Magic Eden Dominates Ordinals NFT Market With 61% Share And $1.79B Trading Volume

A recent study from CoinGecko has revealed Magic Eden as the top marketplace for Bitcoin-based Ordinals NFTs, commanding an impressive 61% market share.

With a staggering $1.79 billion in NFT trading volume year-to-date (YTD), Magic Eden has more than doubled the market share of its closest competitor, OKX, which holds 28.8% and has seen $0.8 billion in trading volume.

Magic Eden’s dominance in the Ordinals space is unmatched, setting a gold standard for NFT marketplaces on Bitcoin. OKX is still holding a strong position, but the gap between the two platforms is significant. The rest of the market is divided between Unisat Wallet with 8.9% and Ordinals Wallet at 1.2%.

Adding to its recent success, Magic Eden’s token ($ME) has bounced back to $0.22 after hitting a low of $0.09. This recovery reflects growing investor confidence in the platform’s long-term prospects.

Magic Eden Thrives In Other Notable Chains 

Magic Eden is not only thriving in the Ordinals sector but also across other chains, maintaining a 35% market share over the past six months. The platform has generated over $250 million in platform fees since the launch of version 2 of its marketplace in early 2022, further solidifying its market leadership.

In comparison, Tensor, another rising marketplace, earned around $20 million in platform fees before its highly anticipated airdrop, which was valued at $230 million.

Since raising $130 million in the summer of 2022, Magic Eden has grown significantly, pushing its total valuation to $1.6 billion. With its continued dominance in the NFT space and a robust financial foundation, Magic Eden is cementing itself as a powerhouse in the Ordinals and broader NFT ecosystem.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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Source: https://nulltx.com/magic-eden-dominates-ordinals-nft-market-with-61-share-and-1-79b-trading-volume/