Is Magic Eden shifting away from Solana, or just hedging their cross-chain bets? No matter motive, the NFT market that has served as the highest canine in Solana’s NFT ecosystem is including Polygon to the combination.
Beforehand, Magic Eden has solely supported the aforementioned Solana, and NFT chief Ethereum. Now, it provides one other rising NFT chain to the combination.
Let’s check out {the marketplace}’s announcement and what it means for the NFT house at massive.
Magic Eden’s Cross-Chain Transfer
Bitcoin maxi’s would possibly object, however one of many few outdated adages in crypto is that “the longer term is cross-chain.” Magic Eden’s largest impression has simply been inside Solana’s scope. Regardless of doing roughly one third of OpenSea’s month-to-month USD buying and selling quantity, the trade’s dominant place in Solana has allowed it to really exceed OpenSea’s distinctive lively pockets rely (based on DappRadar knowledge).
Whereas OpenSea now helps Solana, Magic Eden’s first mover positioning whereas Solana’s NFT development was in primetime served {the marketplace} nicely. Whereas different Solana-based NFT marketplaces exist, none come near the stature and respect that Magic Eden has earned.
Polygon, in the meantime, has seen substantial development within the NFT house – however usually amongst whitelabeled work, with much less traction within the ‘D2C NFT’ facet that might be addressable now that Solana’s sentiment has cooled.
Whereas Solana might very nicely function a continued staple within the NFT neighborhood, the momentum that unleashed initiatives like Okay Bears, DeGods, and even the late y00ts doesn’t fairly really feel as current because it was only a few quick months in the past.
? Do you imagine in magic? Nicely, we do ?#Polygon welcomes ✨ @MagicEden ✨ to the fam!
The main cross-chain NFT market is integrating with Polygon community to speed up the event of thrilling blockchain-based video games and world manufacturers coming into #Web3. pic.twitter.com/6pe5qYqTNv
— Polygon – MATIC ? (@0xPolygon) November 22, 2022
Polygon (MATIC) is seeing main NFT help following this week's information asserting the chain's help on NFT market Magic Eden. | Supply: MATIC:USD on TradingView.com
‘Making Magic’
The current headline-dominating information surrounding FTX and corresponding hypothesis round FTX and Alameda publicity to Solana is probably going not the driving issue right here for Magic Eden; {the marketplace} has lengthy stated that they desired having multi-chain help, in any case.
Along with Polygon help, which is able to look to bolster Magic Eden’s broad NFT and GameFi market share, the NFT market launched a enterprise arm, Magic Ventures, and continued growth of gaming division Eden Video games in current months as a part of the platform’s effort to spur continued GameFi development.
Featured picture from Pixabay, Charts from TradingView.com The author of this content material shouldn't be related or affiliated with any of the events talked about on this article. This isn't monetary recommendation.
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