EddieJayonCrypto
5 Mar 24
**Summary:** The demand for NFTs is on the rise, with Magic Eden emerging as the top NFT marketplace by trading volume, largely due to its support for Bitcoin Ordinals. About 84% of Magic Eden’s trading volume came from Ordinals sales over the last 24 hours, contributing to its surge in the NFT mark...
**Summary:** The demand for NFTs is on the rise, with Magic Eden emerging as the top NFT marketplace by trading volume, largely due to its support for Bitcoin Ordinals. About 84% of Magic Eden’s trading volume came from Ordinals sales over the last 24 hours, contributing to its surge in the NFT market. The impact of embracing Ordinals has been enormous for Magic Eden, with Sunday marking the startup’s all-time best single day for Bitcoin trading as well as cross-chain trading volume. The marketplace's Diamonds rewards system and an upcoming NFT token drop from the Non-Fungible DAO are expected to keep traders engaged. --- Demand for NFTs has been growing in recent weeks amid rising cryptocurrency prices, and Monday’s $16 million sale of a CryptoPunk—the fifth-most expensive NFT sale to date—put an exclamation point on that trend. But the top overall NFT marketplace over the last few days isn’t the same one that ruled the pile as recently as mid-February, as the tides of the marketplace wars have shifted yet again. Magic Eden is now the top marketplace by trading volume, according to blockchain data curated by Tiexo, with approximately $44.7 million worth of trades over the last 24 hours—good for a nearly 38% share of overall NFT trading. The Ethereum-only Blur is next up at $30.4 million, or about 26% share. Subsequently, about 84% of Magic Eden’s trading volume came from Ordinals sales over the last 24 hours, contributing to its surge in the NFT market. The impact of embracing Ordinals and expanding its multi-chain approach has been enormous for Magic Eden, with Sunday marking the startup’s all-time best single day for Bitcoin trading as well as cross-chain trading volume. The marketplace's Diamonds rewards system and an upcoming NFT token drop from the Non-Fungible DAO are expected to keep traders engaged.
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