TL;DR

• Bitcoin NFTs just turned Magic Eden into the #1 NFT marketplace by trading volume.

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Sure, Bitcoin NFTs weren’t a thing last bull cycle…

And it makes sense that they would capture collectors’ interest this time around, seeing as Bitcoin is king of the hill (re: value)…

But we’re still impressed by the shear weight Bitcoin NFTs (aka Ordinals) are throwing around right now.

Just 2 weeks ago, the #1 NFT marketplace was Blur — and if you had’ve asked us which was #2, we would’ve guessed OpenSea.

But as of this writing, neither of them hold the top spot.

Magic Eden now sits atop the throne, having pulled in $29.19M USD worth of trades in the last 24 hrs alone.

(And it’s all thanks to the platform’s embracement of Bitcoin NFTs).

It’s a cycle we’ve seen work in ETH’s favor previously, and it goes like this:

The base asset (BTC) goes up → investors make profits → some of them put some ‘play money’ aside → Bitcoin NFTs are there to absorb those funds.

It’s all very bullish!