Solana and Bitcoin NFT trading reaches record numbers

The bitcoin and Solana non-fungible token (nft) market saw records in daily active traders (DAT) last week. nft-marketplaces” target=”_blank” rel=”noopener nofollow noreferrer”>according to the research blog OurNetwork. While Solana reached its all-time high of 59,300 DAT, bitcoin recorded a peak of 25,600 DAT.

Solana's growing number of DATs represents a four-fold increase from the roughly 15,000 daily traders at the beginning of last week. The publication attributes this growth to the influx of wallets transacting under $10 on platforms like Magic Eden and Tensor. Over the past week, Magic Eden captured a significant 74% of Solana's trading volume market share and 38% of its merchant market share, while Tensor secured 18% of volume and a commanding 61% of the merchants.

Meanwhile, the all-time peak in bitcoin nft trading was attributed to the anticipation of the launch of the Runes protocol. However, the number of traders saw a sharp drop to around 7,000 the day after the launch. Magic Eden has been the main hub for bitcoin nft activity, with 82% of active traders and trading volume over the last seven days, with OKX lagging behind at 16% for the same metrics.

ethereum still reigns, but the numbers are declining

Despite dominating trading volume and daily active traders, the number of weekly ethereum nft traders has declined over the past two years, with fewer than 36,000 wallets participating in trades last week. OurNetwork notes that this is a significant reduction compared to the 218,000 seen in April 2022.

Similarly, weekly volume has plummeted from last April's peak of $1.4 billion to roughly $100 million per day today.

Furthermore, the ethereum nft landscape also shows changes when it comes to market dominance. The rivalry between OpenSea and Blur clashed with Magic Eden's rise as a competitor since its debut on the ethereum market in February. Magic Eden has quickly grabbed over 20% of ethereum's nft volume in the last week alone.

Although Blur maintains a majority share with more than 50% of the volume, OpenSea's presence has decreased to 13.5% in the last seven days. However, OpenSea still leads the number of traders on ethereum, attracting around 4,000 traders daily, compared to 2,500 for Blur and less than 600 for Magic Eden. Over the past two years, OpenSea has seen a dramatic 90% drop in its weekly merchant base.

On the major transaction side, one transaction on the CryptoPunks nft marketplace involved a purchase of 4,000 eth, valued at over $12 million, for a highly coveted alien punk. This sale propelled CryptoPunks to the second highest platform by volume on ethereum for that day, with only Blur surpassing it with $15.2 million in volume.