# Magic Eden Dominates NFT Marketplace in 2024
Magic Eden has been recognized as the most popular NFT marketplace in 2024, according to NFT Pulse on January 3. The platform has excelled across multiple metrics, including total user numbers, transaction fee revenue, and royalty earnings, solidifying its leading position in the NFT marketplace industry. The marketplace also ranked second in terms of trading volume and the number of unique collections, following Blur and OpenSea, showcasing its overall strong performance.
# Exclusion of Runes Trading Volume Highlights Magic Eden’s Influence
The rankings excluded trading volume from Magic Eden’s flagship product, Runes, suggesting that Magic Eden’s influence within the ecosystem could be even more significant. This exclusion emphasizes the platform’s substantial impact across the broader NFT market.
# Dominance in Transaction Fee Revenue and Bitcoin Ecosystem
NFTs on the Bitcoin network, known as Ordinals, accounted for 73.7% of total trading volume on Magic Eden over the past year, indicating that a majority of transactions were conducted through the platform. This performance translated into substantial transaction fee revenue, with Magic Eden generating approximately $59.9 million—three times the revenue of its closest competitor, OpenSea. Notably, Magic Eden recorded $41.15 million in revenue from Ordinals trading alone, achieving a 99.3% market share within the Bitcoin ecosystem. This figure represents the highest revenue across all chains and exchanges.
Besides the Bitcoin network, Magic Eden also generated significant revenue across other chains. It held a commanding 58.3% market share on the Solana chain, ranking first, and secured a 10.7% market share on the Ethereum chain, ranking third.
# Outlook for Magic Eden in 2025
Magic Eden continues to lead in trading Bitcoin network’s meme coin, Runes. This leadership aligns with Magic Eden’s strategy to evolve from a simple NFT marketplace into a comprehensive multichain asset exchange encompassing various tokens.
Looking ahead, Magic Eden plans to focus on technological innovation and enhancing user experience. The platform aims to reinforce its position in the multichain ecosystem through various services, including multichain trading and the Magic Eden Wallet. Moreover, by integrating with the recently launched ME token, Magic Eden intends to boost user engagement and invigorate its ecosystem.
