Solana based NFT Marketplace Magic Eden expands its user friendliness by adding Polygon as third Layer 1 Blockchain

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Magic Eden - a Solana based NFT Marketplace

NFT Solana Spaces at Hudson Yards, New York
Preface by Silke Brand |

Polygon-based NFTs will now be supported on the Magic Eden platform. Solana marketplace Magic Eden announced Polygon as the third blockchain on the platform in a bid to continue its multi-chain vision. Earlier this year, the project went multi-chain, first releasing its marketplace on the Ethereum blockchain in August. Polygon’s expansion was largely driven by Magic Eden’s desire to work with gaming projects.

Magic Eden is the most popular and most user-friendly NFT marketplace on the Solana blockchain. Launched on September 17 of 2021, it was created as a marketplace competitor that could act as a home base for NFT collections on SOL. Buying and selling are easy with its fast processing times, strong security, and a number of compelling features.

In the following article Abiodun Oladokun from AmbCrypto writes about the newest development on the Magic Eden marketplace.

Leading NFT marketplace Magic Eden took a step further in its multi-chain expansion as it announced support for non-fungible tokens (NFT) minted on Ethereum scaling Layer 2 blockchain Polygon. 

While native to the Solana blockchain, Magic Eden went cross-chain in August when it launched its launchpad and marketplace on the Ethereum blockchain. With the polygon integration, Magic Eden plans to reveal a launchpad and marketplace by next month.

On the decision to support Polygon-based NFTs, Zhuoxun Yin, the co-founder, and CEO of Magic Eden, in a press release said,

“Our expansion to Polygon is really exciting for two reasons: first, we’ve always envisioned a cross-chain future for Magic Eden, and this brings us closer to uniting a broader audience who love NFTs… Second, given Polygon’s popularity amongst game developers as a low-cost EVM-compatible chain, integrating Polygon will continue to cement Magic Eden as the go-to Web3 gaming platform. Game developers will now have the greatest optionality on Magic Eden; we can invest, launch collections, power in-game activity, and drive user acquisition for developers building on Polygon with Magic Eden.”

Zhuoxun Yin – Co-Founder and CEO of Magic Eden

In the past few months, the Layer 2 scaling blockchain has made the news for partnerships with leading companies such as Nike, Coca-Cola, Disney, and even tech giant Meta. 

Per data from NFTs data analytics platform CryptoSlam, the year so far has been marked by a decline in sales volume for Polygon-based NFTs. This is off the back of the general decline that has plagued profile-picture (PFP) NFTs since the year started. 

According to data from CryptoSlam, between January and October, Polygon-based NFTs sales volume dropped by 74%. For context, in January, the sales volume for Polygon-based NFTs totaled $50 million. However, by the end of October, only $13 million Polygon-based NFTs were sold. 

Interestingly, in the last 30 days, NFT sales volume on Polygon exceeded the total sales recorded on both Ethereum and Solana blockchains. While NFT sales volume climbed by 34% on Polygon, it rallied by 31% on Ethereum and fell by 16% on Solana, data from CryptoSlam revealed. 

Source: CryptoSlam

That said, Polygon’s native coin MATIC saw a positive price rally in the last 24 hours. According to data from CoinMarketCap, the alt’s price went up by 8%. In addition, the trading volume also grew by 36%. 

This represented a good attempt at recovery following the fallout caused by the sudden collapse of cryptocurrency exchange FTX. 

Via this site.