- Magic Eden’s trading volume and commission figures on the bitcoin network have set ATH.
- The platform added support for Ordinals in March 2023, BRC-20 in June.
In February 2024, trading volume on Magic Eden’s marketplace on the bitcoin network reached $100.7 million, setting a new ATH, according to Dune. Since January, the figure has grown by nearly 20%.
As the chart shows, trading volume on the marketplace has been steadily declining since June 2023. However, the indicator rose in November, after which the trend reversed:
At the same time, the bitcoin network accounts for a share of 62%. Recall, Ordinals appeared on the platform in March 2023, other tokens based on the BRC-20 standard – in June.
Of the $3 million in commissions received, $2 million is accounted for by transactions on the bitcoin network. A similar trend has been observed since December 2023, which may be due to a new wave of demand for “inscriptions”:
At the same time, the share of buyers in the bitcoin network remains quite low – $32.8%. The maximum on this indicator was recorded in June – 54%.
The demand for NFTs on the bitcoin network jumped by the end of 2023. This naturally led to an increase in commissions, which remains the main drawback of this category of tokens according to some developers.
