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

Bitcoin-based NFTs that gained popularity last year with the rollout of Ordinals.

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 28 February 2024 21:04 IST

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

Photo Credit: Magic Eden

Magic Eden launched a dedicated marketplace for Bitcoin NFTs last year

Highlights

Magic Eden was launched in 2021 and now competes with OpenSea
NFTs based on Bitcoin, Ethereum, Solana, Polygon are sold on Magic Eden
Magic Eden is working with Yuga Labs to launch an Ethereum NFT store

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.

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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.

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Better waters.

Ethereum marketplace now live. pic.twitter.com/geWXOTdmAN
— Magic Eden :magic_wand: (@MagicEden) February 27, 2024

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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Further reading: Cryptocurrency, NFT, Magic Eden, Bitcoin Ordinals, Ethereum NFTs, Yuga Labs

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More