Is Magic Eden moving away from Solana or just hedging his cross bets? Whatever the motive, the NFT market which has been the top dog in Solana’s NFT ecosystem is adding Polygon to the mix.
Previously, Magic Eden only supported Solana and NFT leader Ethereum. Now he’s adding another growing NFT chain to the mix.
Let’s take a look at the market announcement and what it means for the NFT space as a whole.
Magic Eden cross movement
Bitcoin maxi’s might object, but one of the few old sayings in crypto is that “the future is cross-chain.” Magic Eden’s biggest impact has easily been within Solana’s reach. Despite accounting for about a third of OpenSea’s monthly USD trading volume, the exchange’s dominant position in Solana has allowed it to exceed OpenSea’s unique number of active wallets (according to DappRadar data).
While OpenSea now supports Solana, Magic Eden’s prime mover positioning as Solana’s NFT growth was in prime time has served the market well. While there are other Solana-based NFT marketplaces, none come close to the stature and respect that Magic Eden has earned.
Polygon, meanwhile, has seen substantial growth in the NFT space – but generally among white-label works, with less traction in the “D2C NFT” aspect that might be addressable now that Solana sentiment is waning. is cooled.
While Solana could very well serve as a staple in the NFT community, the momentum that sparked projects like Okay Bears, DeGods, and even the latest y00ts doesn’t feel as present as it did just a few months ago. .
— Polygon – MATIC 💜 (@0xPolygon) November 22, 2022
Polygon (MATIC) is seeing major NFT support following this week's news announcing the chain's support on NFT marketplace Magic Eden. | Source: MATIC:USD on TradingView.com
“To do magic”
The recent news dominating the headlines regarding FTX and the corresponding speculation surrounding FTX and Alameda’s exposure to Solana is probably not the driving factor here for Magic Eden; the market has long said it wants multi-channel support, after all.
In addition to Polygon backing, which will seek to bolster Magic Eden’s large NFT and GameFi market share, NFT Market has launched a venture capital arm, Magic Ventures, and continued to expand the Eden Games gaming division. in recent months as part of the platform’s efforts to drive GameFi’s continued growth.
Featured image from Pixabay, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
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