Solana-based NFT marketplace Magic Eden is closing in on OpenSea, the largest NFT marketplace, in terms of users.
OpenSea’s total number of traders has fallen by 1% in the past 30 days, while Magic Eden has increased by 316%.
Solana’s NFT ecosystem is gaining momentum.
What is Magic Eden?
Megic Eden is a Solana-based NFT market
Megic Eden
Megic Eden is an NFT marketplace powered by the Solana blockchain.
According to DappRadar data as of March, it ranked 6th among all NFT marketplaces as having a volume of 87.1 billion, making it the largest Solana-based NFT marketplace.
Meanwhile, OpenSea, a leading ethereum-based platform, ranked first in the NFT market with a volume of 2.7 trillion.
As of May, while OpenSea still leads in terms of unique users, Magic Eden is ahead in terms of the number of transactions per day.
| DappRader (weekly data) | Magic Eden | OpenSea |
| Number of unique users (last 24 hours) | About 24,000 | About 41,000 |
| Number of transactions (per day) | About 275,000 | About 50,000 |
| Total value of transactions | About 8 billion yen ($66 million) | About 35 billion yen ($287 million) |
Features of Solana
The Solana (SOL) chain has the following features
- Fast processing speeds
- Low fees
Compared to Ethereum, Solana offers user-friendliness.
Besides, OpenSea started handling Solana in April and is expected to expand in the future.
OKAYBears – Solana’s successful PFP project
What is OKAYBears?
OKAYBears
OKAYBears is a collection of 10 000 bear avatars launched on 27 April 22.
OKAYBears, a Solana PFP project, was issued at an initial price of 1.5 SOL. The current floor price has soared to 220 SOL, more than 100 times higher.
Ranked by weekly trading value on OpenSea
OKAYBears has become popular amongst Ethereum NFT traders, ranking third in terms of weekly trading value on the leading OpenSea.
At the time of writing, it is ranked above Bored Ape Yacht Club (BAYC), a very popular NFT product by Yuga Labs.
The future of Magic Eden
The popularity of OKAYBears has led to an increase in the number of Magic Eden users.
According to Magic Eden’s newsletter dated 20 March, the success of OKAYBears has led to the creation of a project that follows its style.
Magic Eden also claimed that ‘Solana NFTs are becoming the NFT altcoin’ and summarised that ‘Ethereum NFT traders are attempting to get the next Bored Ape Yacht Club early’.
Summary
In this article, the Solana-based NFT marketplace Magic Eden is described.
Magic Eden is gaining momentum, with the number of recent daily transactions surpassing that of Ethereum-based OpenSea.
The number of users trading and collecting NFTs on the Solana chain is expected to grow in the future, as Solana offers users user-friendliness such as faster processing speeds and lower fees compared to Ethereum (ETH).
