What Are the Top NFT Marketplaces?
The top NFT marketplace in 2024 is Magic Eden, which holds a 36.7% market share with $122.47 million in monthly trading volume in August. This marks Magic Eden’s 6th consecutive month as the top NFT marketplace, cementing its position as a key player in the NFT industry.
Launched in late 2021 originally as a Solana-focused NFT marketplace, Magic Eden previously captured up to 31.7% market share as the second largest NFT marketplace in 2022. This made Magic Eden the closest competitor to OpenSea until Blur arrived. Alongside the declining popularity of Solana NFTs, Magic Eden’s market share then shrank to a range of 3.4% to 9.2% in 2023.
However, Magic Eden managed to capitalize on the emergence of Bitcoin Ordinals by being one of the first established NFT marketplaces to integrate the chain. As a result, Magic Eden saw monthly NFT trading volume more than double to reach $734.60 million in March 2024, and surpassed Blur to capture the largest market share of 38.5% for the first time.
Blur now ranks as the second most popular NFT marketplace, after its market share fell from 35.4% at the start of the year, to 25.4% last month. Over the same period, monthly NFT trading volume on Blur has steadily dropped from $499.95 million to $84.69 million.
The third largest NFT marketplace is OpenSea, which has a 19.9% market share at a monthly trading volume of $66.52 million last month. In fact, OpenSea has doubled its market share from the 9.9% it held at the start of the year, overtaking OKX and Tensor in April to move up the ranks. That said, this recovery is still nowhere near OpenSea’s former monopoly in NFT trading.
In total, the top 3 NFT marketplaces of Magic Eden, Blur and OpenSea account for a majority of NFT trading volume with a combined 82.0% market share.
Among the other popular NFT marketplaces, only the CryptoPunks marketplace and X2Y2 have recorded an increase in market share since the start of the year. Specifically, the CryptoPunks marketplace increased its market share from 2.4% to 5.6% and ranks as the fifth largest NFT marketplace, while X2Y2 saw a smaller increase from 0.7% to 1.2%.
In contrast, the OKX NFT marketplace lost the most market share from 18.4% to 2.4% during the same period. This comes after OKX experienced a surge in NFT trading volume at the end of 2023 and briefly overtook Blur with a 38.4% market share in December.
Top NFT Marketplaces Historical Data
Monopoly to Oligopoly: Marketplace Competition Grew in NFT Winter
In the last few years from 2022 to 2024, OpenSea, Blur and Magic Eden have led as the main contenders vying for the top NFT marketplace position. Across this period, OpenSea has facilitated the highest $23.14 billion in cumulative NFT trading volume. Blur recorded $8.54 billion in cumulative NFT trading volume, followed by Magic Eden with $6.39 billion cumulative trading volume.
Most notably, the NFT trading space has evolved and arguably matured despite the challenging bear market conditions: From a monopoly dominated by OpenSea which had gained a stronghold during the NFT bull run, to a duopoly of Blur and OpenSea, to more of an oligopoly in 2024 with healthier competition and diversity among NFT marketplaces.
Specifically, the number of NFT marketplaces with an overall yearly market share above 10.0% has increased from just 2 in previous years, to 4 so far this year. That said, it remains to be seen whether marketplace popularity will continue to be divided, or if the trend will reverse with one or two platforms capturing greater market share.
Top NFT Marketplaces (2023)
Blur cemented its position as a leading NFT marketplace in 2023, when the Ethereum-focused platform captured 62.4% market share in February and replaced OpenSea as the top player for most of the year. In total, Blur took just 5 months after launch in October 2022 to consistently rank at the top. Blur’s immediate success was mainly driven by innovations on two fronts, namely the platform design optimized for high volume, professional NFT traders or flippers, and a novel, well-structured airdrop farming points program.
OKX briefly outperformed Blur at the end of 2023 during the Ordinals hype, which drove a surge in OKX’s NFT trading volume from $8.35 million (2.9% share) in October to $311.36 million (32.1%) in November, then to $684.65 million (38.4%) in December.
Tensor also saw its market share grow from 0.1% to 12.1% over the year, as monthly NFT trading volume on the platform rose from $1.36 million to $215.57 million. As a result, Tensor overtook close competitor Magic Eden in December 2023 for the first time.
Meanwhile, OpenSea started the year as the largest platform with a monthly NFT trading volume of $438.08 million (41.0% market share), but gradually declined to end at $171.10 million volume (9.6% share). Other NFT marketplaces that suffered a decrease in both trading volume and market share were LooksRare, X2Y2 and CryptoPunks.
