Solana NFT marketplace Magic Eden expands to Ethereum Solana NFT marketplace Magic Eden expands to Ethereum
The platform said that it plans to provide multichain solutions for NFT collectors and creators and has launched several tools to make that possible.
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Updated: Aug. 2, 2022 at 9:47 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Solana’s (SOL) leading NFT marketplace Magic Eden has announced that it will now support Ethereum (ETH) NFTs on its platform, according to a press release shared with CryptoSlate.
The platform stated that it plans to provide multichain solutions for NFT collectors and creators and has launched several tools to make that possible.
These include Magic Eden List for whitelist and targeting audience, Magic Eden Launchpad with ETH/SOL compatibility, and Magic Eden Drop Calendar. In addition, the platform intends to launch more cross-chain trading analytics tools soon.
According to the press release, the first cross-chain NFT collectionย EZU will be launched in the coming weeks.
EZU is a sister project of Psychedelics Anonymous on Ethereum and will debut on the Solana-based NFT marketplace. Users will be able to mint in both SOL and ETH.
Zhuoxun Yin, the platform’s co-founder, said:
“Creators launching with Magic Eden will no longer have to face the difficult decision of choosing one chain over another at the cost of limiting their potential audience reach.”
Yin added that the Magic Eden List is a “white label marketplace solution” that addresses creators’ needs and is completely free.
Jack Lu, Magic Eden CEO, said:
“Launching collector tools like the cross-chain Magic Eden Drop Calendar will be the first step toward realizing that vision. The roll-out of cross-currency purchase support for SOL and ETH NFTs will build on our efforts.”
Magic Eden is the dominant Solana NFT marketplace, accounting for over 90% of the secondary NFT trades on the blockchain network. The marketplace has recorded around $2 billion in transaction volume.
However, Ethereum remains the largest NFT network. According to CryptoSlam, Ethereum NFTs had a sales volume of $535 million in July, while that of Solana NFTs was $56 million.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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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.
Ethereum
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
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.
