Blur takes leadership in the NFT marketplace, closing in on $1.5 billion in Q1 volume.

Riding on broad market momentum, the NFT trading space witnessed a rise to $4.7 billion in the top 10 markets in Q1 2024.

According to CoinGecko's latest report, Blur has maintained its stronghold as the leading NFT marketplace during this period. In the first quarter of 2024, Blur recorded a volume of $1.5 billion, with a 27.6% market share at the same time, up from the previous quarter.

Following closely behind, Magic Eden emerged as a major contender, surpassing Blur in March. Growth was primarily driven by the Diamond Rewards program, as well as the launch of the royalty-powered Ethereum marketplace with Yuga Labs, which recorded over $0.76 billion in transaction volume. Magic Eden's transaction volume was up 393 percent from December's $153 million. Meanwhile, OKX, once a dominant force in Bitcoin NFT trading, has seen a sharp decline in volumes, falling more than 73% from December 2023 to March 2024. Its market share also decreased from 37.6% to 9.5% during the same period. In addition, NFT lending volume increased by more than 50% in January compared to December due to increased demand for Pudgy Penguins. Six popular platforms grew from $1.48 billion in the fourth quarter of 2023 to $2.13 billion in the first quarter of 2024, an increase of 43.6 percent. Pudge Penguin's floor price is up 98% since the start of the year even as most blue-chip NFTs continue to decline. Subsequently, loans from the group increased by 209 percent from $252 million to $781 million in the first quarter of the year. On the other hand, the loan obtained from bored monkeys and mutant monkeys decreased from 47.1% to 43.6%.