Magic Eden expands to Sei as NFT market heats back up
Sei Network Overview - December 9, 2024
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By the Numbers
$SEI token price: $0.63 (+3.28%)
Market cap: $2.49B (+2.89%)
Sei Total Value Locked (TVL): $248.3M (+1.13%)
Daily average transactions: 4.17M (+0.24%)
Daily active addresses: 336.4K (+41%)
Total wallets: 5.94M (+15.34%)
Real-time transactions per second: 51.89 (+39.34%)
Block time: 0.44s
The percentages and metrics are calculated from its change over a 7-day time frame, unless noted otherwise.
Sei Showcase
💨 What’s happening: Magic Eden added support for Sei NFTs to its marketplace.
💨 Why it matters: Magic Eden was originally a Solana-focused platform, but has expanded over the years to other chains. Sei is the 10th blockchain that Magic Eden has integrated. As a result, on Tuesday when it was announced, Sei NFTs brought in about $22.7K in daily volume, according to Flipside data.
The integration includes an NFT launchpad, a mint terminal and marketplace for Sei NFTs. NFT launchpads and mint terminals make it easier for creators to launch their own collections. In turn, this could open up the door for Sei users, as well as projects in general looking to expand to new chains.
Also, having the Sei NFT marketplace alongside nine other chains opens up the opportunities and exposure for existing collections to reach audiences that might not have engaged with it otherwise.
For Magic Eden as a whole, its volume rose 46% to $4.6 million on the week on Friday, signaling significant growth in a short time frame. With that said, the floor price for two of the top three Sei-based NFT collections, Seiyans and CAPPYS, are up 25% and 16.5% during the same time frame, respectively, Magic Eden data shows.
💨 The bigger picture: The overall Sei NFT marketplace is still relatively small in comparison to other blockchains with total volume at about 1.6 million $SEI, worth about $655,000. But the chain being integrated on one of the largest NFT marketplaces can open up more opportunities for creators to be seen by buyers.
In general, the NFT sector has been heating up lately as more buyers enter the market as cryptocurrency prices rise.
In the past 7-days the total NFT sales volume across all blockchains was about $184 million, according to CryptoSlam data. If Sei-based NFTs can capture even 1% of that market share while the market is hot, that would increase its overall NFT volume by 205%.
Check out upcoming Sei NFT mints on Magic Eden in a list by X user ojigombadavid.
Accelerating Sei’s blockchain
Updates on the latest games, validators, builders and more that are helping Sei expand
Archer Hunter, a web3 game on Sei, unique active wallets hit 146K, up about 290% week-over-week, according to data on DappRadar
Silo Stake, a liquid staking protocol for the Sei Network, reached a peak of $112M in TVL, according to DefiLlama
Daily active addresses on the Sei hit a new high of 377K (shown below)
Source: Artemis
What’s the community Sei’ing
Highlighting the builders, users and ecosystem players within the Sei blockchain.
Sei dApps are 5 of the top 10 by percentage increase for applications with over 1,000 unique active wallets in the past 30-days, DappRadar data shows
Stavax hosted an X spaces about the Sei gaming ecosystem
Sei Hub on X shared the top Sei dApps with the highest volume in the past 7-days (chart below)
Lock in to the ecosystem
Want to get involved in the ecosystem? Find the latest job postings here or get involved with an activation below.
Participate in the Sei Tenkaichi Tournament and compete for a share of $25K
Listen to a daily Sei ecosystems space by X user NiftyQ here
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.