Quick take:
- Magic Eden’s bitcoin NFT marketplace has quickly soared to become the biggest across all marketplaces.
- As of Thursday, the platform accounted for 69% of all ordinal inscriptions volume according to Dune Analytics data.
- The platform only launched on March 21, 2023.
Magic Eden’s Bitcoin NFT marketplace is already the biggest across all platforms offering bitcoin NFTs. According to Dune Analytics data by on-chain data analyst Domo, the platform accounts for 69% of all ordinal inscription volume across marketplaces. The platform also accounted for more than 40% of all transactions over the past seven days.
According to the dashboard prepared by Domo, ordinal marketplaces have now registered a volume of $15.65 million from 38.3k trades made by 18.46k users. Magic Eden is already outperforming established bitcoin NFT marketplaces like OrdSwap, Ordinals Market, Open Ordex and Gamma.
However, the platform still trails the likes of OrdSwap, Ordinals Market and Ordinals Wallet in terms of users.
The Magic Eden bitcoin NFT marketplace launched on Tuesday last week and has since established itself as the dominant platform in terms of daily volume. This is the first blockchain that the platform has dominated since beginning its rapid cross-chain expansion from Solana.
The Magic Eden Bitcoin Marketplace launched last week, Zhuoxun Yin, COO and co-founder of Magic Eden said that Bitcoin will “connect us to a deep community of people and a rapidly growing collectibles market thanks to Ordinals.”
Yin said Magic Eden was going to focus on security and transparency given the nascent stage of the bitcoin NFT ecosystem.
“We want to come in with a serious focus on security and transparency while leveraging our brand so that people can feel safe when trading their Ordinals, thus opening up the ecosystem to flourish even more,” added Yin.
Bitcoin NFTs have re-ignited interest in the NFT market sparking the latest rally. In February, Ethereum NFT sales registered a volume of $2,487,837,067 from 2,190,642 trades by 347,236 users.
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