Magic Eden Eating Away at OpenSea’s Market Share

Solana’s NFT metrics have been trending higher in the last months, placing OpenSea within reach of Magic Eden.

A New King in Town?

Solana’s Non-Fungible Token (NFT) marketplace—Magic Eden—surpassed OpenSea in users and transactions – a testament to how the vibrant NFT ecosystem in Solana keeps expanding while other Layer 1’s struggle to keep its pace. 

Looking at both platforms’ stats on DappRadar can help understand the ongoing shift:

Source: Top decentralized marketplaces in the last week by users.

Number of Users

The number of users is based on the number of unique wallet addresses interacting with the marketplaces’ smart contracts.

In the last 24 hours, OpenSea had 29,6K users and Magic Eden 50,6K. 

In the last 7 days, OpenSea had 109K users and Magic Eden 119K.

In the last month, OpenSea had 361K users and Magic Eden 272,7K.

Graph: Web3Wire | Data: DappRadar

According to the graph, Magic Eden already reached OpenSea’s daily users back in February and trended higher in the last weeks.

Graph: Web3Wire | Data: DappRadar

Number of Transactions

The number of transactions is based on the marketplaces’ smart contracts transactions.

In the last 24 hours, OpenSea saw 54,5K transactions and Magic Eden 404K. 

In the last 7 days, OpenSea saw 290,5K transactions and Magic Eden 1,88M.

In the last month, OpenSea saw 1,67M transactions and Magic Eden 9,23M.

Graph: Web3Wire | Data: DappRadar

Similar to the number of users, Magic Eden reached OpenSea’s daily transactions in February and seems to be trending higher as well.

Incoming Volume

The volume represents the total amount of incoming value to the marketplaces’ smart contracts (in $).

In the last 24 hours, OpenSea saw $31,35M in volume and Magic Eden $31,4M. 

In the last 7 days, OpenSea saw $276,9M in volume and Magic Eden $194M.

In the last month, OpenSea saw $2,29B in volume and Magic Eden $774M.

Graph: Web3Wire | Data: DappRadar

OpenSea saw a huge increase in volume during Yuga Lab’s Otherdeed launch beginning of May. Despite all this hype, Magic Eden managed to reach OpenSea’s volume level for the first time during the last few days.

Looking Forward

It’s no surprise that Magic Eden already surpassed the leading marketplace in transactions and users, as it uses Solana’s cheap network. Users don’t have to worry too much about paying high transaction fees when they list or trade their NFTs, which also enables the trading of less expensive items. Adding to this, the platform has been regularly adding features and looking for new ways to capture market share. 

Web3Wire reached out to Co-Founder and CTO Sidney Zhang to ask if the current market downturn is slowing them down:

“Actually, despite the fungible market’s recent volatility, the NFT market is extremely robust as of today. The first 13 days of May are already reaching the entire month of March SOL volume. Our traffic remains very high. But if an NFT market downturn comes eventually (which we haven’t seen the evidence yet), we are just going to hunker down and build.”

Web3Wire will continue observing Magic Eden’s ambitions to capitalize on the ongoing shift and become one of the bigger NFT platforms. 

Check out this Web3Wire article to learn how to buy NFTs on Magic Eden.

What is Magic Eden:

Magic Eden is the leading NFT platform on the Solana blockchain. It facilitates the buying, selling, and minting of NFTs and holds over 90% market share for secondary trading volume on the Solana.

Where to find Magic Eden:

Website | Twitter

‍What is OpenSea:

OpenSea describes itself as the world’s first and largest digital marketplace for crypto collectibles and NFTs. The marketplace offers some of the most exclusive collections in the NFT space. Users can buy, sell, and discover exclusive digital items through OpenSea.

Where to find OpenSea:

Website | Twitter

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