Magic Eden Emerges as Leader in Ordinals Trading Volume for Bitcoin Collectibles
Bitcoin Ordinals may not be the most buzzworthy topic among maxis, but mark my words, they’re here to stay. The hype surrounding these digital collectibles has propelled Bitcoin into uncharted territory, and the NFT marketplace, Magic Eden, has emerged as a prominent player in this emerging field.
What are Ordinals?
Let me break it down for you: Ordinals is a protocol that allows for the inscription of art and text on individual satoshis, the smallest unit of measure for Bitcoin. Think of it like engraving a message on a grain of sand – that’s the level of detail we’re talking about here.
Since its introduction in January, traders and developers have become increasingly familiar with the NFT-like assets called inscriptions, leading to a surge in popularity. Magic Eden, which opened its doors to trading inscriptions just over a week ago, has quickly risen to the top of various marketplaces that support Ordinals.
According to a Dune dashboard, Magic Eden currently represents the majority of Ordinals trading volume. In fact, on Tuesday alone, the marketplace racked up roughly $170,000 worth of inscription sales, compared to around $72,000 on the second most popular marketplace, Ordinals Wallet.
One collection that has played a key role in Magic Eden’s success is BTC DeGods, a set of inscriptions released by the creators of the most valuable Solana NFT profile picture project. Since its release, DeGods has notched nearly 35 BTC, or almost $1 million worth of total trading volume, with the cheapest inscription hovering around $23,000 worth of BTC.
Magic Eden Marketplace Trading High Volumes
While Magic Eden still lags behind Ordinals Wallet in terms of total daily transactions, the trend over the past week suggests that it is quickly catching up. And what’s particularly interesting is that Magic Eden is handling higher-value Ordinals sales, indicating that traders are flocking to the well-known marketplace’s latest incarnation.
For a user base that’s already familiar with trading collectibles across multiple networks, it makes sense that Magic Eden traders have swiftly embraced inscriptions on Bitcoin. And the fact that Magic Eden has been able to corner the market for inscriptions so quickly is a testament to its established status in the marketplace.
But let’s not forget that Magic Eden is only the first among mainstream marketplaces to support inscriptions. As we’ve seen in the past, upstart rivals can quickly eat away at market dominance. However, for now, at least, Magic Eden is commanding the most Ordinals trading volume.
As the Ordinals landscape continues to develop, we can expect to see more players enter the field. But one thing is certain: the demand for inscriptions is only going to grow, and Magic Eden is well positioned to lead the charge.