The increasing popularity of NFTs has been evident in recent weeks due to the rising prices of digital currencies. The sale of a CryptoPunk for $16 million on Monday, marking the fifth-highest price for an NFT, further illustrates this trend. However, the leading NFT marketplace has changed in the past few days, indicating a shift in the ongoing competition among platforms. The most recent startup to rise to the top can attribute much of its success to the influence of Bitcoin Ordinals. Magic Eden has become the leading marketplace in terms of trading volume, as per data from Tiexo, with around $44.7 million in trades within the past day, capturing almost 38% of the total NFT trading market. The next highest cryptocurrency after Ethereum on Blur is valued at $403 million, representing approximately 26% of the market share. Magic Eden has remained in the lead in market share for the past week, holding a 35% share. As you look further down the list of marketplaces, you will see platforms like OpenSea and Tensor, which used to be dominant, now have less market impact. What is not present? Magic Eden is the sole multi-chain marketplace that accommodates Bitcoin and other blockchains, distinguishing it from any other similar platforms. While the marketplace originated on Solana and has strived to maintain its loyalty to that blockchain, its recent success can be attributed to the trading of Bitcoin Ordinals. These Ordinals are similar to NFTs but are specifically designed for Bitcoin, and have quickly gained popularity as a preferred chain for unique digital assets since their emergence at the beginning of 2023. Magic Eden swiftly added support for Bitcoin Ordinals in March 2023 as part of its strategy to accommodate multiple blockchains. With Bitcoin approaching its highest price ever recorded in 2021, sales of Ordinals on Magic Eden have been increasing significantly, including the recent $1 million sale of a NodeMonkes inscription. In the past day, the majority of Magic Eden’s trading volume came from Ordinals sales at 84%, followed by Solana marketplace at 13%, and the newly launched Ethereum marketplace at 3%. Chris Akhavan, Magic Eden’s marketplace GM, noted that the decision to incorporate Ordinals and expand to multiple blockchains has had a significant impact, resulting in the best single day for Bitcoin trading and cross-chain trading volume for the startup on Sunday. Approximately $40 million was generated from the sales of Bitcoin Ordinals. Arkhavan noted that a new group of creators has entered the industry and brought fresh ideas to the space, reaching a new audience by utilizing the main blockchain. The question remains whether Magic Eden can sustain this growth.