Magic Eden Dominates the Ordinals NFT Market, Capturing 61% Share and $1.79B in Trading Volume YTD

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

CoinGecko data reveals Magic Eden as the top marketplace for Bitcoin-based Ordinals NFTs, boasting a 61% market share.

Our analysis shows that Magic Eden leads the Ordinals marketplace with a 61.04% share, facilitating $1.79 billion in NFT trading volume on Bitcoin year-to-date (YTD). This dwarfs OKX's 28.84% market share and $0.8B in trading volume.

Top 4 NFT Marketplaces on #Bitcoin by Market Share 💎@MagicEden – 61.04%@okx – 28.84%@unisat_wallet – 8.90%@ordinalswallet – 1.22%

— CoinGecko (@coingecko) September 8, 2024

Magic Eden's dominance in the Ordinals space is evident, setting a gold standard for NFT marketplaces on Bitcoin. OKX still holds a strong position, but the gap between the two platforms is significant. The rest of the market is divided between Unisat Wallet with 8.90% and Ordinals Wallet at 1.22%.

Adding to its recent success, Magic Eden's token ($ME) has recovered to $0.22 after hitting a low of $0.09. This rebound follows a seven-fold decrease in the token's price since its launch in December 2023, which was at $1.5. However, the recent price action and low volume suggest that traders are closely watching this development.

NEW: @MagicEden's TOKEN $ME HAS BOUNCED BACK TO $0.22 AFTER HITTING $0.09

JUST UNDER $800,000 VOLUME pic.twitter.com/hINplbW8sa

— SolanaNews.sol (@solananew) September 8, 2024

Magic Eden Thrives In Other Notable Chains

Magic Eden not only thrives 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.

► Tensor made around $20M in platform fees before their Airdrop, which was valued at $230M

► Magic Eden made over $250M in platform fees since the launch of v2 of their Marketplace in early 2022

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ℹ️ In summer 2022, Magic Eden raised $130M in a… pic.twitter.com/zYHXS6hE23

— fabiano.sol (@FabianoSolana) September 8, 2024

Since raising $130 million in the summer of 2022, Magic Eden has grown substantially, 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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