Nfts
Magic Eden NFT volumes the best Bitcoin, Ethereum and Solana networks
Non-fungible token (NFT) marketplace Magic Eden has seen a slight increase in transaction volumes across the Ethereum, Bitcoin, and Solana networks over the past 24 hours. The boost comes as decentralized finance (DeFi) activity increases following increased market sentiment. Magic Eden recorded volumes increasing its market share.
Magic Eden reverses the vagueness on Ethereum
Magic Eden has overtaken NFT market Blur on Ethereum. The platform’s market share jumped to 41.39%, surpassing Blur at 38.84%. OpenSea, CryptoPunks and X2Y2 come next with 13%, 5% and 0.91%. The platform’s 24-hour volume surged, pushing network volume by 1.96%.
On Solana, Magic Eden maintains its lead with 75.79% with assets worth more than 17K SOL. Recent market activity has solidified its lead over the network as users flock to its market. Tensor and Sniper come next on Solana with 19.38% and 2.40%, while Hyperspace and Hadeswap come next with 1.21% and 0.98% respectively. On-chain data Tiexo indicates a rise in Solana volumes as volumes increased by 18% to 22.7 SOL, or approximately $3.81 million.
The Bitcoin ecosystem also recorded similar numbers as Magic Eden dominated NFT volumes. The platform posted 55.07% market share while OKX recorded 35.31%. Unisat and Ordinals Wallet recorded increases of 9% and 0.61%. While NFT volumes on other networks have increased, Bitcoin’s numbers have seen a 46% drop in the last 24 hours.
This year, Magic Eden announced partnerships with Azuki collaborating on several fronts, such as integrating the social token’s features into the marketplace.
Solana’s NFT Growth
The magical Eden which dominates the Solana The ecosystem more than others has led to greater gains for the community nicknamed ETH killer. In December, Solana surpassed Ethereum in NFT volumes as users purchased projects based on the platform.
However, recent data from CryptoSlam shows a decline in overall volumes. In May, volumes plunged 54%, to $624 million, compared to last month’s volume of more than $1 billion. Bitcoin NFT sales fell 68% while Ethereum and Solana fell 55% and 48%, respectively.
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David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in emerging technologies and has an eye for the latest news. Staying on top of trends, David has worked across several niches including regulation, partnerships, crypto assets, stocks, NFTs, and more. Far from the financial markets, David goes cycling and horse riding.