NFT Magic Eden Exchange Expands to Ethereum

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2022-08-02 13:31:52

Magic Eden, the leading NFT marketplace platform on Solana, said it will start encroaching on the Ethereum blockchain to compete for market share.

NFT Magic Eden Exchange Expands to Ethereum

Follow CoinDeskthe number 1 NFT marketplace platform on Solana, Magic Eden, will soon support NFTs on Ethereum, becoming a direct competitor to OpenSea.

Magic Eden will provide the same benefits to NFT artists on Ethereum as Solana, including NFT creation and deployment tools, marketing support, and whitelisting.

The exchange is also preparing to launch a product that will allow users to buy NFTs of Ethereum and Solana with each blockchain’s own currency.

Magic Eden co-founder Zhuoxun Yin in an interview:

“We don’t think we can win on Ethereum overnight. We enter the market with a certain humility and willingness to go long term. However, we are confident we can provide NFT collectors and creators with what they need from a marketplace.”

According to DappRadar, in the last 30 days, Magic Eden’s NFT transaction volume on Solana was $65.3 million, accounting for 90% of the market share and overwhelming all other competitors such as OpenSea or Solanart. However, the story on Ethereum is completely opposite when OpenSea is the “big guy” here with a 1-month volume of up to 508 million USD, 9 times higher than Magic Eden.

Trading volume of the top NFTs on Solana for the last 30 days. Source: Dapp Radar
Trading volume of the top NFTs on Ethereum for the last 30 days. Source: Dapp Radar

Thus, it can be seen that the strategy of NFT marketplace platforms, after having won their original blockchain, will expand to other layer-1s. Similar to Magic Eden, OpenSea from its Ethereum roots has expanded to Solana, Tezos and Polygon, but has not yet achieved much success.

The NFT segment in July also continued to extend the downward chain when the total transaction volume reached only 628 million USD, with OpenSea alone accounting for 485 million USD – down 29% compared to June and 81% compared to May.

At the end of June, Magic Eden announced to raise $ 130 million with a valuation of up to $ 1.6 billion.

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