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- Jack Lu has described this year as the exchange’s “best year ever”
- The Magic Eden CEO also noted that NFT collectors are interested in content and convenience
- Magic Eden leads other NFT marketplaces with a 36% share of the overall collectibles market
Magic Eden CEO Jack Lu has described 2024 as the “best year ever” for the NFT marketplace since its launch in 2021. Over the years, Lu noted, NFT collectors prioritize content and convenience, pushing the marketplace to support more collectibles and blockchains. Magic Eden tops Blur and OpenSea controlling roughly 36% of the overall NFT market, a position it’s likely to hold for the remainder of the year.
NFT Collectors Want a One-Stop Platform
Speaking to Decrypt, he said that Magic Eden’s success comes despite the general NFT space experiencing a slump. As of August, He disclosed, the exchange garnered 76% share of revenue although the trading volumes across exchanges plummeted to $373 million.
Lu noted that NFT traders and collectors prefer platforms offering a central point to explore the general NFT market. The executive revealed that the NFT marketplace has invested heavily into supporting multiple networks. The exchange supports collectibles powered by Base, Ethereum, Bitcoinloc, and Polygon.
He also disclosed that they are yet to receive a Wells notice from the Uninted States securities watchdog, SEC. Rival platform OpenSea recently revealed it received a letter from the SEC claiming NFTs on the platform are securities.
Magic Eden Overtakes Blur and OpenSea
Lu’s revelations come roughly two weeks after CoinGecko released a report showing that Magic Eden has overtaken Blur and OpenSea in NFT trading volume.
According to the report, Magic Eden has a 50% and 61% NFT market share on Solana and Bitcoin respectively. It however holds 36.68% market across all networks followed by Blur and OpenSea at 25.37% and 19.92% respectively.
Magic Eden has been increasing its involvement in the crypto, NFT, and web3 space and has launched a cross-chain crypto and NFT wallet. It has also launched a Bitcoin Ordinals launchpad to support NFT creators.
With Magic Eden’s revenue growing amid a market slump, the exchange is likely to command a higher market share before the year ends.
