Magic Eden’s New Bitcoin NFT Marketplace Dominates Ordinals Market

Magic Eden’s New Bitcoin NFT Marketplace Dominates Ordinals Market (image-

The hype surrounding Ordinals has been growing, establishing Bitcoin as an emerging blockchain for trading digital collectibles. And as the Ordinals landscape grows, Magic Eden, the Solana-based NFT marketplace has emerged as a new leader.

Ordinals, which is a protocol that allows content such as text and art to be inscribed on individual satoshis, (the smallest measurable unit that a Bitcoin can be split into) has become very popular. The protocol was introduced in January as developers and traders become more familiar with NFT-like assets known as inscriptions.

Magic Eden started trading inscriptions more than a week ago, and it has grown to represent a majority of the trading volume from Ordinals across marketplaces that support them as of yesterday. This is according to a Dune dashboard built by a pseudonymous on-chain NFT enthusiast named “Domo.”

Magic Eden’s New Bitcoin NFT Marketplace Dominates Ordinals Market

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On Tuesday, Magic Eden made inscription sales worth $170,000 compared to about $72,000 recorded on Ordinals Wallet, the second most popular marketplace.

According to Domo, BTC DeGods, a collection of inscriptions launched by the famous Solana-based profile picture (PFP) project, has played a great role in seeing Magic Eden ascent to the top.

The Bitcoin-based PFP collection has generated almost 35 BTC or about $1 million worth of trading volume since its launch. At the time of writing, Magic Eden data showed that the cheapest inscription was going for about $23,000 worth of BTC.

However, Magic Eden is still behind Ordinals Wallet in terms of the total daily transactions, although the trend recorded over the past week shows that Magic Eden is about to take the lead. On Wednesday, Magic Eden recorded 404 trades for inscriptions, while Ordinals Wallet recorded 543 inscription sales, according to Domo’s dashboard.

This means that Magic Eden is handling higher-value Ordinals sales. The long-standing connection between Magic Eden and DeGods on Solana, although DeGods is set to move to Ethereum, might be moving over to Bitcoin.

Magic Eden was launched in 2021 as an NFT marketplace for Solana NFTs only. However, the marketplace added support for NFTs minted on other blockchains such as Polygon and Ethereum.

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By darnell
March 31, 2023