Solana NFT marketplace Magic Eden expands multichain vision with Polygon integration Solana NFT marketplace Magic Eden expands multichain vision with Polygon integration
Magic Eden announced plans to deploy on Polygon in a bid to increase cross-chain exposure opportunities.
2 min read
Updated: Nov. 23, 2022 at 8:24 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Leading Solana NFT marketplace Magic Eden recently announced plans to deploy on Polygon as part of its multichain strategy.
Once integrated, Magic Eden will be available on three different blockchains, with Ethereum making up the other offering.
A Magic Eden blog post explained the team is “open to all the possibilities that innovation brings.” When tied with the overall goal of growing the NFT industry as a whole, a multichain policy makes sense for the broadest possible exposure.
“We believe Magic Eden will be the default destination for creators and collectors on web3. In the long run, people will flock to Magic Eden not because of a specific chain, but simply because they love NFTs.”
Polygon has great symbiosis with Magic Eden
By the year’s end, Magic Eden will start integration by commencing Polygon’s Launchpad program. In tow are several launch partners, including Kakao Games, Intella X, nWay, Block Games, Boomland, Planet Mojo, and Taunt Battleworld.
In clarifying why it chose Polygon over other options, the firm said Polygon has a strong track record in onboarding global brands, adding that this complements its vision to bring NFTs to the masses.
Also, with plans to expand its Web3 gaming strategy and Polygon already having a solid roster of Web3 gaming projects enlisted, Magic Eden said the partnership would help accelerate its push for the gaming sector.
“Polygon is already home to some of the biggest Web3 gaming projects, including Sandbox, Atari, Skyweaver, Midnight Society, Metalcore, Wildcard, and Zed Run.”
Solana developer sentiment
Recent events have called into question the Solana blockchain as a going concern. Being heavily backed by the defunct FTX exchange, the price of SOL suffered greatly versus non-related projects, with peak-to-trough losses coming in at -72%.
@analyticalali, an Engineer at crypto VC firm Reciprocal Ventures, recently surveyed 107 Solana developers to gauge sentiment toward the project post-FTX-collapse.
Survey Questions:
1. How are you feeling about Solana?
2. Are you deploying on any other chains?
3. Developer Solana NPS
4. Consumer Solana NPS
5. Developer experience of building on Solana?
6. Was your team directly impacted by FTX?— Ali 🥐🧁 (🦇🔊) (@analyticalali) November 23, 2022
In response to question 1 above, he discovered that the majority, 50.5% of respondents, are not leaving Solana, with only less than 3% intent on switching chains due to the fallout.
Interestingly, regarding question 6, 72% of respondents said FTX did not impact them as they had no exposure. The subsequent most significant response to the question revealed that 15% of respondents were affected by funds held on the bankrupt exchange.
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Polygon
$0.48276
Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
Magic Eden
Magic Eden is a multi-Chain NFT marketplace, pushing boundaries on Solana, Ethereum, and Polygon and driving the next billion users to Web3.