On Tuesday, NFTmarketplace Magic Eden revealed that it is all set to become a multi-chain, as it aims to integrate Ethereum-based NFTs into its previously Solana-only platform.
The Marketplace stated that it will offer the same “go-to-market” advantages for Ethereum NFT creators as it does for its Solana users. This means it will include its popular minting toolkit, whitelisting tools, and marketing support.
The company is also gearing up for a “cross-currency trading product” that will allow users to buy both Ethereum and Solana NFTs in either blockchain’s native currency, along with its own cross-chain analytics dashboard.
Zhuoxun Yin, co-founder of Magic Eden expressed that they don’t think winning on ETH will happen overnight. They are entering the market with humility and are prepared to build for a long stretch. He further adds that they have a strong conviction for their hypothesis on what NFT creators and collectors expect from their marketplace.
You may find this useful: A comprehensive guide on Solana NFT Marketplace Solsea
Magic Eden vs OpenSea: NFT Marketplace rivalry
Magic Eden is the current kingpin of Solana digital collectibles, hosting more than 90% of the ecosystem’s trades, according to data from DappRadar.The integration of Ethereum NFTs marks the company’s ambition to be amongst the top NFT marketplaces.
OpenSea is Magic Eden’s Ethereum rival, which has a similar dominance within its respective ecosystem. Nonetheless, OpenSea is most known for its ETH trading, but it also supports Solana, Polygon, and Tezos blockchains.
Magic Eden raised a $130 million Series B in late June at a $1.6 billion valuation. This is on par with OpenSea’s $100 million Series B at a $1.5 billion valuation presented in July 2021.
Magic Eden has at times beat OpenSea’s marketplace in total transactions and sales volume despite its funding timeline being behind OpenSea’s.
Whether the integration will move the needle for ETH communities looking to shift from OpenSea remains to be seen. We remark this because NFT communities typically remain loyal to respective marketplaces despite invitations from pristine platforms, as observed with Magic Eden’s community, it only expanded after OpenSea informed the support for Solana earlier this year.
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