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Top NFT Volumes on Magic Eden Across Bitcoin, Ethereum, and Solana Networks
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Key Points
- In the past 24 hours, Magic Eden’s non-fungible token (NFT) marketplace has seen a surge in trading activity on Ethereum, Bitcoin, and Solana networks.
- Magic Eden is now dominating the blockchains of Solana, Ethereum, and Bitcoin, surpassing other NFT platforms.
- This growth contrasts with the overall decline in total NFT volumes over the last month.
Magic Eden, a non-fungible token (NFT) marketplace, has experienced a notable increase in trading volumes across Ethereum, Bitcoin, and Solana networks in the recent uptick of decentralized finance activities, driven by optimistic market sentiment. Magic Eden has garnered higher volumes, expanding its market share.
Magic Eden Surpasses Blur on Ethereum
Magic Eden has outperformed NFT marketplace Blur on Ethereum, with its market share climbing to 41.39%, surpassing Blur at 38.84%. Following in ranks are OpenSea, CryptoPunks, and X2Y2, with market shares of 13%, 5%, and 0.91% respectively. Notably, Magic Eden’s trading volume surged in the past 24 hours, contributing to a 1.96% increase in the network’s overall volume.
On Solana, Magic Eden maintains its lead with a 75.79% market share and assets exceeding 17K SOL. Recent market trends have further solidified its position as more users flock to its platform. Tensor and Sniper follow with 19.38% and 2.40% market shares respectively, while Hyperspace and Hadeswap trail behind with 1.21% and 0.98% each. On-chain data analyzed by Tiexo indicates a notable spike in Solana volumes, reaching 22.7 SOL, approximately $3.81 million.
In the Bitcoin realm, Magic Eden’s dominance in NFT volumes continues, with a 55.07% market share compared to OKX’s 35.31%. Meanwhile, Unisat and Ordinals Wallet hold 9% and 0.61% market shares, respectively. While NFT volumes on alternative networks are on the rise, Bitcoin’s figures saw a 46% decline in the past day.
This year, Magic Eden shared news of its collaboration with Azuki, with plans to merge the social token’s functionalities with its platform.
Solana’s NFT Expansion
By leading the Solana ecosystem in NFT activities, Magic Eden has catalyzed wider growth for the community known as the “ETH killer.” In December, Solana exceeded Ethereum in NFT volumes as users gravitated towards projects built on its network.
However, recent data from CryptoSlam reveals an industry-wide decline in NFT volumes. Volumes plummeted by 54% in May, dropping to $624 million from the previous month’s $1 billion. Within this decline, Bitcoin NFT sales fell by 68%, while Ethereum and Solana witnessed drops of 55% and 48% respectively.
Further Reading: Cryptocurrency Analyst Praises Top 3 Altcoins for This Cycle’s Success
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