Magic Eden Emerges as Dominant Player in Bitcoin Ordinals NFT Market

By 0xK2 On Mar 31, 2023

In the fast-evolving world of NFTs, a new player has emerged as a major force in the market. The cross-chain NFT electronic market Magic Eden recently opened its marketplace for the Bitcoin version of the popular NFT collection “Ordinals”. Since then, Magic Eden’s share of the Ordinals market has skyrocketed, accounting for over 50% of the market.

According to the DUNE data index, the total trading volume of all Ordinals marketplaces on March 30 was $350,000, with Magic Eden contributing $250,000. This surge in trading volume is largely attributed to the release of the “BTC DeGods” collection, which is the Ordinals version of the popular PFP NFT collection “DeGods” in Solana (SOL).

Crazy to see that 1 week into the #Bitcoin NFT Market & @MEonBTC has grown exponentially in Volume & Transactions.

Teams need to ship & iterate quickly! pic.twitter.com/uVqEDLbhds

— BitGod (@BitGod21) March 30, 2023

Magic Eden has established itself as a major player in the NFT market, particularly in the Solana ecosystem. The platform’s user experience (UX) is known for its excellent searchability, and the popularity of the NFT collection publishing platform “NFT Launchpad” has made it particularly friendly to non-developers. With Magic Eden’s track record of being supported by Solana (SOL) and Ethereum (ETH), the platform’s entry into Ordinals has made it easier for more creators to enter the market.

At present, the top NFT collection on Magic Eden is the BTC DeGods collection, with a trading volume of 5.3 BTC in the last 24 hours. The minimum purchase price, or floor price, for these NFTs is 0.95 BTC. To ensure seamless transactions, Magic Eden’s BTC version supports three types of bitcoin wallets: Xverse, Unisat, and Hiro. This allows users to easily complete transactions while keeping their BTC and Ordinals in the wallet they are using.

Hey Creators that want to list collections or launch new ones, on BTC Ordinals:@MEonBTC made it really visible & easy to apply. Just do it! pic.twitter.com/rWcOMJnyl8

— SheetFu – FullOfSheet | ฿฿ 🟩 🧙🏻‍♂️ (@ChartFuMonkey) March 30, 2023

As the NFT market continues to grow and evolve, platforms like Magic Eden are likely to play an increasingly important role in the ecosystem. With its user-friendly interface, support for multiple blockchains, and growing user base, Magic Eden is poised to be a major player in the NFT market for years to come.

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