Magic Eden’s Bitcoin NFT marketplace making a splash

Magic Eden’s Bitcoin NFT marketplace making a splash

The recently launched Magic Eden Bitcoin NFT marketplace has made an impressive debut in the market, displaying its dominance within the first week of its launch.

Capturing the majority of ordinals NFT volume

Based on data from Dune Analytics, the platform has captured a staggering 69% of all ordinal inscriptions volume, surpassing all other marketplaces. Furthermore, Magic Eden has accounted for over 40% of all transactions made in the last seven days, positioning it as the top platform for Bitcoin NFTs.

Domo, an on-chain data analyst, has reported that ordinal marketplaces have generated a volume of $15.65 million from 38.3k trades made by 18.46k users. Although Magic Eden is still lagging behind other platforms such as OrdSwap, Ordinals Market, and Ordinals Wallet in terms of user numbers, it has surpassed them in daily volume.

During a recent interview, Zhuoxun Yin, the COO and co-founder of Magic Eden, shared that Bitcoin would provide them with access to a community of people and a burgeoning collectibles market through Ordinals. Recognizing the early stage of the Bitcoin NFT ecosystem, Yin affirmed the platform’s emphasis on security and transparency.

Yin also added that Magic Eden aims to utilize its brand reputation to instill trust in users when trading Ordinals. Through this strategy, the platform aspires to establish a safe and secure ecosystem that fosters growth within the Bitcoin NFT market.

NFT mania kept alive through Bitcoin

The rapid growth of Magic Eden demonstrates the potential of Bitcoin NFTs to rekindle interest in the NFT market, contributing to the recent rally. In comparison, Ethereum NFT sales amounted to $2,487,837,067 from 2,190,642 trades by 347,236 users in February.

The fast expansion of Magic Eden has surpassed that of other established Bitcoin NFT marketplaces such as OrdSwap, Ordinals Market, Open Ordex, and Gamma. This domination within the Bitcoin NFT market could potentially set a new standard for other marketplaces to follow.

The launch of Magic Eden’s Bitcoin NFT marketplace occurred on March 21, 2023, and the platform has already become the largest across all platforms. This superiority represents the first blockchain that the platform has controlled since initiating its swift cross-chain expansion from Solana.

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