According to on-chain data compiled by Domo using Dune Analytics, Magic Eden's Bitcoin NFT marketplace has become the go-to destination for trading Ordinals NFTs within two weeks of its launch. As of April 1, the platform has recorded 39,817 trades with 18,462 unique users, with a total trading volume of over $16.5 million. These numbers are impressive, given that Ordinals was launched only two months ago.
Bitcoin NFTs are gaining traction, with prominent names like DeGods and Yuga Labs joining the Bitcoin chain. However, users initially had limited access to easy-to-use marketplaces where they could interact with these inscriptions. Magic Eden's integration of Bitcoin NFT trading into its platform addressed this issue.
The marketplace is dominating trading volumes, accounting for over three-quarters of the total trading volume in Ordinals NFTs on March 31. The platform recorded over $280,000 in sales, with Ordinals Wallet sitting in second place with just over $70,000.
The platform's dominance is mainly due to the fact that a project closely tied to Magic Eden, DeGods, is trading inscriptions on Bitcoin. DeGods burned 535 pieces permanently, moving them to Bitcoin. DeGods is a leading Solana project that is due to move to Ethereum, but this hasn't stopped traders of the Solana native marketplace, Magic Eden, from interacting with the highly coveted inscriptions.
Another factor fueling Magic Eden's Bitcoin NFT marketplace dominance is its user base's familiarity with multichain trading. The platform already serves Solana, Ethereum, and Polygon, and its user base is typically open to being multi-chain.
If you're interested in creating an NFT marketplace like Magic Eden, there are a few things you need to keep in mind. First, you'll need to choose the right blockchain platform. Ethereum is the most popular blockchain platform for NFTs, but other platforms like Solana and Polygon are also gaining traction. Secondly, you'll need to consider the user experience, making sure it's intuitive and easy to use for buyers and sellers. Lastly, you'll need to develop a strong community around your marketplace to encourage engagement and trading activity.
Developing an NFT marketplace like Magic Eden involves several steps. Here is a general overview of the process:
Define the requirements: The first step is to define the requirements of the NFT marketplace. This involves understanding the target audience, the types of NFTs to be traded, and the features that the marketplace should have.
Choose the blockchain platform: The next step is to choose the blockchain platform that the marketplace will be built on. Some popular blockchain platforms for NFT marketplaces include Ethereum, Solana, and Polygon.
Design the user interface: The user interface of the marketplace is crucial to its success. The marketplace should be easy to navigate, and the design should be visually appealing.
Develop smart contracts: Smart contracts are essential to the functioning of an NFT marketplace. These contracts define the rules and conditions of NFT trading and ensure that transactions are secure and transparent.
Integrate with payment gateways: The marketplace should integrate with payment gateways so that users can easily purchase and sell NFTs using fiat or cryptocurrency.
Perform testing and debugging: Once the marketplace is built, it should be thoroughly tested and any bugs or issues should be addressed.
Launch and market the marketplace: After testing is complete, the marketplace can be launched. It's important to market the marketplace to attract users and build a community.
In conclusion, Creating an NFT marketplace like Magic Eden requires expertise in blockchain development, smart contract development, user interface design, and marketing. If you're interested in creating an NFT marketplace, it's recommended to consult with a professional blockchain development team.
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