NFT market by trading volume, marking a major shift in the competitive landscape of digital asset exchanges.
The report also points to changes in broader NFT market conditions. Total trading volume fell to $1.35 billion in April, down 13% from the previous month, while sales increased 20%. This trend can be attributed to several factors, including the growing popularity of Runestones, a Bitcoin Ordinals inscription that has surpassed Bored Ape Yacht Club to become the most traded NFT collectible. In addition, trading volume for Bitcoin collections increased by 32% to $675 million, making Bitcoin the most traded blockchain, followed by Ethereum.
