Bitcoin and Solana non-fungible token (NFT) market registered information in each day lively merchants (DAT) final week, in line with the analysis weblog OurNetwork. Whereas Solana reached its all-time excessive of 59,300 DAT, Bitcoin registered a peak of 25,600 DAT.
Solana’s rising DAT quantity represents a fourfold improve from the roughly 15,000 each day merchants earlier final week. The publication attributes this progress to the inflow of wallets participating in sub-$10 transactions on platforms like Magic Eden and Tensor. Over the previous week, Magic Eden has captured a big 74% of Solana’s buying and selling quantity market share and 38% of its dealer market share, whereas Tensor has secured 18% of the quantity and a dominant 61% of merchants.
In the meantime, Bitcoin’s NFT buying and selling historic peak was attributed to the anticipation of the Runes protocol launch. Nonetheless, the dealer rely skilled a pointy decline to round 7,000 the day following the launch. Magic Eden has been the first hub for Bitcoin’s NFT exercise, commanding 82% of each lively merchants and buying and selling quantity during the last seven days, with OKX trailing at 16% for a similar metrics.
Ethereum nonetheless reigns, however numbers decline
Regardless of dominating in buying and selling quantity and each day lively merchants, Ethereum’s weekly NFT dealer numbers have been in decline over the previous two years, with lower than 36,000 wallets participating in trades final week. OurNetwork factors out that this can be a vital drawdown in comparison with the 218,000 seen in April 2022.
Equally, the weekly quantity has plummeted from the $1.4 billion peak final April to roughly $100 million per day presently.
Furthermore, the Ethereum NFT panorama additionally reveals adjustments in terms of market dominance. OpenSea and Blur rivalry was met by the rise of Magic Eden as a competitor since its Ethereum market debut in February. Magic Eden has rapidly garnered over 20% of Ethereum’s NFT quantity within the final week alone.
Though Blur maintains a majority share with over 50% quantity, OpenSea’s presence has diminished to 13.5% within the current seven-day interval. But, OpenSea nonetheless leads in dealer rely on Ethereum, attracting about 4,000 merchants each day, in comparison with Blur’s 2,500 and Magic Eden’s beneath 600. Over the past two years, OpenSea has seen a dramatic 90% drop in its weekly dealer base.
On the numerous trades aspect, a transaction on the CryptoPunks NFT market concerned a 4,000 ETH buy, valued at over $12 million, for a extremely coveted alien punk. This sale propelled CryptoPunks to the second-highest platform by quantity on Ethereum for that day, with solely Blur surpassing it with $15.2 million in quantity.
