Magic Eden Introduces Its First SFT Marketplace With Genopets
Adding a unique spin on traditional NFTs with the ability to trade “like-for-like” assets in a player’s inventory.
SFTs add something different to the NFT ecosystem, that have the capability of being both “fungible” and “non-fungible” during the token’s lifecycle. Specifically, SFTs can be traded like-for-like assets with other identical SFTs, allowing for greater amounts and low minting requirements.
However, what sets SFTs apart from traditional NFTs is the element of “redemption” — once an SFT is redeemed, the “fungible” tokens lose their face value, converting them back into “non-fungible” tokens.
Applying SFTs to Genopets
Through this partnership, the new SFT marketplace will enable players to mint, earn, and trade multiple SFTs through its game.
Beginning with the Genopets community, Magic Eden is leveraging the SFT marketplace to better streamline players’ interactions and exchanges. SFT’s hybrid version of NFT technology will surely become a core necessity for in-game assets that no longer need to be represented as a unique token.
“In support of NFT gaming developers, we’re confident that our SFT tooling will allow projects to make further in-roads with creating high-concept, playable games on the blockchain,” said Tony Zhao, Head of Gaming Investments for Magic Eden’s Magic Ventures.
Crystals and Terraform Seeds, which are essential to Genopet’s creator economy, will be the first SFTs listed on Magic Eden’s marketplace. Once listed, Crystals and Terraform Seeds will be immediately available for trading or selling through one affordable transaction for upgrades and customizations to the game’s virtual environments.
“We’re thrilled to work with Magic Eden to continue pioneering the future of Web3 games by being one of the first games on Solana to roll out efficient token technology and game mechanics that enable players to meaningfully create and transact value,” shared Albert LookChen, CEO and Co-Founder of Genopets.
As of June, Magic Eden represented over 92% of all gaming NFTs traded on Solana.
In other news, Meta loses $2.8B USD in Q2 and is being sued by The FTC.