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Category: NFT News

NFT Bulls Back In Game As Magic Eden Hits $50 Mln Daily Sales

By Published On: March 5, 20242.1 min readViews: 2550 Comments on NFT Bulls Back In Game As Magic Eden Hits $50 Mln Daily Sales

In a significant gust of recent developments, Magic Eden, a renowned decentralized NFT marketplace, garnered noteworthy attention across the global digital assets realm as the sales recorded on the platform hit $50 million, per a post shared by the company’s CEO and co-founder, Jack Lu. This monumental achievement for Magic Eden soon piqued the interest of NFT traders and investors globally as the number of sales registered underscores the community’s optimism orbiting the potential revival of the NFT realm.

Amidst the high wave of optimism portrayed by the community, rides another phenomenal event marking the sale of $16 million worth of an NFT, CryptoPunk 3100. Sold for a whopping 4,500 ETH recently, this appears to be curating an optimistic ripple effect, birthing speculations over NFTs’ potential comeback amid this year’s crypto market bull run.

Magic Eden Mirrors NFT Optimism

According to the post shared by Jack Lu, the platform’s recent scaling of the $50 million sales mark mirrors high hopes for the global NFT community as it showcases the gradual yet significant growth witnessed by NFTs over the past few years. This marks a noteworthy event for the digital assets landscape as the NFT market soon witnessed a remarkable slump following its inception.

Concerning this, Jack Lu stated that all great technologies start off looking like toys but eventually grow into revolutionary tech that changes the world.

Meanwhile, in his social media post, Lu spotlighted Tiexo’s (an NFT data analytics platform) top marketplaces list, drawing attention to Magic Eden topping the list with 47.64% market share, evaluated as $52.24 million.

While the platform retained its positioning as of press time, its market share dropped to 34.15%, fueling speculations over future shifts.

Come to my page!

Notably, Tiexo’s list also sheds light on the second-largest CryptoPunk sale recorded, mirroring the optimism orbiting this burgeoning NFT adoption saga.

Also Read: Cardano (ADA) Price Gearing for 2000% Gains to $10 As Per Historical Chart

CryptoPunk Sale: Diving Deep

According to Etherscan’s data, the address …C984017 bought Punk 3100 for 4,500 ETH yesterday, March 4, nabbing significant attention. This marks the second-largest sale of the blue-chip NFT collection, as Punk 3100 is one of nine rare bluish alien punks.

Upon further investigation, it was found that the same address bought two other crypto punks for 4,250 each over the past few days. This propelled immense optimism throughout the global NFT community as it hinted at potential chances of revival amid the upcoming crypto market bull run, with NFT bulls entering the arena once again.

Also Read: US SEC Files Coinbase Insider Case as Supplemental Authority in Binance Suit

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