Table of contents
Magic Eden, the dominant venue in the NFT universe on the Solana blockchain, has just announced that it will be compatible with Ethereum-based NFT projects. A choice that owes nothing to chance since Ethereum dominates this market. The choice he makes strive for diversificationbut also to provide a multi-channel experience for both creators and collectors!
Magic Eden dominates the Solana NFT market!
In a press release, the platform announced its plans to implement projects based on the Ethereum blockchain. for the group It is time to open up new horizons. Since its launch in September 2021, the platform has captured nearly the entire NFT market on Solana, with over 90% of its sales coming from the secondary market. For a total of $ 2 billion.
Magic Eden dominates Solana and therefore intends to launch new challenges on another blockchain: Ethereum. In addition to capturing even more market, the platform wants to diversify its revenue streams.
Strive to become a multi-chain!
By developing another blockchain, Magic Eden intends to offer a new solution for NFT creators and collectors.
Zhuoxun Yin, co-founder of the platform, welcomes this development:
Developers launching Magic Eden no longer have to make the difficult decision to choose one channel over another and narrow down their potential audience.
Specifically, Magic Eden will work on many of its tools to make them compatible with Ethereum’s NFT projects:
- List of magical Eden
- Magic Eden springboard
- autumn calendar
The platform is currently in beta testing to launch a cross-currency trading product between SOL and ETH. Multi-chain functionality under development also provide NFT payment in SOL, ETH or even by credit card. Magic Eden is also working on cross-chain trade analysis tools. These features are expected to be available by the end of 2022.
To launch projects on Ethereum, the platform will rely on its experience in helping launch NFT projects. The ETH-enabled Magic Eden Launchpad platform has a similar minting configuration to that available. via the Solana blockchain. So, for Ethereum projects, the recipe won’t change and the Magic Eden teams will use the same marketing support and customized launch strategies. Strategies that have already brought over 300 NFT projects to the market on Solana.
EZU: first Ethereum NFT project on Magic Eden!
The launch of the first NFT collection will take place ESU project, a sister collection of the Psychedelics Anonymous project founded by the artist Voltura. The NFTs of the EZU collection can be purchased in both SOL and ETH.
This platform redesign also plans to provide creators with access to a free whitelist and owner management tool. As with Solana, Magic Eden relies on ease of use to get developers to get started with its platform. note that ETH creators who want to create their own community market will also be able to do this through Magic Eden. The drop calendar allows you to follow the launch of new projects on Solana and Ethereum.
Ethereum and Solana: two dominant NFT players!
For the leader of the Magic Eden project, the choice of the Ethereum blockchain is clearly not accidental. When other players start gaining market share, Ethereum remains strongly linked to the blockchain for NFT projects.. According to data from the CryptoSlam platform, the (all-time) sales volume on the Ethereum blockchain will nearly triple the combined sales volume on all other blockchains.
In the past 30 days, Ethereum also recorded the largest volume ever traded: $ 538 million. The second blockchain, Solana, is shown. sales volume $ 55 million. The difference is colossal. But if Ethereum still dominates this market segment, other blockchains like Solana are multiplying the adoption of NFT projects.
Therefore, wanting to become attached to the Solana and Ethereum projects, Magic Eden does not take many risks. A few months ago, the Opensea platform took the opposite step by accepting the listing of NFT projects from the Solana blockchain.
Read also: Solana, another NFT blockchain!