Magic Eden Becomes Leading Marketplace for Ordinal NFTs

As the excitement about Ordinal NFTs increases, Bitcoin becomes a burgeoning frontier for digital collectibles. As this domain rises, the Solana-powered NFT marketplace, Magic Eden, is rapidly becoming prominent as a leading platform for selling and trading these trendy new assets.

Quick Takes: 

• As Ordinal NFTs rise in popularity, Magic Eden becomes a leading platform for trading Ordinal inscriptions.
• Magic Eden records $170,000 worth of inscription sales. Thus, outperforms Ordinals Wallet, accounting for more than half of Ordinals total trading volume.
• BTC DeGods contributes significantly to Magic Eden’s success.

Magic Eden’s Success in Selling Ordinal NFTs

Since joining the world of NFTs in January, Ordinal NFTs have seen a surge in popularity. Traders and developers are driving such growth, purchasing these digital assets (otherwise known as inscriptions).

On March 21, the world of Ordinal NFTs world became even more exciting. Magic Eden began facilitating the trading of inscriptions. As of yesterday, according to the Dune dashboard, the marketplace currently accounts for the majority of Ordinals trading volume.

Dune shared the news about its recent findings on Twitter:

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

On Tuesday, Magic Eden recorded around $170,000 in inscription sales, outperforming Ordinals Wallet which holds $72,000 worth of sales.

BTC DeGods — a set of inscriptions by the creators of the most valuable Solana NFT project — has played a massive role in Magic Eden’s success. Since release, the Bitcoin NFTs have hit nearly 35 BTC ($1 million) in total trading volume—the cheapest NFT hovers around $23,000 worth of BTC alone.

As the Ordinal sector expands, it’s clear that Magic Eden will likely continue gaining prominence as a top platform for BTC NFTs.

Interestingly, purchasing Bitcoin NFTs with Solana is also now possible.

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