Magic Eden, leading NFT marketplace in Solana, is extending into Ethereum

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.

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