In less than a week, Magic Eden has captured more than fifty percent of the Ordinals inscription market.
Bitcoin is currently acknowledged as a new frontier for exchanging digital collectibles as a result of the increasing popularity of Ordinals. As the landscape shifts, the Solana-based NFT marketplace Magic Eden has emerged as a new leader.
The ordinals protocol’s popularity
Since its introduction in January, the ordinals protocol, which allows content such as art and text to be inscribed on individual satoshis, the smallest unit of measure that Bitcoin can be divided into, has exploded in popularity as traders and developers become more familiar with NFT-like assets known as inscriptions.
A little more than a week ago, on March 21, Magic Eden began trading inscriptions, and as of yesterday, it accounted for the majority of Ordinals trading volume across all platforms that handle them, according to a Dune dashboard created by an anonymous on-chain statistics enthusiast named Domo.
On Tuesday, Magic Eden recorded over $170,000 in inscription sales, compared to approximately $72,000 on Ordinals Wallet, the second most popular marketplace.
BTC DeGods, a collection of inscriptions created by the people behind the most valuable Solana NFT profile picture (PFP) project, had a significant impact on Magic Eden’s rise to the top, according to a tweet from Domo.
Since its publication, the Bitcoin-based collection of profile photographs has generated approximately 35 BTC, or nearly $1 million in total trading volume, with Magic Eden reporting that the inscription with the lowest value is currently worth approximately 23,000 BTC.
Magic Eden in early stages
In terms of daily transaction volume, Magic Eden is still behind Ordinals Wallet, despite the fact that the trend over the past week indicates that its lead is eroding. Yesterday, 404 inscriptions were traded on Magic Eden, while 543 were sold via Ordinals Wallet, based on data gathered by Domo.
In other words, Magic Eden handles the sale of Ordinals of greater value. Despite the fact that DeGods is moving from Solana to Ethereum, the long-standing connection between DeGods and Magic Eden on Solana may be transferring to Bitcoin as traders flock to the latest version of the well-known marketplace.
When Magic Eden debuted in 2021, it was only a marketplace for Solana-made NFTs. Nevertheless, as time has progressed, the market has expanded its support for NFTs on additional blockchains, such as Ethereum and Polygon, an Ethereum scaling network.
Magic Eden’s Head of Marketing, Tiffany Huang, said that she anticipates Ordinals’ creators and users will continue to increase. Given the presence of illustrious personalities such as Yuga and DeGods, a great number of the creative with whom I converse are surely intrigued and investigating it.
According to Domo, the rapid adoption of Bitcoin inscriptions by Magic Eden sellers makes sense for a user base accustomed to trading products over many networks.
Domowho added, “Their user base is typically open to being multi-chain, so the prospect of a new chain isn’t daunting to them.”
In contrast to other trading platforms that have recently appeared and simply accept Bitcoin, Magic Eden has the potential to soon corner the market for inscriptions, according to Domo, because of the market’s existing repute.
Nonetheless, Magic Eden is only the first of the major marketplaces to permit inscriptions. Even new competitors can quickly destroy a company’s market supremacy, as Magic Eden has discovered with Solana. Yet, for the time being, Magic Eden has the largest trading volume among Ordinals.
Content Source: decrypt