Magic Eden Rises to Top NFT Marketplace by Trading Volume on Ordinals Boom

 

Magic Eden emerged as the top marketplace by trading volume in recent days, following the surge for Bitcoin Ordinals, the NFT equivalent on the Bitcoin blockchain. Magic Eden boasts a nearly 38% share of overall NFT trading volume over the past 24 hours, surpassing the previously dominant Ethereum-based marketplace Blur. This rise can be largely attributed to the platform's early adoption and support for Bitcoin Ordinals, which launched in early 2023.

Magic Eden, initially focused on the Solana ecosystem, has embraced a multi-chain strategy, allowing users to trade NFTs on various blockchains, including Bitcoin and Ethereum. This adaptability, particularly in offering Bitcoin Ordinals trading, has proven lucrative, with Ordinals sales accounting for roughly 84% of Magic Eden's total volume in the last day.

This surge aligns with the broader market sentiment, including Bitcoin approaching its all-time high and renewed interest in the NFT space. The recent $1 million sale of a NodeMonke further emphasizes the ongoing demand for Ordinals.

This comes after Magic Eden released its new multi-chain wallet last month. The NFT marketplace's loyalty program "Diamonds" and the upcoming NFT token drop from the Non-Fungible DAO, a close collaborator, could potentially incentivize users and contribute to the platform's long-term success.