“Bitcoin Takes the Lead in NFT Market, with Magic Eden as the Key Beneficiary”

"Bitcoin Takes the Lead in NFT Market, with Magic Eden as the Key Beneficiary"

"Bitcoin Takes the Lead in NFT Market, with Magic Eden as the Key Beneficiary"

Since the launch of Ordinals in early last year, the digital collectibles market on the Bitcoin blockchain has been steadily growing. According to data from NFT Pulse, the trading revenue of collectibles on the Bitcoin chain currently accounts for about three-quarters of the overall NFT market revenue.

Among the top ten NFTs by market capitalization, three of them are based on Bitcoin. Recently, the Bitcoin-based collectible project Runestones surpassed the Bored Ape Yacht Club (BAYC) on the Ethereum chain with a market capitalization of nearly $700 million, second only to CryptoPunks. Currently, the floor price of Runestones is 0.092 BTC (approximately $6,510).

NodeMonkes and Bitcoin Puppets have seen a growth of 200% and 450% respectively in the past 30 days, surpassing the highest-valued NFT collectibles on Solana, Mad Lads.

Magic Eden, a multi-chain NFT marketplace, has been a major beneficiary of the Ordinals trend, with its market trading revenue exceeding $13 million in the past 30 days, of which 78% comes from the Bitcoin market. Currently, Magic Eden’s trading volume also surpasses its main competitors, OpenSea and Blur.

Currently, the main traders of Bitcoin NFTs are conducting transactions on Magic Eden and OKX markets (OpenSea and Blur do not yet support Bitcoin). Solana users mainly use Tensor and Magic Eden, while OpenSea is still favored by Ethereum users. OpenSea is also the market with the largest number of independent collectibles.

In terms of user numbers, the Bitcoin NFT market ranks first, with nearly 28,000 active traders in the past 24 hours. Base, the Layer 2 network of Ethereum, has seen the highest growth in active NFT users recently.

Data source: NFT Pulse