The Leading Solana-based NFT Platform Magic Eden Expands to Ethereum
Magic Eden, the leading Solana non-fungible token (NFT) platform, is switching to multi-chain by integrating Ethereum-based NFTs into its previously Solana-only platform.
Today, Magic Eden announced that Ethereum will be its upcoming blockchain addition. Ethereum is the network that hosts the great majority of the most well-known NFT collections and projects, making it the market with the highest amount of NFT trade.
The exchange claimed to provide the same "go-to-market" advantages to Ethereum NFT developers that it does to Solana users, including its popular minting toolset, whitelisting tools, and marketing assistance.
Along with its own cross-chain monitoring dashboard, the business is also preparing a "cross-currency trading solution" that would enable customers to buy both Ethereum and Solana NFTs in either blockchain's native currency.
“We don’t think winning on ETH will happen overnight. We are entering the market with humility and are prepared to build for a long while," said Zhuoxun Yin, Magic Eden co-founder. "With that being said, we have a strong conviction for our hypothesis on what NFT creators and collectors need from their marketplace."
Magic Eden will start rolling out Ethereum NFT support across its platform in August. This includes its launchpad (used to mint, or create new NFT projects), its new list tool that enables projects to create an "allowlist" of users for NFT mints, and its drop calendar that highlights important upcoming NFT collectible launches.
Despite OpenSea, the top Ethereum marketplace, which added Solana support in April, Magic Eden continues to dominate the Solana market, frequently controlling 90% or more of trade volume. Now, Magic Eden is similarly encroaching on OpenSea's territory.