20/05/2022 Magic Eden Tops OpenSea in Daily Trading Volume as Solana NFTs Heat Up

The Solana-based marketplace has seen far more transactions than its Ethereum counterpart in the last 24 hours.

CoinDesk - Unknown

Magic Eden's booth at the Solana Hacker House in Miami, April 2022. (Danny Nelson/CoinDesk)

The Solana non-fungible token (NFT) market is beginning to find its stride, with daily transactions on the ecosystem’s leading marketplace,Magic Eden, now topping OpenSea, its Ethereum blockchain counterpart.

CryptoPunks leads daily NFT sales with over US$1.39 million
Donald Trump dines with NFT mega-collectors during break from New York hush-money trial
Amy Winehouse Livestream Benefit Includes NFT, Charitable Partnership With Recording Academy’s MusiCares

According to weekly data fromDappRadar, Magic Eden has seen roughly 275,000 daily transactions (which includes purchases, bids and listings) compared with OpenSea’s 50,000, according to weekly data fromDappRadar.

When reached by CoinDesk, Magic Eden provided data showing 330,000 true sales (not also bids and listings like the DappRadar data) had occurred over the last week, which works out to about 47,000 daily transactions.

The number of unique users trading NFTs on each platform, however, remains in favor of OpenSea. In the past 24 hours, Magic Eden has hosted 24,000 traders, with OpenSea hosting 41,000, according to DappRadar.

While Magic Eden users are transacting at greater rates than on OpenSea, the lack of blue-chip NFT projects on the Solana system has led to lower total sales volume, despite more transactions.

In terms of capital being spent, OpenSea remains a good distance ahead, seeing $35 million of sales volume compared to Magic Eden’s $10 million. The average price of an NFT traded on OpenSea was also over $700, well above Magic Eden’s average price of $123.

The difference in the ways NFT traders are interacting with the two platforms is likely, in part, a result of network fees on the different blockchains. At the time of writing, the gas fees to buy a single Ethereum-based NFT on OpenSea are around $30, with Solana fees being less than a cent.

Usage stats over a 30-day period tell a similar story, though OpenSea’s total volume of traders is down 1% from the previous month while Magic Eden’s has increased 316%.

On-chain data of this nature can also be misleading, with metrics like transactions and sales volume being subject to varying definitions and even manipulation.

All in all, the NFT market is seeing a shift away from its formerly Ethereum-dominated ways, with traders more evenly spread between alt-chain marketplaces and the average number of user transactions increasing with fewer fees.

OpenSea does, of course, offer Solana NFT trading of its own, having announced the integrationin early April. But usage on the platform has so far lagged behind the hype, with Solana NFT sales on OpenSea being around 9% of Magic Eden’s since launch, according to data from Magic Eden.

Arts

https://www.coindesk.com/business/2022/05/19/magic-eden-tops-opensea-in-daily-trading-volume-as-solana-nfts-heat-up/

Interesting NFTs
Crypto Bubble
Realize what you really want. It stops you from chasing butterflies and puts you to work digging gold. Digital Artwork by Sandro Ieva
The Harvest
An anthropomorphic figure stands, wide eyed, staring at the viewer; its body masculine, muscular, and humanoid. Its “mind” dissociates into a conglomerate of structures resembling feathers, grain, teeth–as well as a radial flower “node”, casting linear rays throughout the composition. To his left, a vat of bodies gesture and writhe in a kind of amniotic soup, attended by a video game robot. The bot's red display reads “uWu”. Behind the robot and filling the left side of the composition is an archaic figure composed of a variety of vintage objects and symbols. Among them are a hardbound book with ancient cuneiform scripts, indicating barley, beer, bread, ox, house, and sky, behind which is a grimacing, salivating jagged toothed maw; and an old Commodore floppy drive. The figure’s head tilts toward an illuminated crescent moon, suggesting the Egyptian Sacred Bull. The archaic figure is composed of a variety of mutating cells, which shift in color, and pattern; eventually breaking free into an ephemeral broadcast of bubbles which move across the background. The work came into being against a psychological introspection, which included associations to pop culture such as alien abduction and pod people, as well as quite a bit of reflection on grains as a symbol of civilization, agriculture, sustenance, life, and imbibing (mainly whiskies).
Rustyviper
A character from The Beacon
#47849
By OthersideDeployer
The Moth Catcher
In this psychologically bed-headed portrait, a creature sets in a trance; his eyes devolved and vestigal, his third eye open but hardened and in a form resembling a Sharingan. The imagery therefore expresses an awareness existing in corporeal introspection. The creature’s mind sprouts, on the left side, an emerging face, grinning. To the right side of the head, red tentacles and fingers intertwine–a collaboration of invertebrate and vertebrate consciousness cooperatively handling paint brushes of the sort used to build an oil painting. The neck and throat bristle with random thorns, as from a rose or the upper portions of a beak sprouting from its flesh. The neck itself disassociates into layers of membranous material, terminating upon an abstracted base of convoluted forms composing its body. The nose is virtually non existent, more a sinus reiterative of the shape of the third eye. Set against the exposed teeth peering out of thick, meaty cheeks, a skeleton-like impression results. That impression sets behind a visceral set of lips and tongue, which is the creature’s prime seat of awareness. Sensual, organic, the tongue organ hangs, meaty, and with consciousness of a sea cucumber. It illuminates at the tip, drawing the attraction of a nearby moth–with mystery of purpose.