The Bitcoin standard is shaping the landscape of the NFT marketplace.

Demand for NFTs has been growing on Monday with rising cryptocurrency prices in recent weeks. CryptoPunk's $16 million sale– of Fifth-most expensive NFT sale To date – put an exclamation point on that trend.

But it's not the same as the highest total NFT market place buys in the last few days. Recently in the middle of February, as the tide of the market wars turns again. And a recent start to take the throne can be commended. Bitcoin ordinary The tremors for many.

Magic Eden is a leading marketplace for trading based on blockchain data. TecoIn the last 24 hours, approximately $44.7 million worth of trades have been traded – a good 38% share of total NFT trading. of EthereumOnly Blur is next with $30.4 million or a 26% share. In the last seven days, Magic Eden is still at the top with 35% share.

Scroll down that list of marketplaces to platforms with little market influence, bypassing the once-dominant OpenSea and Solana's common leader Tensor. What is missing? Another multi-chain marketplace that supports Bitcoin with other blockchains.

Magic Eden is just one example, and while the marketplace has launched on Solana and strives to make loyalty a key part of its identity, it's the Bitcoin Ordinals business that has fueled the recent growth of the $1.6 billion NFT startup.

Bitcoins are Bitcoin's equivalent of NFTs, emerging as early as 2023 and becoming one of the most popular blockchains for specialized digital assets. Magical Eden was quick to accept; Launching Bitcoin Ordinals support By March 2023 as part of multi-chain thinking.

Now that Bitcoin itself is nearing an all-time high set for 2021, regular sales are booming and Magic Eden is hosting the lion's share – including Nodmonks article $1 million in sales Early Monday.

In the past 24 hours, 84% of Magic Eden's trading volume came from regular sales, with the Solana marketplace accounting for 13% and the newly launched Ethereum marketplace accounting for the final 3%.

Chris Akhavan, Magic Eden's marketplace GM, said Decrypt The impact of Ordinal's adoption and expansion of its multi-chain approach was “huge”, with Sunday marking the startup's best-ever single day for Bitcoin trading as well as cross-chain trading volume. About $40 million came from the sale of Bitcoin Ordinals.

“More importantly, we've seen a whole new field of creators emerge who have brought innovation to the space and introduced NFTs to a whole new audience using the mother of all blockchains,” Arkavan added.

Can Magic Eden maintain this momentum? The crypto market is volatile, and the NFT market can be even more volatile. But the buzz around Bitcoin and a potential new all-time high has been building for some time, and the NFT space feels more alive than it did in the bull run days of early 2022.

Magic Eden Diamond Rewards System It can play a role in keeping traders in the marketplace, like the upcoming NFT token that works closely with the marketplace and rewards its users in the climate that can be downloaded from the Fungible DAO.

Edited by Ryan Ozawa.