Tag: magic eden

Bitcoin NFTs Cross $100 Million in Monthly Trading Volume on Magic Eden: Report

The NFT sector is seemingly making a mark in the Web3 arena again after it underwent a bit of a downturn last year. The Bitcoin NFTs on the Magic Eden marketplace have reportedly managed to reel in $100 million (roughly Rs. 829 crore) in monthly trading volume in February. Findings from fresh analysis have disclosed that NFTs based on the Bitcoin blockchain have been the reviving factor for digital collectibles. Bitcoin-based NFTs gained popularity last year with the rollout of Ordinals.

The exact monthly trading volume figure for Bitcoin NFTs on Magic Eden stood at $107,373,917 (roughly Rs. 889 crore), data by Dune Analytics shows. Bitcoin NFTs formed the biggest chunk of the total monthly trading volume on Magic Eden this month, which stood at over $175 million (roughly Rs. 1,450 crore). Bitcoin was followed by Solana, Ethereum and Polygon on the marketplace. Additionally, Magic Eden saw over 45,000 Bitcoin NFT buyers this month and over 97,000 sellers listed their Bitcoin NFTs on the platform. Statistics show that the sales of Bitcoin-based NFTs picked pace when the price point of BTC reached and exceeded $25,000 (roughly Rs. 20.7 lakh).

As far as Ordinals are concerned, these NFTs had managed to garner around $173.28 million (roughly Rs. 1,433 crore) in revenue collectively via all NFT platforms in the month of May 2023 alone, data at the time had showed. Ordinal NFTs are inscribed on one Satoshi unit of the Bitcoin blockchain, which is the smallest denomination of Bitcoin named after its anonymous founder’s pseudonym, Satoshi Nakamoto.

Nine out of the highest valued NFTs sold in around May last year were supported on the Bitcoin blockchain. Ordinals NFT collections like Space Pepes, Bitcoin Frogs, and $NALS NFTs emerged on top of the heap.

Realising that the craze around Ordinals NFTs was heating up, Magic Eden had rolled out Magic Eden Bitcoin as a dedicated marketplace for digital collectibles based on Bitcoin.

Now that NFT sales are escalating again, Magic Eden plans to reap benefits. This week, Magic Eden also launched a new NFT marketplace for collections built atop the Ethereum blockchain. This marketplace is being launched in partnership with NFT creating platform Yuga Labs.

Ethereum blockchain remains the largest in terms of NFT sales volume, reportedly amounting to $202.5 million (roughly Rs. 1,678 crore).

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Magic Eden Launches Crypto Wallet with Cross-Chain Workability: Details

Magic Eden, which is an online marketplace for NFT sales, is adding more functionalities and capabilities to its platform to attempt to revive people’s interest in digital collectibles after a visible sector slowdown. The platform has now decided to launch a crypto wallet browser extension, that will be compatible with multiple blockchains. The aim of creating this multi-chain wallet is to provide a single storage solution for people to store their cryptocurrencies as well as purchased NFTs.

Presently in its closed beta state, Magic Eden’s wallet will support storage of NFTs based on Bitcoin, Solana, Ethereum, and Polygon.

As per Jack Lu, the CEO and Co-Founder of Magic Eden, people had to make four different wallets compatible with four different blockchain to be able to save their NFTs. This eventually led to people walking away from engaging with NFT and reportedly led to Magic Eden’s decision to launch a wallet service that would be compatible with multiple blockchains.

The wallet will facilitate instant transfer of cryptocurrencies between blockchains and easily collect any NFT on Solana, Ethereum, Polygon, or Bitcoin Ordinals. The service will also provide a direct integration with Magic Eden’s NFT platform for better management of digital collectibles, said an explanation blog about the service.

Magic Eden published an official update about this upcoming service on X as well.

Presently, the self-custodial wallet service is only available to a few numbers of testers. The development comes at a time when the sales of NFTs dropped significantly in these last few years.

NFTs peaked in September 2021 when sales of these digital collectibles managed to amass around $881 million (roughly Rs. 7,344 crore). However, ass of November this year, NFT sales only managed to bring-in $10.85 million (roughly Rs. 90 crore).

Earlier in September, a report had claimed that among the top 8,850 NFT collections by market cap, 18 percent were worthless, and 41 percent saw their prices drop to around $5 (roughly Rs. 415) to $10 (roughly Rs. 835).

In fact, Magic Eden itself has faced the brunt of the slowdown of the NFT market. In February this year, the platform had announced layoffs from its team.

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Magic Eden NFT Marketplace Tries to Entice Traffic with Rewards as Market Crumbles

Magic Eden is trying to dial up the engagement on its platform at a time when the digital assets market as a whole is undergoing a downturn. The Solana-based NFT marketplace has announced a loyalty rewards initiative to entice the buyers of digital collectibles. The feature will fetch users five ‘Magic Points’ for every trade worth SOL 1. As per today’s market rate, Solana (SOL) is trading at $14 (roughly Rs. 1,170). As users collect more Magic Points, the platform will upgrade them to complete all loyalty tiers.

Each loyalty tier will unlock different set of benefits for people who use Magic Eden to buy and sell digital collectibles.

These rewards include exclusive content from creators, discounts from partners, and airdropped NFTs to them.

For now, the rewards programme has been launched in its Beta phase, the company said in a Twitter post.

Select users are already testing the programme.

“We want Magic Eden to be a place where collectors and creators connect beyond the transactional level and instead, a hub where users can more deeply engage with the community,” a Coindesk report quoted CEO Jack Lu as saying.

The platform, which raised $130 million (roughly Rs. 1,020 crore) in a Series A funding round in late June, touched a valuation of $1.6 billion (roughly Rs. 12,620 crore) in recent times.

Earlier this year, the marketplace added support for NFTs built on the Ethereum blockchain.

Solana NFT volumes has been down since June, with sales volume figures of $91.52 million (roughly Rs. 730 crore) in June, down by 64 percent from $261.07 million (roughly Rs. 2,100 crore) in May 2022, an analysis by BeingCrypto had highlighted in previous months.

On OpenSea NFT marketplace as well, which is Magic Eden’s more established rival, sales volumes plunged.

According to crypto analytics community Dune data, OpenSea’s trading volume saw a steady declined throughout the first two quarters of the year, sliding to $3.1 billion (roughly Rs. 24,800 crore) in May.

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