Magic Eden, a Solana-based NFT marketplace, overtook Blur as NFT market leader in March, recording a record monthly transaction volume of $756.5 million, an increase of 194.4% on the previous month.
Magic Eden surpasses Blur with its rewards program
Magic Eden recorded remarkable growth, attributed in part to its “Diamond” rewards program, offering exclusive benefits to token holders. Ongoing collaboration with Yuga Labs also played a key role in this success. For the first time since December, Magic Eden overtook Blur, thanks in particular to the Bitcoin NFT bubble operated by OKX, placing Magic Eden at the top of the leaderboard in terms of transaction volume.
Increased competition
OpenSea, once the market leader in NFT, discontinued its blockchain-based copyright control tool last August, claiming that it had not been as successful as expected and that competitors such as Blur, Dew and LooksRare were using the Seaport protocol to circumvent the blockade and avoid creator fees. However, OpenSea has recently reversed this position, enabling the ERC-721C standard for programmable revenue.
Conclusion
In March, Magic Eden surpassed Blur to become the NFT market leader, recording a record monthly transaction volume of $756.5 million. This rise was attributed to its innovative “Diamond” rewards program and strategic collaboration with Yuga Labs. Meanwhile, OpenSea, once the NFT market leader, abandoned its on-chain copyright control tool, before recently reversing this decision.
