The NFT market might be chaotic right now, but investors aren’t giving up. There will always be a way to survive a crisis and that’s what magic eden did to boost their blockchain development. In a recent report, Magic Eden collaborated with crypto network Polygon to support NFT assets minted on Polygon.
Magic Eden was launched in 2021 and is now one of the popular NFT market platforms in the NFT space. They announced their support for Ethereum-backed digital assets in August 2022.
According to Magic Eden co-founder Zhuozun Yin, they chose Polygon for several reasons: its rapid growth in adoption from other major Web2 brands and its potential for large-scale play through the metaverse platform. Additionally, Polygon has faster and cheaper transaction fees than the Ethereum mainnet, which is very ideal for large digital assets.
Magic Eden aims to provide tools for creators using Polygon (via the dashboard using ‘MATIC’ Polygon’s native token) and a market no later than December 2022. It also appears that the launchpad has already caught the attention of publishers and game developers such as Kakao Games, nWay, IntellaX, Boomland, Block Games , Taunt Battleworld and Planet Mojo.
Currently, Polygon has tens of thousands of decentralized blockchain applications and over 1.9 billion transactions processed, holding over 174 million unique user addresses and $5 billion in secure assets.
As Magic Eden expands into Polygon, they expect to attract more audiences, developers, and publishers and give them a safe place to trade assets for their games.
Crypto Markets Still Face a Big Drop After the FTX Crisis and it would really take months or even years for other crypto markets to recover. But on the bright side, it could bring a faster recovery as the crypto markets start to work together.