In the rapidly evolving landscape of non-fungible tokens (NFTs) and gaming, Magic Eden has emerged as the new powerhouse, surpassing established players like OpenSea and Tensor to claim the top spot in terms of marketplace users.

According to data compiled by the NFT analytics platform NFTpulse, Magic Eden has witnessed a remarkable 36% increase in marketplace users over the past 30 days, boasting a transaction volume exceeding 230k. In this article, we will cover everything you need to know about its rise and dominance in the NFT gaming space.

Over 800K NFT Traders

Magic Eden has claimed the top spot as the largest NFT platform by marketplace users, surpassing industry veteran OpenSea, according to recent data from NFTpulse. With a transaction volume exceeding 230k over the past 30 days, Magic Eden has demonstrated remarkable growth, outpacing its competitors. OpenSea, with 170.9k users, now ranks second, while Tensor follows closely behind with 113.4k users. Overall, the NFT industry saw a total of 633k marketplace users in the last month.

Over the past year, Magic Eden has significantly narrowed the gap with OpenSea, once the undisputed leader in the NFT space. While OpenSea boasted nearly a million users twelve months ago, Magic Eden has rapidly amassed almost 800k NFT traders, signaling a shift in market dynamics.

Role of Bitcoin Ordinals

The surge in Magic Eden's user base can be attributed to the platform's popularity among traders of Ordinals, as revealed by NFTpulse data. Reportedly, 62% of Magic Eden users are actively trading Ordinals, a trend fueled by the anticipation surrounding the upcoming Bitcoin halving event. Notably, the Ordinals market BTC volume on Magic Eden has already surpassed a staggering $690 million in 2024, according to a Dune Analytics dashboard by obchakevich. 

In terms of blockchain preferences, Bitcoin remains the dominant choice among users, boasting nearly 178k users over the past month. Solana follows closely behind with 159k users, while Ethereum has slipped to third place with 108k users. Additionally, Polygon has emerged as a noteworthy contender with 46k users, trailing behind Coinbase's Base with 81k users.

Multi-Chain Wallet

Magic Eden also recently launched its much-anticipated multi-chain wallet, providing support for Solana, Bitcoin, Polygon, and Ethereum blockchains. After a limited beta release in November 2023, the full version was unveiled last month.

Developed in collaboration with Exodus, the self-custodial wallet underscores Magic Eden's commitment to user control over crypto assets. Key features include instant cross-chain swaps, NFT portfolio management, and trading NFTs within the wallet.

Seamless NFT Management 

In addressing user convenience, The Magic Eden team noted, "As the team progressed in the NFT & Ordinals space, it became evident that a singular wallet was essential for seamless NFT management across major chains."

• Easy, Instant In-App Swaps, Bridging, and Top-Ups: Whether importing existing wallets or topping up in-app, Magic Eden Wallet makes it easy to quickly start swapping across chains, including BTC to SOL, ensuring you have the funds you need for your NFT adventures.
• Native Ordinals and BRC-20 Support: Enjoy seamless interactions with Ordinals and BRC-20 tokens within the app. Send, receive, or purchase Ordinals, view full transaction history, and send any BRC-20 tokens – all from the convenience of your wallet.
• End-to-End Rare Sats Management: All your sats, all in one seamless ecosystem. Open your wallet to view your stats and use the Magic Eden platform to quickly list your stats, providing a comprehensive solution for your NFT collection journey.

Exclusive Rewards

Magic Eden generously offered exclusive in-wallet mints of NFT projects throughout February 2024, such as Claynosaurz, Degenerate Ape Academy, and BoDoggos to encourage early adoption. Additionally, users received a 1.25x Liquidium points multiplier on their Ordinal lending platform and by using Saturn the chance to get boosted odds for an airdrop for $MOON.

Final Thoughts

Initially focused on the Solana NFT community, Magic Eden expanded support to Polygon NFTs in November 2022. Bitcoin and Ethereum were subsequently added as the third and fourth supported chains in March 2023.

While overtaken by Tensor and OpenSea as the top NFT marketplace by daily trading volume last year, Magic Eden currently holds the position of the first-largest marketplace for Bitcoin Ordinals NFTs, following OKX, according to The Block's dashboard. The platform also accommodates BRC-20 tokens, an experimental standard for fungible tokens on the Bitcoin blockchain.

Magic Eden's ascent to the top spot underscores the evolving landscape of the NFT market, characterized by fierce competition and shifting user preferences. With its focus on Ordinals and rapid user acquisition, Magic Eden is poised to solidify its position as a key player in the burgeoning NFT and gaming ecosystems.