New Magic Eden Bitcoin NFT Marketplace Reigns Supreme in Ordinals

Panca Dewinta . March 31, 2023

Image by Art of Mob

The Ordinals market has been taken over by Magic Eden's new Bitcoin NFT marketplace, which now makes up for 69% of all the volume of ordinal inscriptions and over 40% of all transactions. The increasing buzz surrounding Ordinals has made Bitcoin an emerging platform for trading digital collectibles, and Magic Eden, a Solana-based NFT marketplace, has emerged as a prominent leader in this market.

Ordinals is a protocol that allows art and text to be inscribed on individual satoshis, and it has gained immense popularity since its introduction in January, as traders and developers have become more accustomed to NFT-like assets known as inscriptions.

Just over a week ago, Magic Eden launched a platform for trading inscriptions. As of yesterday, it has become the top marketplace for Ordinals trading volume across multiple platforms that support them, according to Domo, a pseudonymous on-chain data enthusiast who created a Dune dashboard. The dashboard shows that the Ordinals marketplaces have generated $15.65 million in volume from 38.3k trades made by 18.46k users. Magic Eden is already surpassing other established bitcoin NFT marketplaces such as OrdSwap, Ordinals Market, Open Ordex, and Gamma.

The Magic Eden bitcoin NFT marketplace was launched last Tuesday and has quickly become the leading platform in terms of daily trading volume. This is a significant achievement for the platform, as it marks the first time it has dominated a blockchain since expanding from Solana.

According to Zhuoxun Yin, the COO and co-founder of Magic Eden, Bitcoin will help connect the platform to a larger community of collectors thanks to Ordinals. Yin also mentioned that Magic Eden plans to prioritize security and transparency due to the early stage of the bitcoin NFT ecosystem.

According to Domo's dashboard, while Ordinals Wallet still leads in terms of total daily transactions, Magic Eden has been gradually reducing the gap between the two platforms over the past week. As per the latest figures, Magic Eden traded 404 inscriptions yesterday while Ordinals Wallet facilitated 543 sales.

To put it differently, Magic Eden is processing Ordinals transactions with higher values. The strong connection between DeGods and Magic Eden on the Solana blockchain, even though DeGods is moving to Ethereum, could be influencing traders to use Magic Eden for Bitcoin transactions as well.

Initially, when Magic Eden was launched in 2021, it only supported NFTs on the Solana blockchain. However, as time went on, the platform expanded its support to include NFTs on other blockchains such as Ethereum and Polygon, which is a scaling network for Ethereum.

Additionally, Magic Eden's success in dominating the inscriptions market can be attributed to its established reputation as a marketplace compared to newly established Bitcoin-only trading platforms, according to Domo.

While Magic Eden has established itself as a dominant marketplace for inscriptions, it's worth noting that it's not the only one. Other competitors may emerge and challenge its market share, as has happened in the past. However, as of now, Magic Eden is leading the way in Ordinals trading volume, even though it's just one of the mainstream marketplaces supporting inscriptions.

teknologi id bookmark icon

Leave a comment