magic Eden NFT Collects Top Bitcoin, Ethereum and solana Networks
Magic Eden, a non-fungible token (NFT) marketplace, has seen an increase in trading volumes on the Ethereum, Bitcoin and Solana networks in the last 24 hours. This increase comes as decentralized finance (DeFi) activity increases on the back of rising market sentiment. Magic Eden volumes increased by increasing market share.
Magic Eden Changes the blur on Ethereum
Magic Eden has overtaken NFT marketplace Blur on Ethereum. The platform’s market share increased to 41.39%, surpassing Blur’s 38.84%. OpenSea, CryptoPunks and X2Y2 are in second place with 13%, 5% and 0.91%. The platform’s 24-hour volume increased the network’s volume by 1.96%.
In Solana, Magic Eden continues to lead with 75.79% with assets over 17 thousand SOL. Recent market activity has increased its leadership in the network as users flock to the market. Tensor and Sniper are in second place on Solana with 19.38% and 2.40%, while Hyperspace and Hadeswap are in second place with 1.21% and 0.98% respectively. On-chain data Tiexo Solana marks an 18% increase in volumes to 22.7 SOL (approximately $3.81 million).
The Bitcoin ecosystem has also seen similar numbers dominated by Magic Eden NFT units. The platform achieved 55.07% of the market share, while OKX achieved 35.31%. unisat and ordinals Wallet gained 9% and 0.61%. While NFT volumes on other networks are rising, Bitcoin numbers have seen a 46% drop in the last 24 hours.
This year, Magic Eden announced partnerships with Azuki, collaborating on many fronts such as integrating the social token’s features into the market.
Solana’s NFT Growth
Master of Magic Eden solana ecosystem more than any other has led to broader gains for the so-called ETH killer community. In December, Solana surpassed Ethereum in NFT volumes as users purchased projects based on the platform.
However, recent data from CryptoSlam shows a decline in overall volumes. Volumes in May fell 54% to $624 million from last month’s volume of over $1 billion. Bitcoin NFT sales fell 68%, while Ethereum and Solana fell 55% and 48% respectively.
So read: Cardano Bull Reveals Top 3 Altcoins That Will Outperform This Cycle
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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