Solana and Bitcoin NFT trading hits record numbers
Research blog OurNetwork reports that last week saw record daily active traders (DATs) in the Bitcoin and Solana non-fungible token (NFT) markets. Bitcoin achieved a peak of 25,600 DAT, while Solana reached its highest point of 59,300 DAT.
At the beginning of last week, there were about 15,000 daily traders; now, there are four times as many Solana DATs. The increase in wallets trading under $10 on sites such as Magic Eden and Tensor is attributed by the media to this rise.
In the previous week, Magic Eden took up 74% of Solana's market share for trading volume and 38% of its market share for traders, while Tensor took up 18% of volume and 61% of dominating traders.
Meanwhile, the excitement around the debut of the Runes protocol has been linked to Bitcoin's historic NFT trading increase. The day following the debut, however, there was a dramatic drop in the number of dealers, to about 7,000.
With 82% of active traders and trading volume during the last seven days, Magic Eden has been the primary centre of Bitcoin's NFT activity, followed by OKX at 16% for the same measures.
Less than 36,000 wallets were involved in transactions on Ethereum last week, a weekly figure that has decreased over the last two years despite the platform dominating trading volume and daily active traders. OurNetwork emphasises that compared to the 218,000 registered in April 2022, this represents a huge decrease.
Similarly, weekly activity has decreased to about $100 million per day from a peak of $1.4 billion in April of last year.
Furthermore, shifts in market dominance are also visible in the Ethereum NFT ecosystem. Since Magic Eden's February release on the Ethereum market, the competition between it and OpenSea and Blur has intensified. In just the previous week, Magic Eden swiftly accumulated more than 20% of Ethereum's NFT volume.
NFT trading for Solana and Bitcoin reaches historic highs.
Over the last seven days, OpenSea's footprint has dropped to 13.5%, but Blur still holds a majority share with over 50% of volume. However, OpenSea continues to lead in the quantity of Ethereum traders, drawing in about 4,000 each day as opposed to 2,500 for Blur and fewer than 600 for Magic Eden. OpenSea's weekly trader base has drastically decreased by 90% in the last two years.
On the big transaction front, 4,000 ETH—worth over $12 million—were bought for an extremely sought-after alien punk on the CryptoPunks NFT marketplace. Only Blur surpassed CryptoPunks with a volume of $15.2 million on Ethereum that day, thanks to this sale, which catapulted the company into second place.