Monthly Trading Volume of Bitcoin NFTs on Magic Eden Surpasses $100 Million: Report

After a slight decline last year, the NFT sector is making its mark again in the Web3 space. Bitcoin NFTs on the Magic Eden marketplace have reportedly managed to achieve $100 million (roughly Rs. 829 crores) in monthly trading volume in February. The findings of the latest analysis revealed that NFTs based on the Bitcoin blockchain have been a revival 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 was $107,373,917 (roughly Rs. 889 crores), as reported by the data. Dune Analytics Shows. Bitcoin NFTs accounted for the largest share of total monthly trading volume on Magic Eden this month, amounting to more than $175 million (approximately Rs 1,450 crore). After Bitcoin, Solana, Ethereum and Polygon were 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. Data shows that the sales of Bitcoin-based NFTs gained momentum when the price point of BTC reached $25,000 (approximately Rs 20.7 lakh).

As far as Ordinals is concerned, these NFTs had managed to collectively garner revenue of around $173.28 million (roughly Rs. 1,433 crores) across all NFT platforms in the month of May 2023 alone, as per the data at the time. Was revealed from. Ordinary NFTs are minted on one Satoshi unit of the Bitcoin blockchain, the smallest denomination of Bitcoin, named after the pseudonym of its anonymous founder, Satoshi Nakamoto.

Nine of the most valuable NFTs sold around May last year were backed on the Bitcoin blockchain. Ordinals like Space Peeps, Bitcoin Frogs, and $NALS NFTs emerged at the top of the NFT collection heap.

Realizing that the craze for Ordinals NFTs was growing, Magic Eden launched Magic Eden Bitcoin as a dedicated marketplace for digital collectibles based on Bitcoin.

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

The Ethereum blockchain remains the largest in terms of NFT sales volume, Allegedly An amount of $202.5 million (approximately Rs 1,678 crore).

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