Magic Eden continues to spread its sorcery on the NFT collectors as the biggest Solana NFT marketplace. The platform has crumbled other marketplaces like a house of cards. The August 2022 stats offers a clear view of how a big boy is standing tall amongst others.
According to the data offered by Dune Analytics, the dominating marketplace covers nearly entire market on the Solana ecosystem. The metrics show that over 99% of the transactions were done on the platform throughout the month. Solsea, another NFT platform on the ecosystem, crawled upwards to cover 12% of NFT transactions on August 12, 2022. Other platforms like Solanart, Alpha, Solsea and more endured under the shadows.
In case of Daily Active User (DAU) count, the platform never experienced less than 25K users a day, with the month count stretched out to 34,020 users on August 31, 2022. Rest of the marketplaces struggled to surpass even 200 active users a day throughout the month.
While the Solana platforms struggled to gain users, they remained cold considering the daily NFT transactions too. Solsea somehow managed to reach 3,000 transactions on August 11, 2022. Magic Eden reached the peak of its daily transactions on August 23, 2022, marking 162K in volume. And yet again, rest of the Solana marketplaces performed cold throughout the cycle.
Okay Bears and DeGods remain the top collections on Solana blockchain, marking their presence on Alpha Art, SolSea and Magic Eden. Okay Bears collection enjoyed a volume of 2.1 Million SOL on the dominating platform, while DeGods dominated the sales on SolSea with 1.47 Million SOL. Alpha Art remains the least favorite of all, having featured only a few NFTs from the collections like Aurory, Degenerate Ape Academy and more.
Magic Eden secured 130 Million USD in a series B funding round led by Greylock Patterns and Electric Capitals in May 2022, sending the Company’s worth to 1.6 Billion USD. The platform introduced prominent partners on the deck including Alameda Research, Coinbase Ventures, Sequoia Capital, Solana Ventures and more.
At the time of publication, SOL, the native token on Solana blockchain, was trading $34.74, bearish by 1.43% during the past 24 hours.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/09/11/magic-eden-continues-to-dominate-solana-marketplace/