Magic Eden will support Polygon bases NFTs

Cross-chain NFT marketplace Magic Eden revealed on Tuesday that it will now back Polygon-based NFTs, embracing a new ecosystem of creators and developers.

magic-eden-polygon

Magic Eden, which as of now supports Ethereum and Solana-based NFTs, will begin with gaming communities by integrating collectibles minted on the layer-2 blockchain network. The chain is backed by Web3 gaming publishers such as Decentraland, The Sandbox, Atari, and more.

Polygon has also recently initiated partnerships with fintech companies like Stripe and Robinhood, also with a software company like Adobe. This highlights its use cases across Web2 & Web3 firms.

Zhuoxun Yin, co-founder, and chief operating officer of Magic Eden, mentioned in a press release that Polygon’s low fees and EVM compatibility make it the ideal network to help developers in using these digital assets in their games.

Yin mentions in a press release that we can invest, launch collections, power in-game activity, and drive user acquisition for developers building on Polygon with Magic Eden.

To attain these goals, Magic Eden will roll out a launchpad and marketplace to back Web3 game publishers building on Polygon utilizing its native MATIC token.

Magic’s expansion comes at a time when the NFT community continues to debate the importance of creator royalties. Last month, the famous platform switched to a royalty-optional model, leading to a temporary drop in trading volumes. The integration of Polygon NFTs may assist bring more trading volume back to the platform regardless of mixed sentiments about dropping royalty payments.

You may find this useful: BAYC founders suggest a different model for NFT Creator Royalties

The Solana network was also affected by the dramatic FTX collapse, as former CEO Sam-Bankman Fried was a prominent supporter of the SOL cryptocurrency that placed Magic on the map. The price of SOL has since fallen around 58% in the past month itself, making the case for adding extra blockchain networks to the NFT platform.

The FTX crash seems to have hindered the progress of crypto and Non-Fungible Tokens considering that the firms were trying to sustain the crypto winter after the Terra Luna crash. Investors are certainly losing optimism and observing the market trend and the global economic crisis not to forget Ukraine vs Russia war has put growth and development on hold.

So, it remains to see how this latest move pans out for both firms and whether will it sustain the relationship in this present market condition. Share your views on NFTHI’s Twitter handle and tell us if this partnership will work or not. Also, tell us about your take on the recent market crisis and do you see any positive signs in near future.


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