Nfts
Solana and Bitcoin NFT trading hits record numbers
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The Bitcoin and Solana non-fungible token (NFT) market saw record daily active traders (DATs) last week, according to at the OurNetwork research blog. While Solana reached its all-time high of 59,300 DAT, Bitcoin recorded a high of 25,600 DAT.
The growing number of Solana DATs represents a four-fold increase from around 15,000 daily traders at the start of last week. The publication attributes this growth to the influx of wallets transacting under $10 on platforms like Magic Eden and Tensor. Over the past week, Magic Eden captured 74% of Solana’s trading volume market share and 38% of its trader market share, while Tensor captured 18% of volume and 61% of dominant traders .
Meanwhile, Bitcoin’s historic NFT trading spike has been attributed to anticipation of the Runes protocol’s launch. However, the number of traders saw a sharp decline to around 7,000 the day after the launch. Magic Eden has been the main hub of Bitcoin’s NFT activity, accounting for 82% of active traders and trading volume over the past seven days, with OKX at 16% for the same metrics.
Ethereum still rules, but the numbers are decreasing
Despite dominating trading volume and daily active traders, Ethereum’s weekly number of NFT traders has declined over the past two years, with fewer than 36,000 wallets engaged in transactions last week. OurNetwork highlights that this is a significant drop from the 218,000 recorded in April 2022.
Likewise, weekly volume has fallen from a peak of $1.4 billion last April to around $100 million per day currently.
Additionally, the Ethereum NFT landscape is also showing changes regarding market dominance. The rivalry between OpenSea and Blur has collided with Magic Eden’s rise as a competitor since its debut on the Ethereum market in February. Magic Eden quickly garnered over 20% of Ethereum’s NFT volume in the last week alone.
Although Blur maintains a majority share with over 50% of volume, OpenSea’s presence has decreased to 13.5% over the past seven days. Yet OpenSea still leads in the number of traders on Ethereum, attracting around 4,000 traders per day, compared to 2,500 for Blur and less than 600 for Magic Eden. Over the past two years, OpenSea has seen a dramatic 90% decline in its weekly trader base.
On the large transaction side, one transaction on the CryptoPunks NFT marketplace involved a purchase of 4,000 ETH, valued at over $12 million, for a highly coveted alien punk. This sale propelled CryptoPunks to second place in volume on Ethereum for that day, with only Blur surpassing it with $15.2 million in volume.
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