Magic Eden's Reign
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Three years ago, OpenSea was crypto's leading NFT marketplace. Today, that title belongs to Magic Eden.
Over the past month, Magic Eden — the only platform to currently support Ethereum, Bitcoin, Solana, Base, and Polygon NFTs in one hub — enjoyed the most users (+370,600) and trading revenue (+$3.1 million) of any NFT marketplace.
Additionally, over the past year, Magic Eden's trading volume ($2.9 billion) has lagged only Blur's ($5.2 billion), and the multichain platform has been catching up fast here, largely driven by its popularity among Ordinals traders.
Why the success? Being nimble, going wide, and staying interesting. They tripled down on the top chains. They've built a stable of cool stuff, like the Magic Eden Wallet, the Diamond points system, the upcoming $ME token, tools like Mint Terminal, and more.
These strategies have helped Magic Eden secure its position as the go-to marketplace for NFT enthusiasts in 2024, and at least for now, it's looking like nothing can stop the platform's widening lead.
The grand question is can the team keep the pedal to the metal? Well, if their recent performance is any indication, absolutely.
📰 General news
- Hypersub saw its creators reach +$1M in earnings
- Magic Eden launched Mint Terminal, a multichain aggregator of NFT drops
- OpenSea received a Wells Notice from the SEC
- Story Network launched Illiad, the IP blockchain's first public testnet
🎨 Cryptoart & music
- Pob Studio released a tool that turns your Basename into unique art
🏆 Digital collectibles
- Donald Trump released his latest digital trading cards collection
- Forgotten Runes Wizard's Cult launched its Donuts Leaderboard points hub
- PartyDAO unveiled Sets V2 and received +67,000 mints on its Kazoo Legends drop
- Williams Racing and Kraken are dropping a special collection of 100,000 PFP NFTs designed by DeGods lead artist CandyApple to Grid Pass holders
🎮 Decentralized gaming
- Axie Infinity started Origins Season 10
- Biomes launched its Settlement Era campaign
- Duper introduced the Duper Bowl tournament
- Forgotten Runiverse opened its New Foundations beta gameplay
- Immutable added support for the Squid bridge to its Immutable Passport
- MUD released a new World Explorer tool
- Pirate Nation launched the Boss Chain
- Star Atlas is running an online hackathon through September 7th
📱 Onchain social
- Ethereum Follow Protocol is launching on testnet next week
- JokeRace released a self-funding contests feature
- Rounds added a discovery page for finding post-to-earn opps
- Warpcast unveiled Boosts, blocking, and video improvements
🪙 NFTfi
- GONDI achieved a new all-time high of +600 active NFT loans
🌐 Virtual Worlds
- Nifty Island introduced new Time Trial quests
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