A recent study from CoinGecko has revealed Magic Eden as the top marketplace for Bitcoin-based Ordinals NFTs, commanding an impressive 61% market share.
Our study shows Magic Eden is the top Ordinals marketplace, with a 61.0% share and $1.79B in NFT trading volume on Bitcoin YTD, more than doubling OKX's 28.8% market share and $0.8B in trading volume.
Read the full study: https://t.co/ib2r2f3e1T
— CoinGecko (@coingecko) September 8, 2024
With a staggering $1.79 billion in NFT trading volume year-to-date (YTD), Magic Eden has more than doubled the market share of its closest competitor, OKX, which holds 28.8% and has seen $0.8 billion in trading volume.
Top 4 NFT Marketplaces on #Bitcoin by Market Share đź’Ž@MagicEden – 61.04%@okx – 28.84%@unisat_wallet – 8.90%@ordinalswallet – 1.22%
— CoinGecko (@coingecko) September 8, 2024
Magic Eden’s dominance in the Ordinals space is unmatched, setting a gold standard for NFT marketplaces on Bitcoin. OKX is still holding a strong position, but the gap between the two platforms is significant. The rest of the market is divided between Unisat Wallet with 8.9% and Ordinals Wallet at 1.2%.
Adding to its recent success, Magic Eden’s token ($ME) has bounced back to $0.22 after hitting a low of $0.09. This recovery reflects growing investor confidence in the platform’s long-term prospects.
NEW: @MagicEden TOKEN $ME HAS BOUNCED BACK TO $0.22 AFTER HITTING $0.09
JUST UNDER $800,000 VOLUME pic.twitter.com/hINplbW8sa
— SolanaNews.sol (@solananew) September 8, 2024
Magic Eden Thrives In Other Notable ChainsÂ
Magic Eden is not only thriving in the Ordinals sector but also across other chains, maintaining a 35% market share over the past six months. The platform has generated over $250 million in platform fees since the launch of version 2 of its marketplace in early 2022, further solidifying its market leadership.
In comparison, Tensor, another rising marketplace, earned around $20 million in platform fees before its highly anticipated airdrop, which was valued at $230 million.
â–ş Tensor made around $20M in platform fees before their Airdrop, which was valued at $230M
â–ş Magic Eden made over $250M in platform fees since the launch of v2 of their Marketplace in early 2022
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ℹ️ In summer 2022, Magic Eden raised $130M,… pic.twitter.com/zYHXS6hE23
— fabiano.sol (@FabianoSolana) September 8, 2024
Since raising $130 million in the summer of 2022, Magic Eden has grown significantly, pushing its total valuation to $1.6 billion. With its continued dominance in the NFT space and a robust financial foundation, Magic Eden is cementing itself as a powerhouse in the Ordinals and broader NFT ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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