Bitcoin NFTs Surpass $100M Monthly Trading Volume on Magic Eden: Report

The NFT sector seems to be making a mark again in the Web3 arena after suffering a small decline last year. Bitcoin NFTs on the Magic Eden marketplace have reportedly managed to amass $100 million (roughly Rs. 829 crore) in monthly trading volume in February. Findings from a recent analysis revealed that NFTs based on the Bitcoin blockchain are the revitalizing factor for digital collectibles. Bitcoin-based NFTs gained popularity last year with the launch of Ordinals.

The exact value of Magic Eden’s monthly Bitcoin NFT trading volume stands at $107,373,917 (approx. Rs. 889 crores), data from Dune Analytics shows. Bitcoin NFTs formed the largest chunk of Magic Eden’s total monthly trading volume this month, which stood at over $175 million (roughly Rs. 1,450 crores). Bitcoin was followed by Solana, Ethereum and Polygon in the market. 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 sales of Bitcoin-based NFTs gained momentum when the price point of BTC reached and exceeded $25,000 (Rs. 20.7 lakh approx).

As far as Ordinals are concerned, these NFTs have managed to collect about $173.28 million (roughly Rs. 1,433 crore) revenue collectively through all NFT platforms in the month of May 2023 alone, the data shows as of now. Consecutive NFTs are recorded on one Satoshi unit of the Bitcoin blockchain, which is the smallest denomination of Bitcoin, named after the pseudonym of its anonymous founder, Satoshi Nakamoto.

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

Realizing that the Ordinals NFT craze was heating up, Magic Eden launched Magic Eden Bitcoin as a dedicated Bitcoin-based digital collectibles marketplace.

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

Ethereum blockchain remains the largest in terms of NFT sales volume, it is reported to the tune of $202.5 million (approximately Rs. 1,678 crore).