During the first quarter of this year, Blur retained its position as the leading non-fungible token (NFT) marketplace, boasting a remarkable $1.5 billion in NFT trading volume. However, March saw Magic Eden making significant strides, surpassing Blur in overall NFT trading volume.

According to a CoinGecko report, Blur commanded a substantial market share of 27.6% for the entire first quarter, up from 24.9% in the previous quarter. In March alone, Blur facilitated $565.6 million in Ethereum-based NFT trading volume, maintaining its dominance in this sector. OpenSea trailed behind with $163.7 million in Ethereum NFT trading volume, as reported by The Block.

Magic Eden emerged as a strong contender in March, experiencing a notable surge in market share. CoinGecko data revealed that Magic Eden's NFT trading volume skyrocketed to $756.5 million in March, a significant leap from $256.9 million in February. This surge could be attributed to the introduction of Magic Eden's Diamond reward program and its Ethereum-based marketplace in collaboration with Yuga Labs.

Moreover, Magic Eden's Ordinals trading volume played a pivotal role in its growth trajectory. On March 3 alone, Magic Eden's daily trading volume for Ordinals reached $39.3 million, surpassing OKX's marketplace, which recorded $8.62 million on the same day, as per The Block's data dashboard. CoinGecko noted a shift in Bitcoin NFT trading volume towards platforms like Magic Eden and UniSat.

However, despite these developments, the floor price of the Bored Ape Yacht Club collection experienced a notable decline, reaching a low of 10.04 ETH (approximately $298,500) on Tuesday, marking its lowest point since August 2021, according to data from The Block's dashboard.