Lower than two weeks after Magic Eden launched its Bitcoin NFT market, the platform has change into the go-to vacation spot for buying and selling Ordinals NFTs. That is in accordance with on-chain information compiled by Domo utilizing Dune Analytics, which presents important insights into the fledgling Bitcoin NFT market.

As of April 1, Magic Eden’s Bitcoin market has seen 39,817 trades with 18,462 distinctive customers. Extra surprisingly, the full quantity stands at over $16.5 million, which is a powerful determine contemplating Ordinals launched solely two months in the past.

Ordinals marketplaces have now seen:

– $15.65m quantity
– 38.3k trades
– 18.46k customers

A number of gamers are actually established within the house – together with @OrdinalsMarket_, @ordswap, @MagicEden & others

Killer sprint by @domodata 🧙‍♂️https://t.co/R0yfck13GO

— Dune (@DuneAnalytics) March 30, 2023

Bitcoin NFTs are seeing elevated uptake because of outstanding names like DeGods and Yuga Labs leaping onto the Bitcoin chain. Nonetheless, customers had been initially restricted by the shortage of easy-to-use marketplaces the place they may work together with these inscriptions. That is what prompted Magic Eden to combine Bitcoin NFT buying and selling into its platform.

Quick ahead 2 weeks, and {the marketplace} is dominating buying and selling volumes. For example, on March 31, Magic Eden accounted for over three-quarters of the full buying and selling quantity in Ordinals NFTs. The platform recorded over $280,000 in gross sales, with Ordinals Pockets sitting in second place with simply over $70,000.

Curiously, on the identical day, the Ordinals pockets notched up extra particular person transactions (374), in comparison with Magic Eden, which had (305). As Domo notes, Magic Eden’s Bitcoin NFT market is participating in additional excessive worth trades in comparison with its closest rival.

What’s Fueling Magic Eden’s Dominance in Bitcoin NFTs?

This dominance is generally on account of the truth that a challenge carefully tied to Magic Eden is buying and selling inscriptions on Bitcoin. That is none apart from DeGods, which burned 535 items completely, transferring them to Bitcoin. DeGods is a number one Solana challenge that is because of transfer to Ethereum, however this hasn’t stopped merchants of the Solana native market, Magic Eden, from interacting with the extremely coveted inscriptions.

To date, BTC DeGods have traded for a complete of over 43 BTC, or $1.2 million, with the most cost effective going for $28,400 as of press time.

One other issue fueling Magic Eden’s Bitcoin NFT market dominance is the truth that its person base is used to multichain buying and selling. The platform already serves Solana, Ethereum, and Polygon. As Domo notes, “Their person base is often open to being multi-chain, so the prospect of a brand new chain isn’t formidable to them.”

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*All funding/monetary opinions expressed by NFT Plazas are from the private analysis and expertise of our web site moderators and are supposed as academic materials solely. People are required to totally analysis any product prior to creating any sort of funding.

Basil is an avid fan of blockchain expertise and all its improvements, and he’s obsessed with sharing this narrative along with his viewers. He has spent over 5 years within the crypto house, specializing in analysis and creating Web3 content material for numerous media retailers across the globe.