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.
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