Magic Eden Expands to Ethereum

The marketplace represents over 90% of all Solana NFT trades and plans to go multi-chain.

By
Mark Jurgens
on
August 3, 2022
Category:
NFT

‘Magic Ethen’

After spearheading Solana's NFT boom, digital asset marketplace Magic Eden announced it is expanding to Ethereum.

Reaching $2 billion in trade volume and recently closing a $130 million funding round, Magic Eden is doubling down and trying its luck on the dominant layer-one chain. Ethereum is home to many vibrant NFT communities and the most valuable collections. 

Source

For instance, by listing a $1.5 billion collection like Bored Ape Yacht Club, the marketplace could pocket hefty trading fees as it currently takes 2% on all transactions.

“While we don’t expect to stop at two chains, our team decided to enter ETH as the next stop on our journey. Why? We believe we can add value. There are things that can be done to improve the experience for ETH creators and collectors, and there is more that we can do to engage and bring the community closer together,” said the team. 

Magic Eden will take a phased approach to adding new offerings for Ethereum:

  • The first phase will allow users to discover and trade ETH collections.
  • The second phase in mid-August will bring full-service Launchpad support.
  • Finally, the third phase will include forging long-term partnerships with the top collections.

The expansion can favor the Solana and the Ethereum space alike, as Magic Eden can provide a central hub where both communities can interact, cooperate and compete. 

Check out this Web3Wire article to learn how to buy NFTs on Magic Eden.

What is Magic Eden:

Magic Eden is the leading NFT platform on the Solana blockchain. It facilitates the buying, selling, and minting of NFTs and holds over 90% market share for secondary trading volume on the Solana.

Where to find Magic Eden:

Website | Twitter

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Mark Jurgens

Mark is an industrial engineer, born in Colombia and raised in Argentina, a place that is in deep need for the freedom crypto can offer the world. He is searching for projects that want to make a positive impact. Analytical and creative. Loves to travel around. Biggest holdings are Defichain, Ethereum and Solana.

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