The Solana-based NFT marketplace, Magic Eden, has emerged as a leader in the trading of digital collectibles inscribed on individual satoshis - the smallest unit of measure that Bitcoin can be divided into.

The inscriptions are enabled by the protocol called Ordinals which has exploded in popularity since it was introduced in January. Magic Eden entered the market just over a week ago and quickly grew to represent a majority of Ordinals trading volume across various marketplaces that support them. The BTC DeGods collection of inscriptions, released by the creators of the most valuable Solana NFT profile picture project, has played an influential role in Magic Eden's ascension to the top.

Magic Eden is handling higher-value Ordinals sales while still lagging behind Ordinals Wallet in terms of total daily transactions. Despite the success of Magic Eden, it is only the first among mainstream marketplaces to support inscriptions, and upstart rivals can quickly eat away market dominance, as Magic Eden has experienced on Solana in the past. However, for now, Magic Eden is commanding the most Ordinals trading volume.

(By André Beganski)