[Magic Eden NFT transaction volume ranks first among Bitcoin, Ethereum and Solana networks]
Over the past 24 hours, non-fungible token (NFT) market Magic Eden has seen a significant increase in trading volume on the Ethereum, Bitcoin and Solana networks. This growth coincides with a surge in decentralized finance (DeFi) activity and reflects heightened market sentiment. Magic Eden's trading volume increased, boosting its market share.
On Ethereum, Magic Eden surpassed NFT market Blur, with its market share soaring to 41.39%, surpassing Blur’s 38.84%. OpenSea, CryptoPunks and X2Y2 follow, with market shares of 13%, 5% and 0.91% respectively. The platform's 24-hour trading volume growth drove a 1.96% increase in online trading volume.
On Solana, Magic Eden maintains its leadership position with 75.79% market share and an asset value of over 17,000 SOL. Recent marketing activities have further solidified its leading position on the Internet and attracted a large number of users. Tensor and Sniper follow with 19.38% and 2.40% respectively, while Hyperspace and Hadeswap follow with 1.21% and 0.98% respectively. Solana’s trading volume rose 18% to 22.7 SOL, or approximately $3.81 million, according to Tiexo’s on-chain data.
In the Bitcoin ecosystem, Magic Eden also dominates NFT transaction volume, accounting for 55.07% of the market share, while OKX accounts for 35.31%. Unisat and Ordinals Wallet hold 9% and 0.61% respectively. Although NFT trading volume has increased on other networks, Bitcoin trading volume has fallen by 46% in the past 24 hours.
This year, Magic Eden announced a partnership with Azuki to collaborate in multiple industries, such as integrating the functionality of social tokens into the market.
Magic Eden’s dominant position in the Solana ecosystem has brought extensive benefits to the community and is known as the “Ethereum killer.” In December, Solana’s NFT trading volume surpassed that of Ethereum as users rushed to purchase projects based on the platform.
However, the latest data from CryptoSlam shows a decrease in overall trading volume. In May, transaction volume fell 54% to $624 million from more than $1 billion the previous month. NFT sales plunged 68% for Bitcoin, 55% for Ethereum, and 48% for Solana.
