Magic Eden, the leading NFT marketplace platform on Solana, said that it will start encroaching on the Ethereum blockchain, which will become a fierce competitor of Opensea.
Magic Eden will appear on Ethereum
According to CoinDesk, the #1 NFT marketplace platform on Solana, Magic Eden, will soon support NFTs on Ethereum, becoming a direct competitor to OpenSea.
Magic Eden will provide the same benefits to NFT artists on Ethereum as Solana, including NFT creation and deployment tools, marketing support, and whitelisting.
The exchange is also preparing to launch a product that will allow users to buy NFTs of Ethereum and Solana with each blockchain’s own currency.
“We don’t think winning on ETH will happen overnight. We are entering the market with humility and are prepared to build for a long while,(…). With that being said, we have a strong conviction for our hypothesis on what NFT creators and collectors need from their marketplace.”Zhuoxun Yin, co-founder of the platform, told CoinDesk
The integration marks the company’s latest push for the top spot in the growing kingdom of NFT marketplaces. Magic Eden is the current kingpin of Solana digital collectibles, hosting more than 90% of the ecosystem’s trades, according to data from DappRadar.
Magic Eden raised a $130 million Series A in late June at a $1.6 billion valuation, on par with OpenSea’s $100 million Series B at a $1.5 billion valuation raised in July 2021.
Despite its funding timeline being behind OpenSea’s, Magic Eden has at times topped OpenSea’s marketplace in total transactions and sales volume.
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