Magic Eden Surpasses OpenSea in Daily Trading Volume as Solana NFTs Heat Up
The Solana non-fungible token (NFT) market is gaining traction, with daily transactions on Magic Eden, the ecosystem's biggest marketplace, currently surpassing OpenSea, the Ethereum blockchain counterpart.
According to DappRadar's weekly data, Magic Eden has seen around 275,000 daily transactions (which includes purchases, bids, and listings), compared to 50,000 for OpenSea.
Magic Eden released data revealing that during the last week, 330,000 real sales (not including bids and listings like DappRadar data) occurred, equating to around 47,000 daily transactions.
While Magic Eden users trade at a faster rate than OpenSea users, the Solana system's absence of blue-chip NFT projects has resulted in lower total sales volume, despite more transactions.
OpenSea continues to lead in terms of capital spent, with $35 million in sales volume compared to Magic Eden's $10 million. The average price of an NFT traded on OpenSea was also above $700, far higher than the average price of Magic Eden, which was $123.
The differences in how NFT traders interact with the two platforms are most likely due to network costs on the various blockchains. Gas fees for a single Ethereum-based NFT on OpenSea are over $30 at the time of writing, while Solana fees are less than a cent.
Over a 30-day period, usage statistics show a similar trend; however, OpenSea's overall volume of traders is down 1% from the previous month, while Magic Eden's is up 316 percent.