Magic Eden continues to dominate the Solana market –

Magic Eden continues to spread its sorcery on NFT collectors as the biggest Solana NFT market. The platform collapsed other markets like a house of cards. The August 2022 stats offer a clear view of how a big boy stands among others.

According to data provided by Dune Analytics, the dominant market covers almost the entire market of the Solana ecosystem. Metrics show that over 99% of trades were completed on the platform throughout the month. Solsea, another NFT platform in the ecosystem, crawled up to cover 12% of NFT transactions on August 12, 2022. Other platforms like Solanart, Alpha, Solsea and many more endured in the shadows.

Source: Dune Analysis

In case of daily active user (DAU) count, the platform has never seen less than 25,000 users per day, with the monthly count expanding to 34,020 users on August 31, 2022. The rest of the markets have struggled to exceed even 200 daily active users. throughout the month.

Source: Dune Analysis

While Solana platforms struggled to gain users, they remained cold considering daily NFT transactions as well. Solsea managed to reach 3,000 transactions on August 11, 2022. Magic Eden reached the peak of its daily transactions on August 23, 2022, scoring 162,000 in volume. And again, Solana’s other markets saw cold performance throughout the cycle.

Source: Dune Analysis

Okay Bears and DeGods remain the top collections on the Solana blockchain, marking their presence on Alpha Art, SolSea, and Magic Eden. The Okay Bears collection recorded a volume of 2.1 million SOL on the dominant platform, while DeGods led sales on SolSea with 1.47 million SOL. Alpha Art remains everyone’s least favorite, having only featured a few NFTs from the collections like Aurory, Degenerate Ape Academy and more.

Magic Eden secured $130 million in a Series B funding round led by Greylock Patterns and Electric Capitals in May 2022, bringing the company’s valuation to $1.6 billion. The platform featured prominent partners on deck including Alameda Research, Coinbase Ventures, Sequoia Capital, Solana Ventures and more.

At press time, SOL, the native token of the Solana blockchain, was trading at $34.74, down 1.43% in the last 24 hours.

Nancy J. Allen
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