The world of nonfungible tokens (NFTs) witnessed new developments in March as Magic Eden, the Solana-based NFT marketplace, overtook its rival Blur to become the leading platform in terms of trading volume. According to data from CoinGecko, Magic Eden recorded a staggering $756.5 million in trading volume last month, surpassing Blur's $530.4 million.

This remarkable achievement marked a 194.4% increase in monthly trading volume for Magic Eden, solidifying its position as a force to be reckoned with in the NFT space. The platform's ascent can be partly attributed to its newly implemented Diamond reward program and its continued partnership with the renowned NFT company Yuga Labs, creators of the iconic Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections.

Magic Eden's success in March marked its sixth consecutive month of trading volume growth, underscoring the platform's resilience and ability to captivate the NFT community.

Yuga Labs Offloads NFT Games

In a strategic move aimed at "unshackling" its team and enabling them to execute their vision more effectively, Yuga Labs, the creators of BAYC and MAYC, sold the intellectual property (IP) rights for two of its games: HV-MTL and Legends of Mara. The Web3 gaming studio Faraway acquired the IP, as Yuga Labs continues to refine its focus on its core NFT collections.

This decision aligns with previous statements from Yuga Labs' CEO, Greg Solano, who has expressed a desire to streamline the company's operations and empower its team to concentrate on their primary objectives.

Manchester City Football Club launched a new NFT collection that allows fans to win limited-edition jerseys and matchday experiences. Through a partnership with the cryptocurrency exchange OKX, Manchester City is enabling users to mint NFTs on the OKX platform, with the rarity of the NFT determining the chances of winning the coveted jerseys.

These jerseys feature hand-painted designs by artist Christian Jeffrey, incorporating iconic symbols such as the Lancashire rose and the Manchester worker bee, adding a touch of local pride to these unique collectibles.

Former Disney Executive Launches Web3 Game Publisher

The intersection of Hollywood and Web3 gaming witnessed a significant development as a former Disney executive joined forces with a team of Hollywood and gaming professionals to launch Galactic Entertainment Publishing, a Web3 game publisher based in the United Arab Emirates. This venture represents the first arm of the Galactic Group.

The company's inaugural project, PlanetQuest, has already amassed an impressive 200,000 NFT holders before its launch, according to Loren Roosendaal, CEO of Galactic Entertainment and founder of PlanetQuest. The game has been in development since 2022, showcasing the growing interest in Web3 gaming experiences.

Nifty News: PayPal Removes NFT Protections, Adidas Enters Solana

In other NFT news, payment services giant PayPal announced amendments to its Purchase Protection Program, which will remove the eligibility of NFT transactions starting May 20. This move has sparked discussions within the NFT community about the implications for buyer and seller protections in the space.

Meanwhile, sportswear brand Adidas continued its foray into Web3 by partnering with Stepn to release limited edition NFT sneakers on the Solana network, further solidifying the brand's commitment to exploring innovative technologies and engaging with the growing NFT and crypto communities.

As the NFT ecosystem continues to evolve at a rapid pace, these developments underscore the growing mainstream adoption of this technology, with major players from various industries vying for a foothold in this burgeoning market.