A little over a week later, Magic Eden accounts for more than half of Ordinals Inscription trading volume on the market.
Magic Eden’s New Bitcoin NFT Marketplace Dominates Ordinals Market
Ordinal — a protocol that allows content such as art and text to be written onto individual satoshis, the smallest unit of measurement that Bitcoin can be divided into — has been growing in popularity with merchants and developers since its launch in January. The growing hype around Ordinals has established Bitcoin as the new frontier for trading digital collectibles. And as things changed, Solana-based NFT marketplace Magic Eden quickly emerged as a new leader.
Magic Eden opened the doors for trading inscriptions just over a week ago on March 21st and has grown to represent the majority of Ordinals’ trading volume across the various marketplaces that have supported them since yesterday, according to the Dune dashboard. As of Tuesday, Magic Eden made about $170,000 in inscription sales, compared to $72,000 at its second largest marketplace, Ordinals Wallet.
BTC DeGods, a collection of inscriptions released by the creators of Solana’s most valuable NFT Profile Picture Project (PFP), played an influential role in Magic Eden’s rise to the top, Domo Decrypt tweeted. According to Magic Eden, its Bitcoin-based profile picture collection has reached around 35 BTC since its release, with a total trading volume of around $1 million.
Magic Eden continues to trail Ordinal’s wallet in terms of total daily transaction volume, but trends over the past week suggest Magic Eden has lost that lead. Yesterday, 404 inscriptions were traded on Magic Eden and 543 were available for sale on the Ordinals Wallet, according to Domo’s dashboard. When Мagic Eden was launched in 2021, it was started as a marketplace supporting only NFTs built on Solana. However, over time, the marketplace has added support for his NFTs on other blockchains such as Ethereum and Polygon. The latter is Ethereum’s scaling network.
“We hope to continue to see both creator and user growth on Ordinals. A lot of creators I talk to are definitely interested and exploring it, especially after knowing high-value names like Yuga and DeGods are involved.” – Мagic Eden Head of Marketing Tiffany Huang told Decrypt.
With a user base already familiar with trading collectibles across multiple networks, Domo says it makes sense for Мagic Eden traders to quickly adopt Bitcoin inscriptions.
“Their user base is typically open to being multi-chain, so the prospect of a new chain isn’t daunting to them. Мagic Eden’s ability to corner the market for inscriptions quickly is also a function of its status as an established marketplace, compared to other trading venues that have cropped up only recently and are limited to Bitcoin” – Domo told Decrypt.
At the same time, Magic Eden is only the first marketplace to support inscriptions among the mainstream marketplaces. And as Мagic Eden has seen in the past with Solana, even up-and-coming competitors can quickly eat up market dominance. But Magic Eden has the highest Ordinals trading volume, at least for now.
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