The market will now accept the two major blockchains for NFTs (non-fungible tokens).
The NFT marketplace Magic Eden, which accounts for nearly 90 percent of secondary trade traffic on Solana, will add and integrate Ethereum-based NFTs on Tuesday, the business stated.
Magic Eden will offer cross-currency purchase functionality for Solana and Ethereum NFTs, allowing collectors to acquire NFTs in either Solana or ether and trade using new market analytics tools more efficiently.
The marketplace initially hinted at a multichain growth when it funded $130 million in June. Despite widespread scepticism about Ethereum’s long-term viability around a fork, Magic Eden is using Ethereum.
The time aligns with an adverse market. Even though “volume was a touch lower in July compared to June,” Zhuoxun Yin, Magic Eden co-founder, says “enough collectors and artists throughout Solana and Ethereum are still creating.”
The NFT marketplace announced Magic Ventures, a venture capital fund for Web3 games and its games. Eden Games, the company’s gaming business, manages the fund. It launched Web3 semi-fungible token markets.
“We think that cross-chain commerce experiences are the future of NFT and Web3 broad adoption,” Yin told Blockworks.
The Magic Eden Launchpad is the sole minting platform for the marketplace and has assisted in bringing over 300 NFT initiatives to market. According to the business, Launchpad will keep its minting setup, white-glove marketing assistance, and specialized launch build-outs now that it is compatible with Solana and Ethereum.
When questioned on OpenSea’s April integration of Solana NFTs, Yin said that OpenSea had not stolen any liquidity from Magic Eden. “We remain community-focused, are pleased of our ties with the collections and collectors on Solana, and believe this as a key point of differentiation for our entrance into ETH,” he added.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.