THE Ordinals market is experiencing meteoric expansion, positioning Bitcoin as the new frontier of digital collectibles trading. In this context, magic edenthe Solana-based NFT exchange platform, is quickly establishing itself as a leader in the field.
Ordinalsa protocol allowing the recording of content such as art or text on satoshi individuals, has grown in popularity since its launch in January. Investors and developers are getting more and more used to these assets sometimes called inscriptions and strongly resembling the NFTs we know. Since March 21, magic eden enables trading of these listings and currently dominates Ordinals trading volume among platforms supporting them, according to a dashboard Dunes created by a pseudonymous data enthusiast, home.
Over 24 hours, magic eden records on average close to $170,000 in listing saleswhile the second most popular platform, Ordinals Wallettotals approximately 72,000 dollars. The collection of inscriptions BTC DeGodscreated by the creators of the famous profile photo project NFTplayed a crucial role in the rise of magic edenaccording home. The collection of profile pictures based on Bitcoin generated nearly 35 BTC, almost $1 million in total trading volume. Currently, the cheapest DeGods costs almost 1 BTC (that’s over $28,000).
However, the platform is still behind compared to Ordinals Wallet in terms of total daily transactions, although last week’s trend suggests that Magic Eden is slowly catching up.
magic eden therefore deals with sales of higher value Ordinals. The historical link between DeGods And magic eden on Solana, despite the forthcoming migration of DeGods from Solana to Ethereum, justifies recent events. When launched in 2021, Magic Eden was a sales platform dedicated to NFT created on Solana. Subsequently, it added support for NFTs on other blockchainssuch as Ethereum and Polygon.
Tiffany Huang, marketing manager of Magic Eden, expressed his hope that the growth of creators and users on Ordinals will continue. Many creators are interested and exploring this possibility, especially after learning about the involvement of high-value names like Yuga Labs And DeGods. According to Domo, the rapid adoption of listings on Bitcoin by Magic Eden users, already accustomed to trading collectibles across multiple networks, makes sense.
Magic Eden’s rapid rise in the registration market is also explained by its status as an established marketplace, unlike other platforms that have recently appeared and are limited to Bitcoin. Magic Eden is quite simply the first of the mainstream platforms to support registrations. As Magic Eden experienced before on Solana, even new competitors can quickly erode market dominance.
In sum, the market for NFTs based on Bitcoin and Ordinals seems to have a bright future, with magic eden in a leading position. The platform continues to evolve to offer its users an ever wider range ofoptions and functionalities in a constantly changing sector.
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