Magic Eden Dominates Bitcoin Ordinals NFT Market

    Since the launch of its marketplace for the Bitcoin NFTs, Magic Eden's share in the Ordinals market has skyrocketed, accounting for more than 50% of the market.

    According to data from DUNE, the total trading volume of all Ordinals markets on March 30 was $350,000, of which Magic Eden contributed $250,000. This increase in trading volume is mainly due to the release of the “BTC DeGods” collection, which is the Ordinals version of the popular NFT PFP collection “DeGods” in Solana (SOL).

    Magic Eden has established itself as a major player in the NFT market, especially in the Solana ecosystem. The platform’s user experience (UX) is known for its excellent searchability, and the popularity of the NFT collection publishing platform “NFT Launchpad” has made it particularly friendly to non-developers. With Magic Eden supported by Solana and Ethereum, the platform is open to Ordinals which has made it easier for more creators to enter the market.

    Currently, the top NFT collection on Magic Eden is BTC DeGods, with a trading volume reaching 5.3 BTC in the last 24 hours. The floor price for these NFTs is 0.95 BTC. To ensure seamless transactions, the BTC version of Magic Eden supports three types of Bitcoin wallets: Xverse, Unisat, and Hiro. This allows users to easily complete transactions while keeping their BTC and Ordinals in their wallets.

    As the NFT market continues to grow, platforms like Magic Eden are likely to play an important role in the ecosystem. With its user-friendly interface, multi-blockchain support, and growing user base, Magic Eden is poised to become a major player in the NFT market for years to come.

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