Magic Eden has overtaken Blur as the leading NFT marketplace in terms of trading activity, signifying a significant shift in the competitive landscape of digital asset exchanges. This change comes as Blur, previously a dominant force in Ethereum-based NFT trading, experiences a decline in its market share.

As per DappRadar’s April 2024 Dapp Industry Report, Magic Eden's trading volume surpassed that of Blur by $108 million. This surge is credited to Magic Eden's strategic expansion into Bitcoin Ordinals and its attractive rewards programs, drawing both traders and collectors. The platform's integration of Bitcoin Ordinals trading, now constituting 70% of its total volume, highlights the increasing popularity of this asset class within the NFT sphere.

Magic Eden's ascent is further supported by its comprehensive platform features, including low transaction fees and a user-friendly interface accommodating multiple blockchains. Alongside strategic partnerships and ongoing platform improvements, these attributes have enabled Magic Eden to secure and maintain a significant market share.

The broader NFT market experienced a decline in total trading volume to $1.35 billion in April, down 13% from the previous month, despite a 20% increase in sales. This shift can be attributed to factors such as the growing prominence of Runestone, a Bitcoin Ordinals inscription surpassing Bored Ape Yacht Club as the NFT collection with the highest trading volume.

Furthermore, Bitcoin collections saw a 32% surge in trading volume, reaching $675 million, positioning Bitcoin as the blockchain with the highest trading volume, followed by Ethereum. Additionally, the Blast chain has gained traction among traders seeking to earn airdrop points through Blur's new deployment.