A few years back, NFTs were the next big thing on the internet. From pixelated CryptoPunks selling for unbelievable prices to celebrities worldwide buying up Bored Ape Yacht Club NFTs, it seemed like NFTs were unstoppable. But while NFTs had an incredible run, it was not a long one. For a long time, the world of digital art tokens has been hanging by a thread. Despite this, one NFT marketplace has recorded its best year ever.

Related: The Rise and Fall of OpenSea: Inside the NFT Giant's Journey

In an interview with Decrypt, Magic Eden CEO Jack Lu was excited to reveal that 2024 has been their best year ever, even though the overall NFT market has not been doing well in a long time. 

Magic Eden has had a long journey to where it is today. The marketplace launched in September 2021, right at one of the peak moments of NFT popularity. At that time, the NFT market recorded sales of up to $4.2 billion, according to data provided by CryptoSlam. 

When Magic Eden launched, it didn’t run on Ethereum; only the biggest NFT projects did. Back then, Magic Eden only offered Solana while also pioneering a multi-chain approach to trading digital collectibles as the NFT market started to lose heat. 

Well, it’s been a long time since then, and times have changed for Magic Eden. The company is now in its third year and well past its Solana-only days. It now has built-out support for digital collectibles on Bitcoin, Ethereum, Polygon, and even Base.

This multi-chain presence seems to be working well for Magic Eden because the company has now achieved a 70% revenue share in the NFT market. On the other hand, NFT trading volumes dropped to $373 million as of last month. This is a staggering 91% drop from the numbers as of September 2021, when Magic Eden opened its doors. 

Magic Eden has admitted that the multi-chain thesis has helped them achieve these numbers. According to their CEO, they are up for more wins if they can be the platform that provides the cross-chain range the people want. 

But while Magic Eden is having a magical time, the competition is also not slacking in any way. Both OpenSea and Blur, two of Magic Eden’s biggest competing marketplaces, have expanded their offerings to include other networks. Apart from Solana, both marketplaces are EVM-compatible; thus, developers familiar with writing Ethereum Smart contracts can leverage similar code. 

Lu, Magic Eden's CEO, has said that adopting as many useful technologies as possible is crucial to succeed in the crypto world where trends change, and Magic Eden has certainly done that. Besides the multi-chain adoption, Magic Eden had adopted new tech, including Ordinals, a class of Bitcoin-based collectibles that was a 2023 favorite. The company also adopted the ERC-20-reminiscent Runes. Magic Eden is playing the long game, and if their numbers are any proof, it is clear that their strategy is working magically.

Magic Eden 2023 – Full overview of Magic Eden NFT Marketplace | HODL FM
Step into the whimsical world of Magic Eden, the NFT marketplace where unicorns trade with fairies and wizards for digital treasures!
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