Magic Eden’s Bitcoin NFT marketplace has rapidly emerged as the preferred destination for trading Ordinals NFTs, within two weeks of its launch. According to on-chain data compiled by Domo using Dune Analytics, the platform has seen an impressive total of 39,817 trades with 18,462 unique users as of April 1, 2023. The total volume of over $16.5 million is remarkable, given that Ordinals launched only two months ago.
Ordinals marketplaces have now seen:
– $15.65m volume
– 38.3k trades
– 18.46k users
— Dune (@DuneAnalytics) March 30, 2023
The increasing popularity of Bitcoin NFTs is attributable to prominent names like DeGods and Yuga Labs jumping onto the Bitcoin chain. However, the lack of easy-to-use marketplaces to interact with these inscriptions initially limited users. This need led Magic Eden to integrate Bitcoin NFT trading into its platform, which has quickly dominated trading volumes.
For instance, on March 31, Magic Eden accounted for over three-quarters of the total trading volume in Ordinals NFTs, recording over $280,000 in sales, while the Ordinals Wallet came in second with just over $70,000. Interestingly, on the same day, the Ordinals wallet had more individual transactions, but Magic Eden’s Bitcoin NFT marketplace engaged in more high-value trades.
Magic Eden’s dominance in Bitcoin NFTs can be attributed to several factors, including the fact that DeGods, a project closely tied to Magic Eden, is trading inscriptions on Bitcoin. Another contributing factor is the platform’s user base, which is accustomed to multichain trading, as Magic Eden already serves Solana, Ethereum, and Polygon.
As Domo notes, Magic Eden’s Bitcoin NFT marketplace is engaging in more high-value trades than its closest rival, primarily due to these factors. BTC DeGods have traded for over 43 BTC, or $1.2 million, with the cheapest going for $28,400 as of press time.