June ‘24 NFT Marketplace Recap

In June 2024, the NFT market saw a 14.8% decrease in trading volumes, dropping by $57.6 million to $326 million. The main reason for this decrease is the $53 million and $10 million decrease in monthly trading volume from both Blur and OpenSea, respectively. The only marketplace that saw a meaningful increase in trading volume this month is Magic Eden, with a $9.8 million increase in volume traded.

With the overall NFT market being in a slump, Magic Eden’s increase in trading volume has resulted in a substantial increase in its market share, jumping from 16.1% to 22.0% in June. This market share came from the larger NFT marketplaces like OpenSea and Blur. This also implies that far more NFT trades occurred on Solana instead of Ethereum since Magic Eden is a Solana-focused NFT marketplace.