Robert Steinadler, 10 months ago
OpenSea is the biggest NFT marketplace in the world according to the dollar value of its transactions. It was in April when OpenSea added Solana NFTs and seems that traders and investors have taken interest in the option to diversify their NFT portfolios with art and collectibles that are native to the Solana blockchain.
But there is one special marketplace that is native to Solana and it is becoming increasingly popular. What is Magic Eden and is it going to become a challenger to OpenSeas market dominance?
Magic Eden is not only a marketplace for NFTs but also offers investors to mint brand new NFT collections that are starting on the so-called launchpad of the platform. It is true that this is first and foremost a marketing opportunity for new projects that are seeking the attention of investors.
On the other hand, it is also providing an opportunity for early access to projects that haven’t received much attention but might turn out to be profitable investments in the future. Many NFT projects opt for a whitelist process that allows investors to mint throughout different stages with the last stage being the public offering.
While Magic Eden is not the only marketplace that builds on Solana it has become incredibly popular and it seems that investors are becoming more interested in collections that call the Solana blockchain it’s home.
Last week Magic Eden managed to overtake OpenSea in terms of transactions. According to DappRadar, the volume on OpenSea had a total of 50.000 transactions and Magic Eden managed to beat that number with 275.000 transactions weekly.
It is possible that a situation could evolve where all the hidden gems are to be found on Magic Eden and later mature in terms of price on OpenSea. This could lead to an overall price increase of Solana NFTs.
For now, Magic Eden remains on the top of the game when it comes down to the hit list of NFT marketplaces on Solana. Alternatives like Solanart remain but show much lower growth in terms of value that is transferred and user adoption.
This leaves Solana NFTs in an interesting spot. Non-fungible tokens have been more resilient during the decline of the market in 2022. This is especially true for high-value NFTs. Owning art or collectibles not only serves as a hedge but also as an opportunity to speculate in times when coins and tokens are behaving bearish.
Mar 09, 2023
Paul Krugman is an elderly economist who thinks Bitcoin and other cryptos are rubbish - and hasn't been shy to share that opinion. Yesterday he got a taste of his own medicine from the crypto community after his tweet that he was kicked out of payment service Venmo. "Did you try to buy drugs?" Was a mocking response.
Mar 08, 2023
Ripple still has to deal with the SEC in court. Despite the ongoing fight over the question of whether the company was selling a security with XRP or not, Ripple continues to strengthen its efforts to advocate for crypto. A few days ago, Ripple published the results of a survey that was conducted together with the US Faster Payments Council.
Mar 03, 2023
On Twitter, you can often hear American crypto companies complaining that the lack of clear regulation is driving businesses offshore. The reasoning is that the financial watchdog the SEC is filing lawsuits left and right, creating uncertainty and discouraging innovation. Now, numbers confirm that there is indeed an exodus ongoing from the US to other countries, albeit a slow exodus.
Feb 24, 2023
This week is exciting when it comes down to announcing new foundations and looking at their plans. First Bosch and Fetch.ai pledge $100 million to explore industrial applications of Web3 and AI. Yesterday, the Linux Foundation Europe announced to start of a new foundation for solely one purpose: Wallets.
Sign up to stay informed via our email updates