Less than two weeks after Magic Eden launched its Bitcoin NFT marketplace, the platform has become the go-to destination for trading Ordinals NFTs. This is according to on-chain data compiled by Domo using Dune Analytics, which offers vital insights into the fledgling Bitcoin NFT market.
As of April 1, Magic Eden’s Bitcoin marketplace has seen 39,817 trades with 18,462 unique users. More surprisingly, the total volume stands at over $16.5 million, which is an impressive figure considering Ordinals launched only two months ago.
Ordinals marketplaces have now seen:
– $15.65m volume
– 38.3k trades
– 18.46k users
Several players are now established in the space – including @OrdinalsMarket_, @ordswap, @MagicEden & others
Killer dash by @domodata 🧙♂️https://t.co/R0yfck13GO
— Dune (@DuneAnalytics) March 30, 2023
Bitcoin NFTs are seeing increased uptake thanks to prominent names like DeGods and Yuga Labs jumping onto the Bitcoin chain. However, users were initially limited by the lack of easy-to-use marketplaces where they could interact with these inscriptions. This is what prompted Magic Eden to integrate Bitcoin NFT trading into its platform.
Fast forward 2 weeks, and the marketplace is dominating trading volumes. For instance, on March 31, Magic Eden accounted for over three-quarters of the total trading volume in Ordinals NFTs. The platform recorded over $280,000 in sales, with Ordinals Wallet sitting in second place with just over $70,000.
Interestingly, on the same day, the Ordinals wallet notched up more individual transactions (374), compared to Magic Eden, which had (305). As Domo notes, Magic Eden’s Bitcoin NFT marketplace is engaging in more high value trades compared to its closest rival.
What is Fueling Magic Eden’s Dominance in Bitcoin NFTs?
This dominance is mostly due to the fact that a project closely tied to Magic Eden is trading inscriptions on Bitcoin. This is none other than DeGods, which burned 535 pieces permanently, moving them to Bitcoin. DeGods is a leading Solana project that is due to move to Ethereum, but this hasn’t stopped traders of the Solana native marketplace, Magic Eden, from interacting with the highly coveted inscriptions.
So far, BTC DeGods have traded for a total of over 43 BTC, or $1.2 million, with the cheapest going for $28,400 as of press time.
Another factor fueling Magic Eden’s Bitcoin NFT marketplace dominance is the fact that its user base is used to multichain trading. The platform already serves Solana, Ethereum, and Polygon. As Domo notes, “Their user base is typically open to being multi-chain, so the prospect of a new chain isn’t daunting to them.”
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind 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 globe.
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