CoinGecko Q1 Report: NFT Trading Volume Hit $4.7B+
In its ‘2024 Q1 Crypto Industry Report‘, CoinGecko—a leading platform for crypto market valuations and NFT analytics across multiple blockchains—highlighted robust NFT growth.
The document reveals a significant rise in NFT sales volume, indicating increased interest and adoption of these digital assets.
When exploring the top ten marketplaces alone, trading volumes soared past $4.7 billion in March, with Magic Eden claiming the lion’s share.
Leading NFT Marketplaces in Q1Â
Magic Eden emerged as the top marketplace in transaction volume for Q1 2024, recording $163 million in January, $256 million in February, and a sharp increase to $756 million in March, totaling $1.7 billion in the first quarter.
According to CoinGecko on X, the platform’s surge in March was fueled by the Diamond reward program and its Ethereum-based marketplace with Yuga Labs, resulting in surpassing Blur with over $0.76 billion in volume.
Check out: Magic Eden Rewards Diamonds to ETH NFT Traders Today (nftplazas.com)
Meanwhile, Blur maintained strong transaction activity, generating $500 million in January, $502 million in February, and $530 million in March. This resulted in over $1.5 billion in NFT sales for the quarter. With a market share of 28%, Blur experienced a growth of 25% when compared to Q4 2023.
Moreover, the OKX NFT Marketplace—linked to the OKX crypto exchange—claimed the third spot, amassing over $588 million in sales during the first three-month stretch. However, the trading volume for Bitcoin NFTs on the OKX platform saw a marked decline of 73.3%, falling from $0.68 billion in December 2023 to $0.18 billion by March 2024.
Additional top contenders in the NFT market highlighted included Tensor NFT Marketplace, with a turnover of $484 million; OpenSea, with transactions totaling above $457 million; and UniSat NFT Marketplace, clocking in at more than $139 million in Q1.Â
Other NFT projects and platforms, including CryptoPunks, MOOAR, X2Y2, and Ordinal Wallet, were also mentioned. Each contributed to the cumulative trading volume of $4.7 billion during this period.
Ultimately, the 2024 Q1 Crypto Industry Report delves into more than just crypto, spotlighting NFT landscape changes, consumer behavior shifts, and emerging market trends, echoing a positive sentiment for the year ahead.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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