Magic Eden (decentralized NFT buying and selling platform), the leading Solana NFT marketplace, has stated that it intends to offer multichain solutions for NFT creators. Moreover, it also intends to support its collectors and has already introduced a number of tools to that end.
According to a press release, Solana’s (SOL) premier NFT marketplace Magic Eden has announced that Ethereum (ETH) NFTs will now be supported on its platform. It will start in August 2022.
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Magic Eden has Announced its Support for Ethereum NFTs
Magic Eden, an NFT marketplace, has announced that it will begin supporting Ethereum in August 2022. The platform previously stated that it would investigate multi-chain growth in the coming months. Magic Eden would aggregate Ethereum NFT listings from various markets. It intends to become a pure aggregator on Ethereum without any proprietary listings.
Magic Eden (a decentralized platform for buying and selling NFTs) will begin implementing Ethereum NFT support across its platform in August. It will include its launchpad. Moreover, a new list tool allows projects to create an “allowlist” of users for NFT mints.
What is the Reason for This?
Magic Eden would be able to integrate Ethereum NFTs into its platform due to this development. The company claims that with such integration, it will be able to offer Ethereum NFT developers the same “go-to-market” benefits as Solana users. Furthermore, Magic Eden intends to provide creators and collectors with multi-chain options. This would allow creators to establish NFT projects more quickly and access more funds.
Competition in the NFT Market is Heating Up
A non-fungible token (NFT) is a blockchain currency that may be used to represent ownership of digital assets like profile photographs, artwork, and collectibles. According to DappRadar, the NFT market’s popularity soared last year, reaching $25 billion in trading volume. Magic Eden is a decentralized NFT buying and selling platform that allows users to buy, sell, and trade unique digital assets.
Moreover, it wants to create an environment where the cultural, social, and connectivity utilities of NFTs can be shared across blockchains. Perhaps, by leveraging the Ethereum and Solana blockchains’ exponential growth. As we all know, Solana, a public blockchain platform with smart contract functionality, began as a rapidly growing option network for NFTs. The reason could be because it has lower costs and faster transaction speeds.
Furthermore, fewer negative environmental effects than Ethereum currently has also caused lower costs. However, significant projects such as Okay Bears, DeGods, and Solana Monkey Business have all debuted on Solana since the end of last year, according to CryptoSlam.
With both markets ready to battle on the Ethereum and Solana fronts in the coming months, watching if the fevered rhetoric is finally matched by multichain sales rivalry will be fascinating.
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