Bitcoin NFT Market Explodes On Magic Eden With $100M In Trades

Key Points:

• Magic Eden’s Bitcoin market hit record highs in February 2024 with $100 million in trading volume and $2 million in fees.
• Magic Eden is launching an Ethereum-based NFT marketplace focused on creator royalties, being the first significant NFT project to do so.

Magic Eden’s Bitcoin NFT market hit $100M in trading and $2M in fees in Feb 2024 amid the news that the leading NFT Marketplace is launching an Ethereum NFT marketplace.

In February 2024, the Bitcoin NFT market on Magic Eden achieved record highs, reaching $100 million in trading volume and earning $2 million in fees.

Record Highs in Bitcoin NFT Market on Magic Eden

There were 45,000 buyers for Bitcoin NFTs on Magic Eden this month alone. Notably, the Bitcoin NFT market has been experiencing a surge, with NodeMonkes and Bitcoin Puppets rising by 105% and 130% respectively in the past week.

Magic Eden expanded to include the Bitcoin network on March 22, 2023. This was when they launched a Bitcoin NFT marketplace and integrated support for Bitcoin wallets Hiro and Xverse, facilitating the listing, buying, and selling of Ordinal NFTs.

Readmore: Yuga Labs and Magic Eden Collaborate to Launch New Ethereum Marketplace

To further promote Bitcoin-based NFTs, Magic Eden collaborated with popular collections like Inscribed Pepes and Bitcoin Bandits. The marketplace also included features that provide information about the NFTs, such as Ordinal rarity and inscription numbers.

Magic Eden’s Upcoming Launch of Royalty-focused NFT Marketplace

Magic Eden has recently confirmed plans to launch its highly anticipated NFT marketplace focused on creator royalties today.

Magic Eden will be the first significant NFT project to set up an Ethereum-based NFT marketplace that is contractually committed to honoring creator royalties.