The cryptocurrency world, influenced by the recent bull market, has seen Magic Eden, a significant NFT marketplace, draw all the attention with daily sales reaching $50 million. The success of Magic Eden is considered an indicator that the crypto community is turning its interest back to NFTs following the recorded sales numbers.
Magic Eden and the NFT World
The positive sentiment within the community peaked with the sale of NFT CryptoPunk 3100, valued at $16 million. This NFT’s recent sale for 4,500 ETH has opened the way for renewed focus on the sector.
According to company CEO Jack Lu, Magic Eden’s recent daily sales reaching $50 million indicate a new wave of optimism in the NFT sector, which had significantly declined after the last bull run.
In discussing past downturns, Jack Lu reminded that all great technologies were once dismissed as toys but later became powerful tools capable of changing the world.
Additionally, CEO Lu celebrated Magic Eden’s ranking in a recent analysis by Tiexo (an NFT market analysis platform), where it held a 24-hour market size of $66.75 million, with Magic Eden accounting for $19.62 million and a 29% market share.
The Sale of CryptoPunk
An incredible event took place recently within the bull market, where a significant transaction occurred. According to Etherscan data, an address named …C984017 purchased Punk 3100 for 4,500 Ethereum (ETH) on March 4th, drawing the entire market’s attention.
What sets Punk 3100 apart is that it is one of the nine rare blue alien punks. This sale, the second-largest for the blue chip NFT collection CryptoPunk, was interpreted as a true reflection of the bullish sentiment.
Further investigation revealed that the same address had made two additional purchases totaling 4,250 ETH in the last few days. This activity is seen by some as a sign of the NFT bulls re-entering the stage, restoring confidence within the NFT community.
