Is Magic Eden moving far from Solana, or just hedging their cross-chain bets? Regardless of intention, the NFT market that has actually functioned as the leading pet dog in Solana’s NFT community is including Polygon to the mix.
Previously, Magic Eden has actually just supported the previously mentioned Solana, and NFT leader Ethereum. Now, it includes another growing NFT chain to the mix.
Let’s have a look at the market’s statement and what it indicates for the NFT area at big.
Magic Eden’s Cross-Chain Move
Bitcoin maxi’s may object, however among the couple of old sayings in crypto is that “the future is cross-chain.” Magic Eden’s most significant effect has actually quickly been within Solana’s scope. Despite doing approximately one third of OpenSea’s regular monthly USD trading volume, the exchange’s dominant position in Solana has actually enabled it to really surpass OpenSea’s distinct active wallet count (according to DappRadar information).
While OpenSea now supports Solana, Magic Eden’s very first mover placing while Solana’s NFT development remained in primetime served the market well. While other Solana-based NFT markets exist, none come close to the stature and regard that Magic Eden has actually made.
Polygon, on the other hand, has actually seen significant development in the NFT area – however typically amongst whitelabeled work, with less traction in the ‘D2C NFT’ element that might be addressable now that Solana’s belief has actually cooled.
While Solana might effectively function as an ongoing staple in the NFT neighborhood, the momentum that let loose jobs like Okay Bears, DeGods, and even the late y00ts doesn’t rather feel as present as it was simply a couple of brief months earlier.
🪄 Do you think in magic? Well, we do 💜#Polygon invites ✨ @MagicEden ✨ to the fam!
The leading cross-chain NFT market is incorporating with Polygon network to speed up the advancement of interesting blockchain-based video games and international brand names going into #Web3. pic.twitter.com/6pe5qYqTNv
— Polygon – MATIC 💜 (@0xPolygon) November 22, 2022
Polygon (MATIC) is seeing significant NFT assistance following today's news revealing the chain's assistance on NFT market Magic Eden. | Source: MATIC:USD on TradingView.com
‘Making Magic’
The current headline-dominating news surrounding FTX and matching speculation around FTX and Alameda direct exposure to Solana is most likely not the driving element here for Magic Eden; the market has long stated that they preferred having multi-chain assistance, after all.
In addition to Polygon assistance, which will seek to reinforce Magic Eden’s broad NFT and GameFi market share, the NFT market released an endeavor arm, Magic Ventures, and continued growth of video gaming department Eden Games in current months as part of the platform’s effort to stimulate ongoing GameFi development.
Featured image from Pixabay, Charts from TradingView.com The author of this material is not associated or connected with any of the celebrations pointed out in this short article. This is not monetary recommendations.
This op-ed represents the views of the author, and might not always show the views of Bitcoinist. Bitcoinist is a supporter of imaginative and monetary liberty alike.
