Bitcoin and Solana non-fungible token (NFT) market recorded records in daily active traders (DAT) last week, according to to the research blog OurNetwork. While Solana reached its all-time high of 59,300 DAT, Bitcoin registered a peak of 25,600 DAT.
Solana’s rising DAT number represents a fourfold increase from approximately 15,000 daily traders earlier last week. The publication attributes this growth to the influx of wallets conducting sub-$10 transactions on platforms like Magic Eden and Tensor. Over the past week, Magic Eden has captured a significant 74% share of Solana’s trading volume and 38% of its trading market share, while Tensor has secured 18% of volume and a dominant 61% of traders.
Meanwhile, Bitcoin’s historic spike in NFT trading was attributed to the prospect of the launch of the Runes Protocol. However, the number of traders saw a sharp drop to around 7,000 the day after launch. Magic Eden has been the main hub for Bitcoin NFT activity, controlling 82% of both active traders and trading volume over the past seven days, while OKX lagged at 16% for the same metrics.
Ethereum still rules, but numbers are dwindling
Despite dominating trading volume and daily active traders, Ethereum’s weekly NFT trader numbers have declined over the past two years, with fewer than 36,000 wallets participating in trades last week. OurNetwork points out that this is a significant decrease from the 218,000 in April 2022.
Similarly, weekly volume has plummeted from a peak of $1.4 billion in April last year to around $100 million per day currently.
Furthermore, the Ethereum NFT landscape is also showing changes when it comes to market dominance. The rivalry between OpenSea and Blur has been offset by the emergence of Magic Eden as a competitor since its debut on the Ethereum market in February. Magic Eden has quickly amassed over 20% of Ethereum’s NFT volume in the past week alone.
While Blur retains a majority share with over 50% volume, OpenSea’s presence has declined to 13.5% over the past seven days. Yet OpenSea still leads in the number of traders on Ethereum, attracting around 4,000 traders daily, compared to Blur’s 2,500 and Magic Eden’s fewer than 600. Over the past two years, OpenSea has seen a dramatic 90% drop in its weekly trader base.
On the significant trading side, a transaction on the CryptoPunks NFT marketplace included a purchase of 4,000 ETH, worth over $12 million, for a coveted alien punk. This sale propelled CryptoPunks to the second highest platform by volume on Ethereum that day, surpassing only Blur with $15.2 million in volume.
