Blur has solidified its position as the top NFT marketplace, showcasing resilience and growth amidst a flourishing market. The NFT trading space experienced a significant resurgence in the first quarter of 2024, with the combined volumes of the top 10 marketplaces reaching an impressive $4.7 billion.

Blur’s Dominance

According to the latest report from CoinGecko, Blur maintained its dominance as the leading NFT marketplace during this period. Recording a staggering $1.5 billion in trading volume, Blur captured a substantial 27.6% market share, marking an increase from the previous quarter.

While Blur maintains its lead, Magic Eden has emerged as a formidable competitor, surpassing Blur in March. Magic Eden’s growth can be attributed to its innovative Diamond reward program and the successful launch of its royalty-enforced Ethereum marketplace in collaboration with Yuga Labs, generating over $0.76 billion in trading volume.

Magic Eden’s Soaring Volume

Magic Eden’s trading volume witnessed an astounding surge of 393% from $153 million in December to $757 million in March, as per CoinGecko’s findings.

In contrast, OKX, once a dominant player in Bitcoin NFT trading, experienced a significant decline in volumes, plummeting by over 73% from December 2023 to March 2024. Its market share has dwindled to 9.5% from 37.6% during the same period.

Spike in NFT Lending Volumes

NFT lending volumes witnessed a remarkable spike of over 50% in January compared to December, primarily driven by the increased demand for Pudgy Penguins. Six popular platforms collectively surged from $1.48 billion in the fourth quarter of 2023 to $2.13 billion in the first quarter of 2024, marking a notable increase of 43.6%.

Despite the overall decline in blue-chip NFTs, the floor price of Pudgy Penguins rose by 98% since the beginning of the year. Consequently, loans originated from the collection saw a significant uptick of 209%, reaching $781 million in the first quarter.

In contrast, loans originated from Bored Apes and Mutant Apes witnessed a decline from 47.1% to 43.6%, indicating shifting trends in the NFT lending landscape.