Quick take:
- The rapid growth is driven by the platform’s decision to focus on bitcoin Ordinals with 61% of its users trading Ordinals.
- OpenSea still had the highest marketplace users over the past 12 months, with nearly 1 million, but Magic Eden is closing fast with nearly 800k.
- Magic Eden also boasts the highest transaction volume with a 30-day trading volume of $14 million, with OpenSea a distance second with $3.7 million.
Magic Eden has become the biggest NFT platform by marketplace users based on data compiled by the NFT analytics platform NFTpulse. The Solana OG marketplace boasts a transaction volume of more than 230k, over the past 30 days, surpassing OpenSea’s 170.9k, which is placed second and Tensor’s 113.4k coming in third. Overall, the industry had 633k marketplace users over the last 30 days.
Looking back twelve months, OpenSea was still the biggest NFT marketplace with nearly a million users, but Magic Eden is closing in fast, with almost 800k NFT traders using its platform in the past year.
According to the data, 62% of Magic Eden users are reportedly trading Ordinals according to the NFTpulse data. This comes as Ordinals continue to experience a spike in transaction volume amid the upcoming Bitcoin halving event.
According to a Dune Analytics dashboard by obchakevich, the Ordinals market BTC volume for Magic Eden has already surpassed $690 million in 2024.
Bitcoin continues to the the top chain by the number of users with nearly 178k over the past month, followed by Solana 159k while Ethereum 108k has slipped to third and Polygon 46k is now in fifth below Coinbase’s Base 81k.
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