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NFT Exchange Magic Eden Expands to Ethereum
The leading Solana-based non-fungible token platform is taking another swing at OpenSea and embracing Ethereum’s top-heavy NFT ecosystem.
By Eli Tan
Updated May 11, 2023, 5:34 p.m. Published Aug 2, 2022, 4:03 p.m.
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Non-fungible token (NFT) marketplace Magic Eden is going multi-chain, on Tuesday integrating Ethereum-based NFTs into its previously Solana-only platform.
The marketplace said it will offer the same “go-to-market” benefits for Ethereum NFT creators as it does for its Solana users, including its popular minting toolkit, whitelisting tools and marketing support.
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The company is also prepping a “cross-currency trading product” that will allow users to purchase both Ethereum and Solana NFTs in either blockchain’s native currency, along with its own cross-chain analytics dashboard.
“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," Zhuoxun Yin, co-founder of Magic Eden, told CoinDesk. "With that being said, we have a strong conviction for our hypothesis on what NFT creators and collectors need from their marketplace."
Marketplace rivalry
The integration marks the company’s latest push for the top spot in the growing kingdom of NFT marketplaces. Magic Eden is the current kingpin of Solana digital collectibles, hosting more than 90% of the ecosystem’s trades, according to data from DappRadar.
OpenSea is Magic Eden’s Ethereum counterpart, touting a similar dominance within its respective ecosystem. Though OpenSea is most known for its ETH trading, its marketplace also supports Solana, Tezos and Polygon blockchains.
Magic Eden raised a $130 million Series A in late June at a $1.6 billion valuation, on par with OpenSea’s $100 million Series B at a $1.5 billion valuation raised in July 2021.
Despite its funding timeline being behind OpenSea’s, Magic Eden has at times topped OpenSea’s marketplace in total transactions and sales volume.
Whether the integration will move the needle for ETH communities looking to jump ship from OpenSea remains to be seen. NFT communities typically remain loyal to individual marketplaces despite invitations from new platforms, as seen with Magic Eden’s community only growing after OpenSea announced Solana support earlier this year.
A Magic Eden representative told CoinDesk the company has "more than two chains planned in the long run," though no new integrations will be announced in the near future.
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