Demand for NFTs has been growing in recent weeks due to rising cryptocurrency prices, and on Monday CryptoPunk sells $16 million-that much Fifth most expensive NFT sold To date – put an exclamation point on that trend.
However, the top of the overall NFT market over the past few days is not the same one that has dominated the pile. Some time ago in mid-February, the tide of the market war has turned again. And the latest startup on the throne can get some credit bitcoin ordinal For most of that shake.
Magic Eden is currently the leading marketplace by trading volume. TEXO, approximately $44.7 million worth of transactions took place in the last 24 hours, accounting for nearly 38% of all NFT transactions. that much Ethereum-Blur alone is next with $30.4 million, or about 26% share. In the last 7 days, Magic Eden still remains in first place with 35% share.
Scroll down the list of these marketplaces, past the once-dominant OpenSea and Solana’s iconic leaders, Tensor, to platforms with less market presence. What’s missing? Other multi-chain markets supported Bitcoin With other blockchains.
Magic Eden is the only such example, and while the marketplace originated from Solana and has worked to keep that allegiance as a core part of its identity, it was the Bitcoin Ordinals deal that fueled the $1.6 billion NFT startup’s recent surge.
Ordinal is the Bitcoin equivalent of an NFT, which emerged in early 2023 and is quickly growing into one of the most popular chains for unique digital assets. Magic Eden was absorbed quickly, Bitcoin Ordinals Support Begins It is scheduled to launch in March 2023 as part of a multi-chain mindset.
February was a month of incredible growth for Magic Eden, and it ended on a successful note. Yesterday was like this:
🪄 Ordinals Highest volume day ever
🪄 Highest trading volume day in cross-chain history
🪄 ME Wallet Swap day with the highest trading volumethank you we love you pic.twitter.com/P8ghw0ezJt
— Magic Eden 🪄 (@MagicEden) March 1, 2024
Now, with Bitcoin itself nearing its 2021 all-time high, Ordinals sales are growing and Magic Eden is hosting the lion’s share of them. NodeMonkes Inscription Sells $1 Million Early Monday.
About 84% of Magic Eden’s trading volume over the past 24 hours came from Ordinals sales, with the Solana marketplace accounting for about 13% and the newly launched Ethereum marketplace accounting for the final 3% of that tally.
Chris Akhavan, Marketplace GM at Magic Eden said: decryption The results of embracing Ordinals and scaling its multi-chain approach have been “tremendous,” with Sunday marking the startup’s best day for Bitcoin trading and cross-chain trading volume. About $40 million of that came from Bitcoin ordinal sales.
“More importantly, we’ve seen a whole new field of creators emerge, bringing innovation to the space and leveraging the mother of all blockchains to introduce NFTs to a whole new audience,” Akhavan added.
Can Magic Eden maintain this momentum? The cryptocurrency market is volatile, and the NFT market is even more so. But rumors of Bitcoin and its potentially imminent new all-time high price have been building for some time, and the NFT space feels more vibrant than it has since the bull days of early 2022.
Magic Eden’s diamond reward system NFT tokens that are working closely with the market and will reward users with airdrops can play a role in keeping traders in the market, as can NFT token drops.
editor Ryan Ozawa.