DappRadar, the decentralized application data analysis platform, recently released its industry report for April, which shows that the monthly trading volume of NFT platform Magic Eden has officially surpassed Blur, making it the leader in the NFT marketplace.
In April, Magic Eden’s trading volume was $486 million, while Blur’s was $378 million. The growth of Magic Eden can be attributed to the platform’s active expansion in the Bitcoin space, especially in allowing users to purchase Ordinals protocol tokens on the platform, which has attracted many collectors. Currently, Ordinals alone accounts for 70% of Magic Eden’s trading volume, indicating that Bitcoin NFTs are still very popular.
In addition to this, Magic Eden’s new user loyalty program, “Diamond Rewards,” has also contributed significantly to the platform’s trading volume. The purpose of Diamond Rewards is to reward Magic Eden’s old players, collectors, creators, and NFT enthusiasts, and rewards can be accumulated through purchases, listings, or bidding on NFTs.
Not only has Magic Eden’s trading volume grown, but due to the focus on Bitcoin ecosystem protocols such as Runes and Ordinals in April, UniSat and OKX NFT Marketplace, two major Bitcoin-supporting trading platforms, also ranked 3rd and 4th in the NFT marketplace rankings. The former market leader, OpenSea, had a trading volume of $134 million last month, ranking 5th.
In addition to the NFT marketplace rankings, DappRadar’s report also summarized the decentralized application market overview for April.
DappRadar pointed out that the number of active wallets interacting with decentralized applications (DApps) continues to increase, indicating increased interaction with DApps, which is optimistic for the expansion of the Web3 industry.
As for which types of DApps are most popular, DappRadar stated that games are in a leading position, with a daily number of active wallets of 2.9 million, an increase of 17% compared to the previous month. The number of active wallets interacting with DeFi (decentralized finance) is 2 million, while the number of active wallets related to NFT trading is 1.3 million.
Blockchain games still dominate the DApp space, as at least 28% of interactions in April occurred in game-related applications.
DappRadar analyzed the NFT collections with the most transactions, and NFTs related to games performed well, including sports game Sorare, blockchain game pioneer Axie Infinity, and popular card strategy game Gods Unchained, all of which attracted many traders.
Sources:
CryptoSlate, CoinMarketCap, DappRadar
