NFT Marketplace Magic Eden Reports $801M Trades in Q1 and Q2

Main Solana-based NFT market Magic Eden has recorded a complete of over 5.5 million trades value over $801 million on its platform from January to June 2022.

Magic Eden Data $801M in Commerce Quantity 

The full quantity trades generated by Magic Eden within the first half of the yr (H1) amounted to 18.24 million SOL, which is equal to over $801 million, in keeping with present market costs.

Supply: Solscan 

From the chart above, it’s noteworthy that the corporate noticed a big 53% improve from its worth in April, garnering a complete of 1.4 million SOL in Could.

The brand new document is a milestone for the platform because it represents a powerful 81% improve from the full quantity trades because the launch of the agency in September 2021. Presently, the full quantity traded on the platform is round 22 million SOL.

It’s noteworthy, nevertheless, that the worth of SOL for the amount trades was a lot increased earlier this yr when SOL was buying and selling above $100. On the time of writing, SOL was buying and selling at $44.

The Solana-based NFT market additional recorded a complete of 20,933 non-fungible tokens (NFTs) collections listed on its platform with greater than 4 million NFTs in H1.

Magic Eden stored seeing will increase in market capitalization as {the marketplace} moved from a capitalization of 1.7 million SOL in January to a peak capitalization in Could the place it garnered a complete of 4 million  SOL. Recall that the notorious Terra crash additionally occurred in Could, inflicting a downtrend within the international crypto market.

Nonetheless, June’s extreme bearish market developments pulled down the market capitalization by 35%, bringing it to 2.6 million SOL.

Whereas the corporate recorded a peak variety of lively wallets in February, amounting to 1.1 million wallets, subsequent months in H1 recorded lesser lively wallets. It reported over a million lively wallets in Could whereas June noticed round 970 million lively wallets.

Magic Eden Raises $130M in Sequence B Funding

Earlier final month, Magic Eden was in a position to elevate $130 million in Sequence B funding, which was led by Electrical Capital, Lightspeed, Greylock Companions, and others.

The fund was focused at investing in different blockchains except for Solana’s community, in addition to integrations of NFTs into blockchain video games.