NewsletterMagic Eden NFT Volumes Top Bitcoin, Ethereum, and Solana Networks
Highlights
- NFT marketplace Magic Eden has recorded a surge in trading volumes.
- The platform now dominates the Solana, Ethereum, and Bitcoin blockchains.
- This comes as total NFT volumes plunged in the last 30 days.
Non-fungible token (NFT) marketplace, Magic Eden has recorded an uptick in trading volumes across Ethereum, Bitcoin, and Solana networks in the last 24 hours. This boost comes as decentralized finance (DeFi) activities surge following increased market sentiments. Magic Eden notched volumes increasing its market share.
Magic Eden Flips Blur on Ethereum
Magic Eden has surpassed NFT marketplace Blur on Ethereum. The platform’s market share surged to 41.39% outpacing Blur at 38.84%. OpenSea and CryptoPunks and X2Y2 come next with 13%, 5%, and 0.91%. The platform 24 hours volume surged pushing the network’s volume by 1.96%.
On Solana, Magic Eden maintains its lead with 75.79% with assets worth over 17K SOL. Recent market activity has boosted its lead of the network as users troop to its marketplace. Tensor and Sniper come up next on Solana with 19.38% and 2.40% while Hyperspace and Hadeswap rank next with 1.21% and 0.98% respectively. On-chain data from Tiexo points to a rally in Solana volumes as volumes 18% to 22.7 SOL approximately $3.81 million.
The Bitcoin ecosystem also saw similar numbers as Magic Eden dominated NFT volumes. The platform posted 55.07% of the market share while OKX saw 35.31%. Unisat and Ordinals Wallet saw 9% and 0.61%. While NFT volumes on other networks ticked upwards, Bitcoin numbers saw a 46% drop in the last 24 hours.
This year, Magic Eden announced partnerships with Azuki collaborating on multiple fronts such as integrating the social token’s features into the marketplace.
Solana’s NFT Growth
Magic Eden which dominates the Solana ecosystem more than others has led to wider gains for the community dubbed ETH killer. In December, Solana topped Ethereum in NFT volumes as users purchased projects based on the platform.
However recent data from CryptoSlam shows a drop in overall volumes. In May, volumes plunged 54% to $624 million from last month’s over $1 billion volume. Bitcoin NFT sales plummeted 68% while Ethereum and Solana 55% and 48% drop respectively.
Also Read: Cardano Bull Names Top 3 Altcoins To Outperform This Cycle
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