In the last 24 hours, Magic Eden, a non-fungible token (NFT) marketplace, has witnessed a significant surge in trading volumes across the Ethereum, Bitcoin, and Solana networks. This boost in activity is attributed to the surge in decentralized finance (DeFi) activities following increased market sentiments. Magic Eden has managed to increase its market share, outperforming other platforms.

Magic Eden Takes the Lead on Ethereum

Magic Eden has surpassed Blur on Ethereum, with a market share of 41.39% compared to Blur's 38.84%. OpenSea, CryptoPunks, and X2Y2 follow with 13%, 5%, and 0.91% respectively. The platform's 24-hour volume surge pushed the network's volume by 1.96%. This dominance is reflected in the platform's market share, which has increased significantly.

Solana's NFT Growth

On Solana, Magic Eden maintains its lead with 75.79% of the market share, with assets worth over 17,000 SOL. Recent market activity has boosted its lead, as users flock to its marketplace. Tensor and Sniper come next with 19.38% and 2.40%, while Hyperspace and Hadeswap rank next with 1.21% and 0.98% respectively. On-chain data from Tiexo indicates a rally in Solana volumes, with volumes increasing by 18% to 22.7 SOL, approximately $3.81 million.

Bitcoin's NFT Volumes

The Bitcoin ecosystem also saw similar numbers, with Magic Eden dominating NFT volumes. The platform posted 55.07% of the market share, while OKX saw 35.31%. Unisat and Ordinals Wallet followed with 9% and 0.61%. While NFT volumes on other networks ticked upwards, Bitcoin numbers saw a 46% drop in the last 24 hours.

Magic Eden's Partnerships and Growth

This year, Magic Eden announced partnerships with Azuki, integrating the social token's features into the marketplace. Solana's NFT growth has led to wider gains for the community dubbed "ETH killer." In December, Solana topped Ethereum in NFT volumes as users purchased projects based on the platform. However, recent data from CryptoSlam shows a drop in overall volumes. In May, volumes plummeted 54% to $624 million from last month's over $1 billion volume. Bitcoin NFT sales plummeted 68%, while Ethereum and Solana saw 55% and 48% drops respectively.