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Magic Eden Marketplace Becomes New NFT Hotspot on Solana

Posted by
Hristina Yordanova

The NFT marketplace registered 2 million transactions in the past 30 days

Magic Eden is a Solana-based NFT marketplace that has seen a steady influx of new users over the past thirty days. With a 22% increase in unique active wallets interacting with the platform, Magic Eden also saw the number of processed transactions skyrocket. In the past thirty days alone, the marketplace processed 1.92 million transactions. 

This increase in user activity boosted the total volume processed by the marketplace to more than $71 million for the past thirty days. This volume currently ranks Magic Eden the sixth among all NFT marketplaces tracked by DappRadar

Impressively, Magic Eden outperforms big names in the NFT space like Foundation, Rarible, and SuperRare. This is no small feat and solid proof that NFTs are here to stay on the Solana blockchain. the platform can now be mentioned alongside thriving NFT marketplaces like Solanart and Digital Eyes. Solana offers a variety of NFT marketplaces, as reported earlier by DappRadar.

What is Magic Eden?

Magic Eden is an NFT marketplace and launchpad that allows users to buy, sell and mint Solana-based NFTs. Launched in September this year, the platform has already garnered a strong community. It has close to 50.000 followers on Twitter and upwards of 10.000 Discord members. 

Magic Eden’s launchpad feature is one of the most attractive incentives for users. It allows NFT creators to launch whole collections and customize the minting process. The idea behind this product is to help creators mint their collections even if they lack the technical know-how. Magic Eden has already selected the first set of projects to benefit from the launchpad tool at the time of writing. However, applications are still open for subsequent cohorts. 

Notably, the platform sports a zero listing fee principle, which also contributes to the steady user retention Magic Eden has seen. There is, however, a standard platform fee of 2% on all transactions processed by the marketplace. 

As a relatively new marketplace, Magic Eden has a promising road ahead. With a steady user base that keeps growing, this dapp clearly competes for the top spots in DappRadar rankings. 

NFTs on Solana

Ethereum boasts of being the home and origin of all big blue-chip NFT collections. However, competitor blockchains like Solana are not far behind. The recent NFT boom continues to spread across all protocols.

Solana has turned out to be a perfect host for NFT collectors and creators alike. With super-fast transactions and minimal gas fees, the Solana NFT space is growing rapidly. According to DappRadar data, four of the top ten dapps on the Solana blockchain in the past month are NFT marketplaces.

Magic Eden’s performance is also clear evidence that NFTs are booming on Solana. DappRadar will continue monitoring Magic Eden and the whole Solana dapp ecosystem. If you want to find out more about Solana, NFTs on the blockchain, and marketplaces where you can trade them, check out the links below. To stay up-to-date on the latest developments in the space, follow DappRadar on Twitter, and join our Discord channel. 

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