Magic Eden sees trading volume of Bitcoin NFTs surpass $100m in February
Bitcoin NFTs on Magic Eden have experienced an exceptional month in terms of fees and trading volume, as interest in the leading cryptocurrency continues to grow among industry participants and Wall Street. According to a dashboard provided by pseudonymous contributor Sealaunch on Dune Analytics, the Bitcoin NFT market on Magic Eden reached its peak this month, with over $100 million in trading volume. Additionally, the platform set a record high with $2 million in fees paid for buying and selling Bitcoin NFTs. Although there were more than 45,000 buyers and over 91,000 sellers on the marketplace, sales did not surpass the figures set in December of last year.
The Magic Eden Bitcoin NFT market has experienced an upward trend in volume, fees, buys, and sales since September of last year, when Bitcoin (BTC) was trading at around $25,000. According to TradingView, BTC has since increased by over 125% and is currently trading above $57,000 for the first time since December 2021.
The concept of NFTs on Bitcoin can be traced back to a collection called “Rare Pepes,” which is considered the first NFT collection on the cryptocurrency. However, the term “non-fungible token” did not exist at that time. The popularity of NFTs on Bitcoin resurfaced in 2023 with the introduction of ordinals and inscriptions, a method for adding data to BTC transactions. This technique, created by Casey Rodarmor in January of last year, paved the way for renewed activity in decentralized finance on Bitcoin’s genesis blockchain.
Although the introduction of the BRC-20 framework by pseudonymous developer Domo unlocked a multi-billion dollar token ecosystem on Bitcoin, core contributors expressed concerns and labeled it as a potential bug that could threaten BTC’s chain.
In conclusion, the Bitcoin NFT market on Magic Eden has experienced significant growth in trading volume and fees, reflecting the increasing interest in Bitcoin among both industry participants and Wall Street. The introduction of ordinals and inscriptions has further fueled decentralized finance activity on Bitcoin’s blockchain, although there are concerns among core contributors regarding its impact on the chain.
