Magic Eden, the Solana-based nonfungible token (NFT) marketplace, has quickly become a leader. Introduced in January, Ordinals allow content to be inscribed on individual satoshis, the smallest unit of Bitcoin, with assets called inscriptions gaining popularity.
It has been reported that just over a week ago, Magic Eden began trading inscriptions. It now accounts for more than half of Ordinals trading volume across various marketplaces, according to data enthusiast Domo. Last Tuesday, the marketplace saw around $170,000 in inscription sales, dwarfing the $72,000 on the second most popular marketplace, Ordinals Wallet.
However, BTC DeGods, a collection of inscriptions from the creators of the most valuable Solana NFT project, has played an influential role in Magic Eden’s rise. Over 100,000 media assets have been committed to the blockchain through Bitcoin NFTs via Ordinals in just two weeks. These include 535 NFTs from DeGods. The Bitcoin-based collection of profile pictures has garnered nearly 35 BTC or almost $1 million in total trading volume since its release.
The report said that despite lagging behind Ordinals Wallet in total daily transactions, Magic Eden is catching up, handling higher-value Ordinals sales. Yesterday, the marketplace facilitated 404 inscription trades, while Ordinals Wallet had 543 sales. The relationship between DeGods and Magic Eden on Solana may be influencing the shift as traders migrate to the well-known marketplace’s latest offering.
Likewise, some users are already familiar with trading collectibles across multiple networks. For them, it’s no surprise that Magic Eden traders have quickly embraced inscriptions on Bitcoin. This rapid adoption and growth demonstrate the potential for Bitcoin and Ordinals in the evolving world of digital collectibles.
As the popularity of Bitcoin-based NFTs increases, the demand for platforms like these. Platforms that can facilitate easy and secure trading of these assets is also likely to rise. Magic Eden’s success in capturing a significant share of the Ordinals market signals a growing interest. Both in the platform and its ability to provide users with a seamless trading experience.
The continued growth and success of Magic Eden will likely depend on its ability to maintain its competitive advantage in the marketplace. This will involve staying up-to-date with the latest trends and developments in the NFT space. Moreover, it will also involve continuously improving the user experience on the platform with new features like the one discussed.
Thus, fostering partnerships and collaborations with prominent players in the industry will be crucial for Magic Eden. Working together with influential creators and brands. That’s one way the platform can further expand its reach and attract a larger user base.
Source: NFT Evening