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Magic Eden's Reign
Published on Aug. 30, 2024

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Magic Eden's Reign

Three years ago, OpenSea OpenSea was crypto's leading NFT marketplace. Today, that title belongs to Magic Eden.

Over the past month, Magic Eden — the only platform to currently support Ethereum, Bitcoin, Solana, Base, and Polygon Polygon NFTs in one hub — enjoyed the most users (+370,600) and trading revenue (+$3.1 million) of any NFT marketplace.

Additionally, over the past year, Magic Eden's trading volume ($2.9 billion) has lagged only Blur's ($5.2 billion), and the multichain platform has been catching up fast here, largely driven by its popularity among Ordinals Ordinals traders.

Why the success? Being nimble, going wide, and staying interesting. They tripled down on the top chains. They've built a stable of cool stuff, like the Magic Eden Magic Eden Wallet, the Diamond points system, the upcoming $ME token, tools like Mint Terminal, and more.

These strategies have helped Magic Eden secure its position as the go-to marketplace for NFT enthusiasts in 2024, and at least for now, it's looking like nothing can stop the platform's widening lead.

The grand question is can the team keep the pedal to the metal? Well, if their recent performance is any indication, absolutely.

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