Magic Eden, a unicorn cryptocurrency recently valued at $1.6 billion, is starting its multi-chain growth alongside Ethereum.
The business recently acknowledged that Ethereum was the first blockchain to be included in its multi-chain strategy. The majority of the most well-known NFT ventures, including CryptoPunks and Bored Ape Yacht Club, are hosted on Ethereum, which is by far the largest NFT market by trade volume.
Magic Eden does not intend to rival other native Ethereum platforms. “The network would operate as a ‘pure aggregator’ showing Ethereum NFT listings from other marketplaces and “no proprietary listings,” according to a business spokeswoman.
What you should know
- As a result, Magic Eden would not retain any Ethereum NFTs in escrow, as it does with its Solana NFTs at the moment.
- On Magic Eden’s launchpad, a calendar for impending NFT launches, and new list tools that let producers deploy an “allowlist” for NFT mints, the Ethereum rollout will start later this month.
- The marketplace will test cross-currency trading so that users can buy Solana and Ethereum NFTs with either ETH, SOL, or a credit card in addition to enabling support for Ethereum-based NFTs.
- With around 90% of the network’s entire trading volume, Magic Eden has established itself as Solana’s largest NFT market. The market hasn’t been particularly shaken by OpenSea’s entrance into the Solana area in April, and Magic Eden is now paying OpenSea back by encroaching on its territory.
- Both businesses have frequently taken shots at each other on social media. While Magic Eden criticized OpenSea for its “inactive listings” problem, which caused some users to lose valuable NFTs as a result of a UI flaw, the former recently slammed Magic Eden for its escrow-based trading mechanism.