NFT marketplace Magic Eden has been enjoying a bumper month as NFT collections on the Solana blockchain start to get noticed, generating more than $300 million in trading volume. The success of Magic Eden reflects the growth of the Solana NFT community, which could signal another wave of hype for NFT collections.
- Magic Eden NFT trading volume hot $311.6 million in the last 30 days
- Okay Bears and DeGods have increased their average sale price by 100% and 212%
- In April, Solana generated $295 million in NFT trading volume, 91% up from March
Over the last 30 days, Magic Eden and Solana NFT collections have generated more than 3.8 million SOL in trading volume, or $311.6 million. A total of 216,403 active wallets completed almost 1 million transactions. This performance gives Magic Eden a commanding lead over rival and, importantly, over OpenSea, where Solana NFTs are also hosted.
It’s important because there is a fear that OpenSea could steal the show from native Solana marketplaces like Magic Eden. These native Solana marketplaces almost exclusively host Solana NFTs, while OPENSEA already has a strong monopoly on Ethereum NFTs, while also supporting Flow and more importantly Polygon. However, it would appear that NFT admirers are voting with their blockchain wallets, as Magic Eden is clear king on Solana.
The rise of Okay Bears and DeGods
Okay Bears and DeGods have increased their average sale price by 100% and 212%. At writing, the average price for an Okey Bear is approximately 95 SOL, or about $8,000. While DeGods are changing hands for an average price of around 250 SOL, or close to $21,000. Bearing in mind that DeGods minted at 3 SOL, or approximately $500 back in October 2021, those with a conviction for Solana NFTs and diamond hands could be sitting pretty today.
Okey Bears and DeGods look set to become the first blue-chip collections on Solana. However, looking at what’s trending in the last seven days regarding trading volume, we see something else rising through the charts. Communi3 with a floor price of around 32 SOL sits in second place and Gemmy in 5th with a floor of just 1.74 SOL. These two collections could become far more valuable as traders start snapping up NFTs on Solana.
What is Magic Eden on Solana?
Magic Eden is a decentralized application (dapp) built on the Solana blockchain. It allows users to create and manage NFTs used for various purposes, including digital collectibles, gaming assets, and more. It offers creators the greatest liquidity at its core, holding over 90% market share for secondary trading volume on Solana.
The Magic Eden Launchpad is an exclusive minting platform with a difficult application process. It boasts that it accepts just 3% of all Launchpad applications to try and feature only the best NFT projects on Solana.
Magic Eden also focuses on gaming, hosting 90% of the current in-game secondary market trading on Solana currently. The NFT marketplace has also partnered with gaming projects to launch Eden Games.
NFTs maturing
The NFT market continues to prove naysayers wrong. Hyped projects like Moonbirds and Otherside continue to amass massive volumes on Ethereum, while Solana and other blockchains are making more noise in NFT markets. According to the latest DappRadar Industry Report, In April, Solana generated $295 million in NFT trades, increasing 91% from March’s trading volume. In the same way, it is worth noting that the average sale price of NFTs on Solana has risen to approximately $350, showing value in these assets.
Arguably, a second NFT hype wave was always inbound, and it was just a case of figuring out which blockchain could pick up the baton and run with it. Is Solana the one? A slew of negativity surrounding its actual functionality and uptime will be brought into question. However, the numbers don’t lie, and Magic Eden and NFT collections on Solana are undoubtedly on the up.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies, including BTC, ETH, and RADAR.