Top NFT Marketplaces (2022)
OpenSea, which had dominated the NFT trading space during the NFT bull run, continued to rank as the top marketplace for most of 2022. At the same time however, OpenSea saw its monopoly position erode as its trading volume and market share steadily fell from $4.64 billion (87.5%) in January, to $0.25 billion (37.3%) in November. Ultimately, OpenSea ended the year with a 34.6% share in December, ranking it second to then-newcomer Blur.
Blur had emerged as a strong competitor upon launch in October 2022, immediately achieving $36.60 million in monthly trading volume to capture 5.9% in market share. Blur’s trading volume quadrupled to reach $156.10 million in November (23.2% share), then doubled to $412.24 million (53.4%) to close the year as the top NFT marketplace that month.
Meanwhile, Magic Eden started 2022 with just $2.94 million in monthly trading volume, which was less than 0.1% in market share. While Magic Eden grew in subsequent months and reached up to 31.5% in market share at one point, it quickly became overshadowed when Blur emerged. As a result, Magic Eden saw its market share suddenly plummet from 27.6% in November, to end the year at 1.5% in December.
Top NFT Marketplaces by Chain
What is the Most Popular NFT Marketplace on Ethereum?
The most popular Ethereum NFT marketplace is Blur, which has a market share of 68.8% from facilitating $2.43 billion in Ethereum NFT trading volume year-to-date (YTD). This is over 3 times as high as the $0.64 billion that OpenSea recorded in Ethereum NFT trading volume. Meanwhile Magic Eden, which is currently the top NFT marketplace across all chains, ranks as the third largest platform for Ethereum NFT trading with a 6.1% share.
Market shares of the most popular Ethereum NFT marketplaces by total trading volume in 2024 to date are:
| Rank | Ethereum NFT Marketplace | Market Share |
|---|---|---|
| 1 | Blur | 68.84% |
| 2 | OpenSea | 18.11% |
| 3 | Magic Eden | 6.13% |
| 4 | CryptoPunks | 5.58% |
| 5 | X2Y2 | 1.34% |
What is the Most Popular NFT Marketplace on Solana?
Magic Eden and Tensor are the most popular marketplaces for trading Solana NFTs. On a YTD basis, Magic Eden is slightly ahead with 50.4% market share from $654.80 million in total Solana NFT volume, compared to Tensor’s 49.6% share from $645.39 million trading volume. However, Tensor started 2024 in the lead and both marketplaces have seen their Solana NFT volumes fluctuate, therefore it is uncertain which competitor will emerge stronger.
Market shares of the most popular Solana NFT marketplaces by total trading volume in 2024 to date are:
| Rank | Solana NFT Marketplace | Market Share |
|---|---|---|
| 1 | Magic Eden | 50.36% |
| 2 | Tensor | 49.64% |
What is the Most Popular NFT Marketplace on Bitcoin?
Magic Eden has emerged as the most popular Ordinals marketplace with a 61.0% share from facilitating $1.79 billion in total NFT trading volume on Bitcoin YTD. This is more than twice compared to OKX, which is the second largest Ordinals marketplace with a 28.8% market share from $0.84 billion trading volume.
Market shares of the most popular Bitcoin Ordinals marketplaces by total trading volume in 2024 to date are:
| Rank | Ordinals NFT Marketplace | Market Share |
|---|---|---|
| 1 | Magic Eden | 61.04% |
| 2 | OKX | 28.84% |
| 3 | Unisat | 8.90% |
| 4 | Ordinals Wallet | 1.22% |
Most Popular NFT Marketplaces’ Market Share
The top 10 NFT platforms ranked according to market share by trading volume, as of August 2024:
| Rank | NFT Marketplace | Market Share |
|---|---|---|
| 1 | Magic Eden | 36.68% |
| 2 | Blur | 25.37% |
| 3 | OpenSea | 19.92% |
| 4 | Tensor Trade | 7.15% |
| 5 | CryptoPunks | 5.63% |
| 6 | OKX | 2.41% |
| 7 | X2Y2 | 1.19% |
| 8 | Mooar | 1.18% |
| 9 | Unisat | 0.38% |
| 10 | Ordinals Wallet | 0.09% |
Methodology
The study examined top NFT marketplaces’ market share by USD trading volume from January 1, 2022 to August 31, 2024, based on data derived from @hildobby, @datawarlock, @sealaunch, @ilemi and @domo on Dune Analytics, as of September 3, 2024. Market share percentages are calculated by taking the top 10 NFT marketplaces with the highest total trading volume during a given period, and may differ from chart to chart depending on the set of marketplaces included. Data here may differ from past reports due to changes in sources referenced and/or wash trading that has been flagged retroactively.
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Curious to find out more about our previous research studies & statistics? Check out this one we did on whether NFTs will come back.
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