Takeaways
- OpenSea integrates Solana NFTs by April
- Magic Eden has a value of $1.6 billion
Magic Eden NFT Marketplace, which accounts for 90% of Solana’s secondary volume, announced Tuesday that it will integrate Ethereum NFTs into the platform.
Magic Eden’s cross-currency support will allow collectors to buy NFTs, or non-fungible tokens, in Solana as well as Ethereum and use new market analytic tools.
Magic Eden first hinted towards a multichain future when, in the summer of 2016, it received $130 million from venture capitalists Electric Capital and Greylock in its Series B round. Magic Eden has integrated Ethereum, which is the largest NFT blockchain, just as many are questioning Ethereum’s fate in the wake of the Merge.
It is a time of bear markets, despite that fact. “volume was a little softer in July compared to June,” According to Zhuoxun Yin (chief operating officer, Magic Eden founder and co-founder), “there are enough collectors and creators across Solana and Ethereum who are still innovating.”
Magic Ventures was recently established by NFT, the NFT market place. This new venture capital firm focuses on Web3 gaming and its own game development. Fund operates within Eden Games, the internal gaming division of the company. The fund also created its own SFT marketplaces, which are for Web3-based games.
“We believe that the future of NFT and Web3 mass-adoption is cross-chain marketplace experiences,” Yin said Blockworks.
“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,” In a news release, he said.
Magic Eden Launchpad has been the only platform to mint NFTs and it’s helped over 300 NFTs projects reach market. Launchpad is compatible with Solana, Ethereum and will still maintain the minting setup, marketing assistance and customization of launch designs.
The first native Ethereum project to soon launch on Magic Eden — for users to mint in both ether and solana — is called EZU, a sister collection of the popular ETH project Psychedelics Anonymous.
In April when asked about OpenSea integrating Solana NFTs into its system, Yin replied that OpenSea did not take any money from Magic Eden. “We remain community centric and are proud of our relationships with the collections and collectors on Solana, and view this as a core differentiator for our entry into ETH,” He said.
OpenSea Tweeted about “Solana marketplaces taking custody of NFTs,” Magic Eden may have been a target of this attack, which took place on 27 July. “We believe marketplaces that custody your NFTs limit choice and utility, and compromise security,” OpenSea tweeted the following.
Magic Eden keeps users’ NFT assets on escrow. This is not a brand new policy. However, it has been ripped apart by the companies via Twitter.
Magic Eden’s policy is based on security, and it has been arguing this for a while.
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