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

The NFT sector is seemingly making a mark within the Web3 enviornment once more after it underwent a little bit of a downturn final yr. The Bitcoin NFTs on the Magic Eden market have reportedly managed to reel in $100 million (roughly Rs. 829 crore) in month-to-month buying and selling quantity in February. Findings from contemporary evaluation have disclosed that NFTs based mostly on the Bitcoin blockchain have been the reviving issue for digital collectibles. Bitcoin-based NFTs gained reputation final yr with the rollout of Ordinals.

The precise month-to-month buying and selling quantity determine for Bitcoin NFTs on Magic Eden stood at $107,373,917 (roughly Rs. 889 crore), information by Dune Analytics exhibits. Bitcoin NFTs shaped the largest chunk of the whole month-to-month buying and selling quantity on Magic Eden this month, which stood at over $175 million (roughly Rs. 1,450 crore). Bitcoin was adopted by Solana, Ethereum and Polygon on {the marketplace}. Moreover, Magic Eden noticed over 45,000 Bitcoin NFT consumers this month and over 97,000 sellers listed their Bitcoin NFTs on the platform. Statistics present that the gross sales of Bitcoin-based NFTs picked tempo when the value level of BTC reached and exceeded $25,000 (roughly Rs. 20.7 lakh).

So far as Ordinals are involved, these NFTs had managed to garner round $173.28 million (roughly Rs. 1,433 crore) in income collectively through all NFT platforms within the month of Could 2023 alone, data on the time had confirmed. Ordinal NFTs are inscribed on one Satoshi unit of the Bitcoin blockchain, which is the smallest denomination of Bitcoin named after its nameless founder’s pseudonym, Satoshi Nakamoto.

9 out of the best valued NFTs bought in round Could final yr have been supported on the Bitcoin blockchain. Ordinals NFT collections like Area Pepes, Bitcoin Frogs, and $NALS NFTs emerged on prime of the heap.

Realising that the craze round Ordinals NFTs was heating up, Magic Eden had rolled out Magic Eden Bitcoin as a devoted market for digital collectibles based mostly on Bitcoin.

Now that NFT gross sales are escalating once more, Magic Eden plans to reap advantages. This week, Magic Eden additionally launched a brand new NFT market for collections constructed atop the Ethereum blockchain. This market is being launched in partnership with NFT creating platform Yuga Labs.

Ethereum blockchain stays the most important by way of NFT gross sales quantity, reportedly amounting to $202.5 million (roughly Rs. 1,678 crore).