CoinGecko cited Magic Eden’s new Diamond reward program and its ongoing commitment to support creator royalties as the main catalysts.
Magic Eden, a Solana-based nonfungible token (NFT) marketplace, recorded its largest monthly trading volume in March, surpassing industry leader Blur.
Its NFT trading volume spiked 194.4% in March to $756.5 million, while Blur marginally increased to $530.4 million, according to CoinGecko’s Q1 2024 report, published on April 17.
CoinGecko said Magic Eden’s rise up the ranks was partly contributed by its new Diamond reward program and its continued partnership with Yuga Labs — at a time when the NFT studio cut ties with NFT marketplaces that weren’t supporting creator royalties.
