Bitcoin Ordinals Propels Magic Eden to the Top of the NFT Marketplace
Demand for NFTs has been on the rise recently, and the recent $16 million sale of a CryptoPunk has further highlighted this trend. However, the tides have shifted in the NFT marketplace wars, and Magic Eden has emerged as the top marketplace by trading volume.
Magic Eden: The New Leader in NFT Trading
Magic Eden has claimed the top spot in NFT trading volume, surpassing other popular marketplaces such as OpenSea and Tensor. It currently holds a nearly 38% share of overall NFT trading, with approximately $44.7 million worth of trades over the last 24 hours.
- Ethereum-only Blur is the second highest marketplace with a 26% share.
- Over the last seven days, Magic Eden maintains its position with a 35% share.
What sets Magic Eden apart from other marketplaces is its support for Bitcoin Ordinals, which are the Bitcoin equivalent of NFTs. While Magic Eden initially began on Solana, it quickly adapted to include Bitcoin Ordinals support in March 2023.
The Rise of Bitcoin Ordinals
Bitcoin Ordinals have rapidly become one of the most popular chains for unique digital assets since their emergence at the start of 2023. With Bitcoin nearing its all-time high price from 2021, sales of Bitcoin Ordinals have surged, and Magic Eden has become the primary platform for these transactions.
- About 84% of Magic Eden’s trading volume over the last 24 hours came from Bitcoin Ordinals sales.
- The Solana marketplace accounted for approximately 13% of trading volume, while the newly launched Ethereum marketplace made up the remaining 3%.
The impact of embracing Bitcoin Ordinals and expanding its multi-chain approach has been enormous for Magic Eden. Chris Akhavan, Magic Eden’s marketplace GM, stated that Sunday marked the startup’s best single day for Bitcoin trading and cross-chain trading volume, with approximately $40 million coming from Bitcoin Ordinals sales.
Furthermore, Magic Eden has seen a surge in new creators entering the space, bringing innovation and introducing NFTs to a wider audience by leveraging the potential of Bitcoin.
Maintaining Momentum in a Fickle Market
While Magic Eden currently holds the top spot in NFT trading, the crypto market is known for its volatility. However, with the buzz surrounding Bitcoin and the possibility of reaching a new all-time high price, the NFT space is more lively than ever.
Additionally, Magic Eden’s Diamonds rewards system and its collaboration with the Non-Fungible DAO for an upcoming NFT token drop could help retain traders on the platform and further drive its success.
🔥 Hot Take: Bitcoin Ordinals Fuel Magic Eden’s Rise to the Top 🔥
Magic Eden has emerged as the leading NFT marketplace by trading volume, thanks to its support for Bitcoin Ordinals. With approximately $44.7 million worth of trades in the last 24 hours, Magic Eden commands a nearly 38% share of overall NFT trading.
The rise of Bitcoin Ordinals has played a significant role in this achievement:
- About 84% of Magic Eden’s trading volume over the last 24 hours came from Bitcoin Ordinals sales.
- The Solana marketplace accounted for approximately 13% of trading volume, while the newly launched Ethereum marketplace made up the remaining 3%.
The impact of embracing Bitcoin Ordinals and expanding its multi-chain approach has been enormous for Magic Eden, with Sunday marking the startup’s best single day for Bitcoin trading and cross-chain trading volume.
As the crypto market remains fickle, Magic Eden’s success will depend on various factors:
- The buzz surrounding Bitcoin and the possibility of reaching a new all-time high price.
- Maintaining a lively NFT space and attracting new creators.
- The implementation of Magic Eden’s Diamonds rewards system and collaboration with the Non-Fungible DAO.
With these elements in place, Magic Eden is well-positioned to maintain its momentum and continue dominating the NFT marketplace.
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