Magic Eden NFT Exchange Adds Ethereum

Market for non-fungible tokens (NFT) As part of its multi-chain transition, Magic Eden on Tuesday added Ethereum NFTs to its hitherto Solana-only platform.
The exchange will provide the same “go-to-market” advantages to Ethereum NFT developers that it does to Solana users, such as its well-liked minting toolset, whitelisting resources, and marketing assistance.
Along with its own cross-chain monitoring dashboard, the business is also preparing a “cross-currency trading solution” that would enable customers to buy both Ethereum and Solana NFTs in either blockchain’s native currency.
“We don’t believe that success on ETH will come quickly. Magic Eden co-founder Zhuoxun Yin told CoinDesk, “We are entering the market with humility and are ready to develop for a long term. With that in mind, we are adamant about our premise on what NFT artists and collectors want from their market.
Market competition
The company’s most recent effort to take the top position in the expanding kingdom of NFT markets is symbolized by the integration. According to statistics from DappRadar, Magic Eden is now the dominant player in the Solana digital collectibles market, hosting more over 90% of the ecosystem’s exchanges.
The Ethereum equivalent to Magic Eden is OpenSea, which boasts a comparable level of domination in its own ecosystem. Although OpenSea’s marketplace supports the Solana, Tezos, and Polygon blockchains in addition to ETH, it is most well-known for its ETH trade.
On par with OpenSea’s $100 million Series B at a $1.5 billion value raised in July 2021, Magic Eden raised a $130 million Series A at a valuation of $1.6 billion in late June.
Magic Eden has sometimes outperformed OpenSea’s marketplace in terms of overall transactions and sales volume, despite having a later fundraising timeframe.
It remains to be seen whether the integration will influence ETH communities considering to leave OpenSea. Despite invites from other platforms, NFT communities often choose to stick with their existing markets, as seen by the fact that Magic Eden’s community continued to expand when OpenSea announced Solana support earlier this year.
Even if there won’t be any additional integrations disclosed anytime soon, a Magic Eden official told CoinDesk that the business has “more than two chains planned in the long term.”

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