NFT

Magic Eden carves out niche in Ordinals as OpenSea and Blur…

Published

2 years ago

on

  • Magic Eden will act as a primary sales platform through which creators can debut their own collections
  • The marketplace accounted for 69% of the total Ordinals sales volume at press time

NFT marketplace Magic Eden will debut its creator launchpad for Bitcoin Ordinals on 7 April, which will help creators inscribe their artworks on the Bitcoin [BTC] blockchain.

It should be noted that Magic Eden launched a secondary marketplace to list and sell Ordinals in March. The launchpad will act as a primary sales platform through which creators can inscribe their own collections.

Magic Eden embraces Ordinals

Ordinals are NFTs that can be minted directly onto the Bitcoin blockchain, as opposed to NFTs on Ethereum [ETH], which point to off-chain data and rely on token standards like ERC 721 to create a collection of tokens.

As part of the launchpad, the Magic Eden team will help creators in the inscription process.

While the fight between the two biggest players in the landscape, OpenSea and Blur, goes on, Magic Eden has quietly carved out a niche for itself as far as Bitcoin Ordinals were concerned.

Since the launch of the marketplace last month, its share of Ordinals sales volume has grown significantly. At the time of writing, Magic Eden was the undisputed leader with 69% of the market share.

Source: Dune

In terms of transactions, though, it was at a distant second position with 17% of the total number of Ordinals-based trades happening on Magic Eden.

Since the launch, Bitcoin Ordinals have taken the crypto world by storm. As per Dune, the total number of Ordinals inscriptions hit 955,138 at the time of writing. The figure reached an all-time high on 4 April when over 76,000 inscriptions were minted on a single day.

Source: Dune

User activity declines

Despite being a winner on the Ordinals front, Magic Eden had some issues to deal with. According to DappRadar

data, the cumulative number of unique active wallets (UAW) on the marketplace declined 12% in the last 30 days. Over the last 24 hours as well, there was a fall of 7.9% at press time.

However, notwithstanding the dip observed of late, the number of transactions on the platform increased by 31% in the last 30 days.

Source: DappRadar

Take a Survey: Chance to Win $500 USDT