Learning Time: 2 minutes
- Jack Lu has described this year because the trade’s “easiest year ever”
- The Magic Eden CEO furthermore illustrious that NFT collectors are drawn to snort and convenience
- Magic Eden leads diversified NFT marketplaces with a 36% part of the total collectibles market
Magic Eden CEO Jack Lu has described 2024 because the “easiest year ever” for the NFT market since its originate in 2021. Over the years, Lu illustrious, NFT collectors prioritize snort and convenience, pushing the market to reinforce more collectibles and blockchains. Magic Eden tops Blur and OpenSea controlling roughly 36% of the total NFT market, a job it’s at probability of purchase for the remainder of the year.
NFT Collectors Prefer a One-Pause Platform
Talking to Decrypt, he said that Magic Eden’s success comes no matter the total NFT assert experiencing a plug. As of August, He disclosed, the trade garnered 76% part of earnings though the buying and selling volumes across exchanges plummeted to $373 million.
Lu illustrious that NFT merchants and collectors take hang of platforms offering a central expose explore the total NFT market. The chief revealed that the NFT market has invested heavily into supporting multiple networks. The trade supports collectibles powered by Irascible, Ethereum, Bitcoinloc, and Polygon.
He furthermore disclosed that they’re yet to fetch a Wells designate from the Uninted States securities watchdog, SEC. Rival platform OpenSea no longer too lengthy in the past revealed it received a letter from the SEC claiming NFTs on the platform are securities.
Magic Eden Overtakes Blur and OpenSea
Lu’s revelations advance roughly two weeks after CoinGecko launched a file showing that Magic Eden has overtaken Blur and OpenSea in NFT buying and selling quantity.
Per the file, Magic Eden has a 50% and 61% NFT market part on Solana and Bitcoin respectively. It nonetheless 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 assert and has launched a evil-chain crypto and NFT pockets. It has furthermore launched a Bitcoin Ordinals launchpad to reinforce NFT creators.
With Magic Eden’s earnings rising amid a market plug, the trade is at probability of expose a better market part sooner than the year ends.
