Magic Eden Tops OpenSea in Daily Trading Volume

    What is Magic Eden?

    Magic Eden is a new NFT platform designed specifically for the Solana Network that allows users to purchase, sell, and mint NFTs. After the debut of Okay Bears, it is now the leading NFT marketplace. Eden has addressed these constraints by simplifying the minting process and lowering transaction fees, making non-fungible token (NFT) projects more accessible and inexpensive for everyone. Due to the tremendous throughput of the Solana blockchain, all costs associated with Magic Eden are practically non-existent. Last October 5, Magic Eden’s trading volume topped 350K SOL, which is currently rapidly increasing. This demonstrates the massive demand for Solana NFTs.

    Magic Eden is going over to OpenSea.

    The Solana non-fungible token (NFT) market is gaining traction, with daily transactions on Magic Eden, the ecosystem’s biggest marketplace, now surpassing those on OpenSea, it’s Ethereum blockchain counterpart.

    According to weekly statistics from DappRadar, Magic Eden has experienced about 275,000 daily transactions (including purchases, bids, and listings), compared to 50,000 for OpenSea.

    When contacted by CoinDesk, Magic Eden confirmed that 330,000 actual sales (not including bids and listings, as reported by DappRadar) had occurred in the previous week, equating to roughly 47,000 daily transactions.

    However, the number of unique users trading NFTs on each platform favors OpenSea. According to DappRadar, Eden has welcomed 24,000 traders in the last 24 hours, while OpenSea has hosted 41,000.

    While Magic Eden users trade faster than OpenSea users, the Solana system’s absence of blue-chip NFT projects has resulted in lower total sales volume, despite more transactions.

    OpenSea continues to lead in terms of capital spent, with $35 million in sales volume compared to Magic Eden’s $10 million. The average price of an NFT exchanged on OpenSea was also above $700, far higher than the average price of Eden, which was $123.

    Magic Eden emerges

    The differences in how NFT traders interact with the two platforms are most likely due to network costs on the various blockchains. Gas fees for a single Ethereum-based NFT on OpenSea are over $30 at the time of writing, while Solana fees are less than a cent.

    Over a 30-day period, usage statistics show a similar trend. However, OpenSea’s overall volume of traders is down 1% from the previous month, while Magic Eden’s is up 316 percent.

    This type of on-chain data can be deceptive, as measures like transactions and sales volume are open to different meanings and even manipulation.

    Overall, the NFT market is shifting away from its Ethereum-dominated past, with traders more evenly distributed across alt-chain markets and the average number of user transactions increasing with lower costs.

    Of course, OpenSea offered its own Solana NFT trading and announced the connection in early April. But, according to Magic Eden data, usage on the platform has trailed behind the promise, with Solana NFT sales on OpenSea accounting for about 9% of Magic Eden’s since its debut.

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    You might also like...