Thread by @ljin18

In marketplaces, transaction frequency & building user habits is more important than having the highest overall GMV.

Let's consider NFTs on Solana vs Ethereum through this lens, by comparing @MagicEden_NFT vs. @opensea:

In the last 30 days:

- Magic Eden GMV is ~1/10th of Opensea ($216M vs. $1.9B)
- But 2x as many transactions are happening on Magic Eden vs. Opensea: 2.27M vs. 1M
- 1/2 as many users for Magic Eden: 107K vs. 228K

(this is 2 months after Magic Eden launched, btw!)

This means each user on Magic Eden is transacting 4x as much as Opensea users.

Magic Eden users are doing ~20 txns/month, vs. OS users are doing about 4.4 🤯

Importantly, Solana NFTs are also much more accessible in terms of price point:

- The average price point of a Magic Eden transaction was $116
- The average price point of an OS transaction was $2,057

The relative difference here has huge implications on mass adoption

Higher frequency of purchase means greater user retention, which means more opportunities to step into adding value for other areas of users' lives.

Consider the trajectory of Uber:
Uber Black ➡️ UberX ➡️ Uber Eats & other product lines

Building habits among users is of utmost importance, because it lets you increase share of wallet.

Those consumer habits are forming on Solana where technology is not a bottleneck.