By
Bena Ilyas
April 22nd, 2024
OpenSea moved to Solana back in April, and now Magic Eden is returning the favour by moving to Ethereum.
Magic Eden, the leading non-fungible token (NFT) marketplace on Solana is leaving no stones unturned in its quest to become the number one abode of digital creators. On Tuesday, the platform announced it will not serve as a Solana-only platform anymore, integrating the Ethereum NFT ecosystem into its offering.
Magic Eden to Offer Competitive Products to Ethereum NFT Creators
With no intentions to discriminate, Magic Eden is looking to create a marketplace for Ethereum NFT creators, that offers similar “go-to-market” benefits as the one for its Solana creators as well. These include its whitelisting tools, minting toolkit, and its 24/7 marketing support.
Additionally, Magic Eden is also planning to launch a new product aimed at bolstering cross-currency trading. That is, users will be able to purchase either of the Solana and Ethereum NFTs in the native currency of their respective blockchains.
Speaking about the integration, Magic Eden co-founder Zhuoxun Yin says:
“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.”
Yin also believes that they know exactly what creators are looking to get from marketplaces. And he is optimistic about the future.
More Expansion Plans to Come
The integration of Ethereum NFTs is a push by Magic Eden to establish itself as the leading NFT marketplace in the world. As it is, data from DappRadar confirms that the platform is already the leader as far as Solana-based NFTs are concerned. In fact, Magic Eden hosts over 90% of trades in that clime.
But OpenSea NFT marketplace itself is a major force to reckon with in the space. OpenSea also displays dominance in the ETH ecosystem. Interestingly, it also supports the Solana, Polygon, and Tezos blockchains. Interestingly, Opensea moved to Solana back in April, and now Magic Eden is returning the favour by moving to Ethereum.
Nonetheless, the platform also confirms that it has plans to add support for two more blockchains in the long run. Although, those will not happen anytime soon. Notably, though, it has occasionally toppled OpenSea in sales volumes and total transactions in the past. Either way, both marketplaces are now set to contend with each other on both the Ethereum and Solana fronts.