Magic Eden Soars Past OpenSea In Terms Of Daily Trading Volume

  • Solana-based NFT marketplace Magic Eden has topped OpenSea in terms of the daily trading volume. 
  • The marketplace has reported nearly 275,000 transactions in the last 24 hours. 

NFT marketplace Magic Eden has topped OpenSea in terms of daily transaction volume. According to crypto market tracker CoinGecko, Magic Eden has reported roughly 275,000 daily NFT transactions, as compared to OpenSea, which has seen roughly 50,000 transactions, in the past 24 hours

Magic Eden Reports 275,000 ETH NFT Transactions

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Launched in 2019, Magic Eden is an NFT marketplace built on the Solana blockchain. The marketplace continues to dominate the NFT sector by surging past OpenSea in terms of the daily trading volume. According to the recent data from DappRadar, the Solana-based NFT marketplace has reported nearly 2,75,000 NFT transactions in the past 24 hours, as compared to OpenSea’s 50,000 transactions. 

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This is not the first time Magic Eden has surpassed OpenSea in terms of daily trade numbers. Earlier in December 2021, the Solana-based marketplace dominated the overall NFT sector by reporting high daily trading activity. At press time, Magic Eden had processed nearly 297,000 transactions with daily trade volume surpassing $20 million. 

Furthermore, the DappRadar data shows that Magic Eden had conducted NFT transactions at a much higher rate than OpenSea, however, the Solana-based marketplace has documented lower sales stats despite high transactions due to the dearth of blue-chip NFTs. 

Built on the Solana blockchain, Magic Eden is one of the leading NFT marketplaces that enable users to mint and showcase their NFTs more cost-effectively. The network had earlier released its energy report, claiming that the networks consume far less energy than other blockchains leveraging only 0.00051 kilowatt-hour (kWh), or 1,836 Joules, of energy, while an average Google search expends 0.0003 kWh or 1,080 Joules of energy.

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