What Exactly Happened with Magic Eden and Open Sea

Growing Solana non-fungible token (NFT) market has made its leading marketplace, Magic Eden, rank higher than OpenSea, its Ethereum blockchain counterpart.

DappRadar’s weekly report finds that Magic Eden has seen nearly 275,000 daily transactions compared with OpenSea’s 50,000. According to CoinDesk, Magic data saw 330,000 true sales last week, which works out to approximately 47,000 daily transactions.

However, OpenSea wins when it comes to the number of unique users trading NFTs on these platforms. On May 19, Magic Eden hosted 24,000 traders, while OpenSea hosted 41,000.

However, the Solana system is seeing lower total sales volume compared to OpenSea’s. This is because the former lacks blue-chip NFT projects. Moreover, when it comes to capital, OpenSea is performing well, seeing $35 million of sales volume, which is $10 million for Magic Eden’s.

The average cost of one NFT traded on OpnSea was more than $700, as opposed to Magic Eden’s average cost of $123.

The Emergence of Magic Eden

Network fees have the biggest influence on the ways NFT traders interact with both blockchains. Currently, for one Ethereum-based NFT on OpenSea, you would need pay $30 gas fees. This is less than a cent on the Solana NFT market.

According to usage stats of more than the past 30 days, OpenSea witnessed a 1% drop in their total volume of traders, while Magic Eden’s has seen a massive increase by 316%.

While this data can be misleading because metrics like transactions and sales volume may vary by definitions and manipulation, it’s safe to say that the NFT market is seeing a shift away from Ethereum-dominated ways.

OpenSea announced Solana NFT trading in early April 2022, yet the usage in this market failed to live up to the hype. According to data from Magic Eden, Solana NFT sales on OpenSea are around 9% of Magic Eden’s since launch.

#NFT #NFTnewspaper #OpenSea #MagicEden #Solana