May ‘24 NFT Marketplace Recap

In May 2024, the NFT market saw a 19.9% month-on-month (MoM) decrease in trading volumes, falling by over $95 million to $384 million. The main contributor to this decrease this month is OpenSea, with a 49.8% MoM decline. Most other NFT marketplaces saw their trading volumes dipping this month, with the exception of Magic Eden, which witnessed 46.8% MoM growth.

Consequently, Magic Eden’s market share nearly doubled, from 8.8% in April to 16.2% in May. On the other hand, OpenSea saw its market share fall from 18.4% in April to 11.5% in May. Meanwhile, Blur’s market share has remained relatively stable at 64.1%.