Magic Eden, the largest NFT marketplace on Solana, is riding the wind.
DappRadar data shows that on May 25, Magic Eden's 24-hour trading volume reached 45.71 million US dollars, surpassing OpenSea, the absolute overlord in the NFT field (24-hour trading volume of 28.6 million US dollars), in terms of real-time trading volume. At the same time, the number of users is also surpassed. In the past 24 hours, Magic Eden ushered in about 50,560 users, while OpenSea "only" had about 36,860 users.
In fact, this is not the first time that Magic Eden has completed a counterattack against OpenSea in terms of data. As early as May 17, Magic Eden had surpassed OpenSea's $29.51 million with a 24-hour trading volume of $38.15 million. Although there is still a certain gap between Magic Eden and OpenSea in terms of long-term cycle data such as total transaction volume, monthly transaction volume, and weekly transaction volume, it is undeniable that Magic Eden, which has successively surpassed short-term data, is rising strongly. Step into your own golden age.
Magic Eden was launched in September 2021. Most of its founding team members have extremely rich experience in cryptocurrency development or related industries. CEO Jack Lu who had participated in the development of Bitcoin wallets, COO Zhuoxun Yi who was the second employee of dYdX, and the last co-founder ZhuoJie Zhou started Bitcoin mining in 2014. From the face, it is not difficult to find that the founding team of Magic Eden is basically of Chinese origin, which may also be a key reason why the platform can perform well in product polishing (the talent of Chinese people).
In March 2022, Magic Eden announced that it had completed a financing of US$27 million. The lineup of investors is quite luxurious, including Sequoia Capital, Paradigm, Greylock, Alameda Research, Solana Ventures and many other star institutions.
From its own positioning, Magic Eden is a Web3 native, community-driven NFT trading market. For scalability reasons, Magic Eden did not choose Ethereum or other EVM compatible chains for construction like some other early NFT trading platforms. Instead, it decided to develop based on the high-performance public chain Solana.
Magic Eden’s official official slogan is “Home to the next generation of digital creators”, literally translated as “the home of the next generation of digital creators”. As it said, as of now, Magic Eden has built a complete set of NFT service framework on Solana, aiming to provide comprehensive value empowerment for creators at different levels and in different directions in the NFT field. The currently implemented service types include But not limited to:
NFT trading platform, needless to say, Magic Eden is currently the largest NFT trading market on Solana.
The NFT Launchpad platform, Magic Eden also provides some creators who are not familiar with technology with an easy-to-operate NFT casting window. Artists can complete the Launchpad of their own works through Magic Eden, so as to obtain the largest market exposure on Solana. Connect to more buyers.
NFT market white label solution, as a native project in the Web3 era, Magic Eden did not "enclose itself", but chose to disclose its technical achievements to the entire ecology. Anyone who wants to build their own NFT market on top of Solana Project parties can directly use Magic Eden's white label solution. Currently, Thugstore, Galactic Gecko and Raydium's NFT markets are all supported by Magic Eden.
Game empowerment, in view of the fact that 90% of the game NFT transaction volume on Solana occurs on Magic Eden, Magic Eden has cooperated with some other game projects to launch a game empowerment platform, Eden Games, which has released Everseed, SkateX, DeFi Dozens of games like Pirates, Mini Royale Nations, and more.
Diverse services have created a solid foundation for Magic Eden, which is also a prerequisite for the platform to take advantage of this round of "Solana NFT Summer".
In recent months, with the continuous decline of the entire cryptocurrency market, the Ethereum NFT market has gradually become bearish. In contrast, Solana, with the emergence of a group of "new blue chip" projects represented by Okay Bears, Solana has become an NFT In the eyes of players, the new continent is the most worth exploring at the moment. Compared with Ethereum, the overall transaction volume of this ecology has gradually increased.
From the comparison of the NFT transaction volume data of SOL/ETH in the above figure, it is not difficult to see the evolution of this trend. Considering the existence of some special factors, such as Ethereum’s launch of Otherside around May 1, it attracted a round of transaction volume. Small outbreaks, such as the fact that SOL has experienced a greater decline compared to ETH in the past period of time, the actual trend is even more exaggerated than this chart shows.
In this trend, Magic Eden has not never accepted challenges. In addition to competing with platforms from within the Solana ecosystem, OpenSea also integrated Solana not long ago. enough of a threat.
According to Solanafloor data, Magic Eden is currently the number one NFT trading market on Solana, regardless of the dimensions of transaction volume, number of transactions, and number of pending orders, with an overall market share of nearly 90%, comparable to OpenSea's previous Ethereum position above.
Having said that, what Magic Eden is doing is not just a replica of OpenSea on Solana, which is reflected not only in its wider range of services, but also in its vision of decentralization . Previously, OpenSea had been criticized by the community for choosing the traditional IPO route. As a new platform driven by the community, Magic Eden unsurprisingly moved in another direction - DAO.
In March of this year, Magic Eden announced that it would launch MagicDAO to encourage the community to participate in the governance of the platform and make major decisions on future development together. At the same time, Magic Eden also airdropped more than 30,000 Magic Tickets (in three levels: 6,348 OG, 7,162 Degen, and 17,092 Normie) to early users and supporters. This NFT can be used as a certificate for community users to participate in MagicDAO .
In the introduction about MagicDAO, Magic Eden mentioned that it will provide economic incentives for Magic Ticket holders. Although it did not explicitly mention any airdrop content, this move has greatly enhanced the market’s expectations for Magic Eden’s future airdrops. expected. In the past month, the floor price of Magic Ticket has also risen along with the increase in trading volume on the platform. As of the publication, the floor price of Normie level is temporarily reported at 1.06 SOL, the price of Degen level floor is temporarily reported at 2.2 SOL, and the price of OG level floor is temporarily reported 6.9 Sol.
From the perspective of the wool party, buying one (or more) Magic Tickets at a suitable price and using a controllable cost to gamble on the possibility of future airdrops is a feasible option, but is it worth implementing? , but also need to combine its own economic conditions and the expected future development of Magic Eden to make a comprehensive decision.
