Solana Unicorn Magic Eden Expands NFT Marketplace to Ethereum

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Decrypt
10w ago2022-08-02

In brief

  • Magic Eden, the most popular NFT marketplace on Solana, will add support for Ethereum beginning this month.
  • The startup, which was founded less than a year ago, was valued in June at $1.6 billion following its latest VC funding round.

Alongside an announcement of fresh VC funding in June that valued the startup at $1.6 billion, top Solana NFT marketplace Magic Eden said that it would explore multi-chain expansion in the coming months. Now we know that it’ll take on the biggest NFT market first: Ethereum.

Magic Eden today confirmed that its next blockchain addition will indeed be Ethereum, the network that hosts the vast majority of the most popular NFT collections and projectsand by far the largest market for NFT trading by volume.

Unlike with Solana, Magic Eden will aggregate Ethereum NFT listings from other marketplaces, with a representative telling Decrypt that it would be a "pure aggregator" on Ethereum with "no proprietary listings." That means that listed NFTs won't be held in escrow, which is currently the case for Magic Eden's Solana NFTs.

During the month of August, Magic Eden will begin rolling out Ethereum NFT support across its platform, including its launchpad (used to mint, or create, new NFT projects), its new list tool that lets projects create an “allowlist” of users for NFT mints, and its drop calendar that highlights notable upcoming NFT collectible launches.

The launchpad will add Ethereum support starting with EZU, a new profile picture project from the creators of Psychedelics Anonymous. Beyond those initial steps, Magic Eden will also conduct cross-currency trading tests that enable the purchase of Solana or Ethereum NFTs using ETH, SOL, or a credit card. Magic Eden plans to add multi-chain analytics tools as well.

An NFT is a blockchain token that can represent ownership in an item, such as digital goods including profile pictures, artwork, and collectibles. The NFT market exploded in popularity last year, generating $25 billion worth of trading volume, per DappRadar.

Ethereum and its various sidechain and layer-2 networks commanded the vast majority of that tally and that trend has continued into 2022. The platform plays host to notable projects like the Bored Ape Yacht Club, CryptoPunks, Art Blocks, and Axie Infinity, among others.