NFT

Magic Eden Sets Sights on a Multi-chain NFT Future

Starting with the support of Ethereum-based NFTs, in a move that might shift market sentiment.

NFT

Magic Eden Sets Sights on a Multi-chain NFT Future

Starting with the support of Ethereum-based NFTs, in a move that might shift market sentiment.

The leading Solana NFT marketplace, Magic Eden just turned one year old, and as a gift to its users, it announced a new journey of interoperability through cross-chain support of the Ethereum NFTs — with the beta version of its aggregator being introduced as Magic Ethen.

Features of the aggregator include ETH NFT marketplace data interfaces, real-time trade data, “DYOR” tools like price versus rarity rank, and listing distribution, as well as the platform’s popular “sweep” function. Other highlights include the ability to now pay for NFTs with ETH, SOL, or credit card.

Several popular Ethereum projects were selected to be featured on the platform as the news broke, including  Bored Ape Yacht Club, Pudgy Penguins, Otherside, and Cool Cats, with more to be added as the beta develops.

Overall the Solana NFT community received the news very well, with some users praising the fact that it cuts out the need to send and swap SOL and ETH for particular mints and helps to keep all activity on one site.

Others users shared hopes of the platform adding Cardano in the future, which Magic Eden hinted might be a possibility.

While this is a big shift for the marketplace, it is something Magic Eden has been working on for several months, and first announced on August 1, with its Magic Manifesto blog post — following a major funding round where it raised over $130 million USD.

In the post, the platform shared one simple goal as its main priority, mass adoption.

“We want to bring NFTs to people’s everyday life and onboard the next billion users to the blockchain. To do that, we want to cover the ecosystem at large, regardless of chains. Ethereum paved the way for NFTs, period. Ethereum is still the dominant chain by volume for NFTs. There are many vibrant NFT communities built on ETH that all of us collectively admire,” read the blog post.

Magic Eden seems to be on the right track here, for the greater NFT space to thrive and mass adoption to pick up traction, participants will need to stop feuding over which chain is the best and instead, look to build together with cross-chain interoperability.

In other Web3 news, MoonPay is bringing Universal Studios into the world of NFTs.

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