In the past 24 hours, NFT marketplace Magic Eden saw increased transaction volumes on Ethereum, Bitcoin, and Solana due to improved market sentiment and DeFi activity.
Within the past 24 hours, the non-fungible token (NFT) marketplace known as Magic Eden has observed an increase in the volume of transactions that have taken place on the Ethereum, Bitcoin, and Solana networks. Improved market emotions led to this gain, and a surge in decentralized finance (DeFi) activity followed.
Magic Eden Flips Blur on Ethereum
Its market share increased as a result of Magic Eden’s volume growth. Magic Eden has now surpassed the NFT marketplace Blur on Ethereum. The market share of the platform increased to 41.39%, surpassing that of Blur, which was 38.84%. Following closely behind with 13%, 5%, and 0.91%, respectively, are OpenSea, CryptoPunks, and X2Y2.
The platform’s volume increased by 1.96% during the course of 24 hours, driving the network’s volume higher. Magic Eden maintains a 75.79% market share on Solana, with its assets valued at over 17,000 SOL. Users are flocking to its marketplace, which has resulted in recent market activity that has increased its lead over the network.
Tensor and Sniper hold the next two spots on Solana, with respective percentages of 19.38% and 2.40%, while Hyperspace and Hadeswap, with respective percentages of 1.21% and 0.98%, also hold these spots. Tiexo’s on-chain data indicates that Solana volumes are on the rise, with volumes increasing by 18% to 22.7 SOL, which is equivalent to around $3.81 million.
Magic Eden dominated the Bitcoin ecosystem in terms of NFT volumes, exhibiting similar numbers. Compared to OKX, which had a market share of 35.31%, the platform had a market share of 55.07%. Ordinals Wallet saw a 9% increase, while Unisat saw a 0.61% increase. In the past 24 hours, Bitcoin numbers have decreased by 46%, while the volumes of non-fungible tokens on other networks have increased.
In 2018, Magic Eden made an announcement regarding partnerships with Azuki, which will involve working together on a variety of fronts, including the incorporation of the social token’s features into the marketplace. Magic Eden’s dominance over other ecosystems in the Solana ecosystem has led to significant gains for the community, earning it the moniker “ETH killer.”
Solana surpassed Ethereum in terms of non-fungible token (NFT) volumes in December, when consumers acquired projects that were based on the platform. Recent information from CryptoSlam, on the other hand, indicates a decrease in overall quantities. In May, the volume dropped by 54% to $624 million, compared to almost $1 billion in the previous month. Sales of Bitcoin non-fungible tokens (NFT) fell by 68%, while sales of Ethereum and Solana fell by 55% and 48%, respectively.