Magic Eden's marketplace for Bitcoin Ordinals, NFTs minted directly on the Bitcoin blockchain, which was launched just over a week ago, has already achieved the highest trading volume among its competitors: Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, and Gamma.
According to statistics on Ordinal's marketplace activity reported by blockchain analyst Domo on Dune, Magic Eden has already gained the largest share of market volume. At press time, Magic Eden had 53.5% of the volume, whereas its closest competitor, Ordinals Wallet, had only 26.9%.
Other Ordinals marketplaces performed even worse. While Ordinals Market accounted for 16.5% of volume, Ordswap had only 3.1%. Interestingly, Gamma.io, which according to some Twitter users was the first truly trustless Ordinals marketplace audited by Bitcoin developers even before the launch of the Magic Eden marketplace for Ordinals, has not yet managed to attract enough NFT traders and creators. At the time of publication, the marketplace has completely lost its 0.3% of market volume reported yesterday.
When it comes to the percentage share of transactions, Ordinals Wallet (42.2%) is quite close to Magic Eden (47.3%). At the same time, Magic Eden had 1856 unique users, while Ordinals Wallet has almost six times as many.
These statistics have made the team behind Ordinals Wallet pretty confused. "ME [Magic Eden] has a small % of total users on Ordinals yet they are consistently over 50% of market volume. What is going on here?" the team asked in a Twitter post today.
Earlier, Ordinals Wallet offered a random Ordinal NFT to the person who would make the closest prediction of the time when OpenSea, another leading NFT marketplace, will introduce support for Bitcoin-based NFTs.
A popular response from the NFT community was in around 20 days. Many assume this will happen around April 20. Other Twitter users were less optimistic and even gave OpenSea several years. Some NFT enthusiasts find OpenSea to be particularly slow in adapting innovations, and think the platform will never have its Ordinals marketplace at all.
Although Gamma does not enjoy the popularity of the Magic Eden marketplace, it is heavily involved in promoting the art of Ordinals. It is actively preparing to showcase the visual art of Ordinals artists at Bitcoin 2023's Ordinals Alley on May 18-20. This project is supported by Bitcoin Magazine and the Xverse Bitcoin wallet. Ordinals Alley will be the first fine art gallery for Bitcoin-based NFTs.