While the NFT market has lost significant momentum since its peak two years ago, Magic Eden continues to reach new heights. CEO Jack Lu stated that 2024 is Magic Eden’s best year yet. In September 2021, when the company entered the market, the NFT market saw a volume of $4.2 billion, but at the time, Magic Eden only offered Solana NFTs.
Multi-Chain Approach
Magic Eden has adopted a multi-chain trading approach as the NFT market has calmed down. The marketplace, now in its third year, is looking to leverage Bitcoin $60,106Ethereum 
$2,417has added support for digital collectibles on Polygon and Base. Lu noted that NFT holders care about content and convenience, and said users will gravitate toward platforms that are one-stop shops for digital assets.
Market Share and Competition
As of last month, NFT trading volumes have fallen to $373 million, while Magic Eden has achieved 70% of the revenue in the NFT market. Lu said that he achieved this success thanks to his multi-chain presence, and that his other major competitors, OpenSea and Blur, have also expanded to cover different networks.
Bitcoin and Ordinals
Magic Eden has quickly entered the Ordinals market amid growing interest in Bitcoin-based collectibles. The company has delved deeper into the Bitcoin space with Runes support, in a very different environment from its Solana-based roots. Runes are known as fungible tokens, similar to ERC-20s on Ethereum.
In May, the Runes market was very active, with Magic Eden’s monthly trading volume reaching $800 million. Although there was an increase in Runes activity in August, this activity has largely subsided.
Crypto trends can change rapidly, Lu noted, comparing the recent meme coin craze to other trends in the past. Magic Eden’s new digital wallet aims to appeal to the broader crypto market by providing support for cross-chain swaps. “Markets go up, they go down; commodities change. If we want to build great products, we have to think long-term,” Lu said.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
