less than two weeks later magical eden launched its Bitcoin NFT marketplace, the platform has become the go-to destination for Ordinals NFT trading. This is according to on-chain data compiled by Domo using dune analysiswhich offers vital information on the nascent Bitcoin NFT market.
As of April 1, the Magic Eden Bitcoin marketplace has seen 39,817 trades with 18,462 unique users. Most surprisingly, the total volume is over $16.5 million, an impressive number considering that Ordinals launched only two months ago.
Ordinal markets have now seen:
– Volume of 15.65 million dollars
– 38.3k exchanges
– 18.46k usersSeveral players are now set in space, including @OrdinalsMarket_, @exchangedeordos, @MagicEden & others
Killer race for @domodata 🧙♂️https://t.co/R0yfck13GO
— Dune (@DuneAnalytics) March 30, 2023
Bitcoin NFTs are seeing increased uptake thanks to big names like DeGods and Yuga Labs jumping onto the Bitcoin chain. However, users were initially limited by the lack of user-friendly marketplaces where they could interact with these inscriptions. This is what led Magic Eden to integrate Bitcoin NFT trading into their platform.
Fast forward 2 weeks, and the market dominates trading volumes. For example, on March 31, Magic Eden accounted for more than three quarters of the total trading volume on Ordinals NFT. The platform posted over $280,000 in sales, with Ordinals Wallet coming in second with just over $70,000.
Interestingly, on the same day, the Ordinals wallet recorded more individual transactions (374), compared to Magic Eden, which had (305). As Domo points out, Magic Eden’s Bitcoin NFT marketplace is engaging in more high-value transactions compared to its closest rival.
What is fueling Magic Eden’s dominance in Bitcoin NFTs?
This dominance is mainly due to the fact that a project closely related to Magic Eden is trading Bitcoin inscriptions. This is none other than DeGods, who burned 535 pieces permanently, translating them into Bitcoin. DeGods is a leading Solana project moving to Ethereum, but this hasn’t stopped merchants from Solana’s native marketplace Magic Eden from interacting with the highly coveted inscriptions.
So far, BTC DeGods has traded for a total of more than 43 BTC, or $1.2 million, with the cheapest for $28,400 at press time.
Another factor driving Magic Eden’s Bitcoin NFT market dominance is the fact that its user base is used to multi-chain trading. The platform already serves Solana, Ethereum, and Polygon. As Dom points out, “Their user base is often open to being multi-chain, so the prospect of a new chain is not daunting for them.”
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world.
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