Solana NFT marketplace Magic Eden adopts Ethereum
The most popular marketplace for Solana-based NFTs, Magic Eden, announced it was adding support for Ethereum-based NFTs. The company said on Tuesday that the feature would be implemented soon.
Magic Eden was launched in September 2021 by former employees of Google, Coinbase, and Uber: Jack Lu, Sidney Zhang, Zhoujie Zhou, and Zhuoxun Yin. The marketplace raised $130 million in a series B round led by Electric Capital and Greenock Partners. The company has now reached unicorn status and is valued at $1.6 billion. In June, after the second round of funding, the company revealed plans to add support for other blockchains.
With the new support, marketplace users will be able to mint NFTs using SOL and ETH via the cross-chain launchpad. The company is developing a “cross-currency trading product,” which allows users to buy Solana or Ethereum NFTs in the native token of any of the two blockchains and by credit card. The project debuting Ethereum NFTs is NFT EZU, a sister project of the NFT collection Psychedelics Anonymous.
Magic Eden will continue to offer the same benefits to Ethereum-based NFT creators. For example, the popular minting tool kit and marketing support.
“We want to honor the creators in this space by developing tools that would address their vast needs – which is why we made Magic Eden List available as a free resource and developed a whitelabel marketplace solution. Through our cross-chain Launchpad, creators will unlock a new set of audience through which they can amplify and grow their projects, as well as tap into additional sources of liquidity. Creators launching with Magic Eden will no longer have to face the difficult decision of choosing one chain over another at the cost of limiting their potential audience reach. Web3 is a place for us to share knowledge and evolve togethers,” said Zhuoxun Yin, the COO and Co-Founder of Magic Eden.
According to DappRadar, Magic Eden had a total volume of $10.5 million, a 51% increase after the announcement.
NFT collectors have been frustrated with communication on OpenSea and the top marketplace’s customer support. Many users have been looking for alternatives to OpenSea. Magic Eden is expanding with Ethereum and keeping its customers satisfied could mean that the platform will become the next leading NFT marketplace.
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
