By Philip Maina
1 week agoMon Sep 16 2024 10:56:58
Checking out Time: 2 minutes
Magic Eden CEO Jack Lu has actually explained 2024 as the “finest year ever” for the NFT market considering that its launch in 2021. For many years, Lu kept in mind, NFT collectors focus on material and benefit, pressing the market to support more antiques and blockchains. Magic Eden tops Blur and OpenSea managing approximately 36% of the total NFT market, a position it’s most likely to hold for the rest of the year.
NFT Collectors Want a One-Stop Platform
Talking to Decrypt, he stated that Magic Eden’s success comes in spite of the basic NFT area experiencing a downturn. Since August, He divulged, the exchange amassed 76% share of profits although the trading volumes throughout exchanges dropped to $373 million.
Lu kept in mind that NFT traders and collectors choose platforms using a main indicate check out the basic NFT market. The executive exposed that the NFT market has actually invested greatly into supporting several networks. The exchange supports antiques powered by Base, Ethereum, Bitcoinloc, and Polygon.
He likewise revealed that they are yet to get a Wells notification from the Uninted States securities guard dog, SEC. Competing platform OpenSea just recently exposed it got a letter from the SEC declaring NFTs on the platform are securities.
Magic Eden Overtakes Blur and OpenSea
Lu’s discoveries come approximately 2 weeks after CoinGecko launched a report revealing that Magic Eden has actually surpassed Blur and OpenSea in NFT trading volume.
According to the report, Magic Eden has a 50% and 61% NFT market share on Solana and Bitcoin respectively. It nevertheless holds 36.68% market throughout all networks followed by Blur and OpenSea at 25.37% and 19.92% respectively.
Magic Eden has actually been increasing its participation in the crypto, NFT, and web3 area and has actually introduced a cross-chain crypto and NFT wallet. It has actually likewise introduced a Bitcoin Ordinals launchpad to support NFT developers.
With Magic Eden’s earnings growing amidst a market depression, the exchange is most likely to command a greater market share before the year ends.
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