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We are all aware that Magic Eden is one of the most popular and hence the largest NFT marketplace on Solana. At the beginning of this year, the project transitioned to using multiple chains, and in August, it released its marketplace on the Ethereum blockchain.
Following the successful integration of Solana and Ethereum, Magic Eden has moved on to the next blockchain: Polygon. Polygon is a Proof-of-Stake sidechain that operates in parallel with Ethereum, making it possible for Ethereum-based apps to conduct transactions at a lower cost.
Over the past few months, the layer 2 scaling blockchain has been in the news thanks to its partnerships with industry-leading corporations like Nike, Coca-Cola, Disney, and even the massive technology company Meta.
The co-founder and chief operating officer of Magic Eden, Zhuoxun Yin, was quoted in TechCrunch as saying, “We are pleased to merge with Polygon and continue our pursuit of a multichain future for Magic Eden.” “We are continuing to remove any chain-specific restrictions and open NFTs to the masses by enabling this integration,” said the company in a statement.
The purpose of the expansion is to provide Magic Eden with the capability of supporting the ecosystem of game developers and creators within Polygon. Some of the most notable web3 game projects and publishers are hosted on the Polygon network. These include Ubisoft, Atari, Animoca Brands, Decentraland, and Sandbox.
According to the information on its website, the Polygon network currently supports over 37,000 decentralized apps (dApps) and has handled around 1.8 billion total transactions. Therefore, the expansion with Polygon might provide Magic Eden the capacity to tap into its environment, and Polygon might give Magic Eden the ability to tap into Magic Eden’s ecosystem.
Soon after its introduction to the public in September 2021, Magic Eden experienced a surge in popularity. According to the firm, even during a market slump, it still sees more than 20,000 NFTs traded daily and has approximately 10 million unique user sessions monthly. In addition, Magic Eden raised $130 million in June, boosting the company’s total valuation to $1.6 billion.
To this day, Magic Eden’s platform has a cumulative non-fungible token trade volume of more than $2.5 billion.
According to the data, the total number of sales of NFTs has fallen every month since April, indicating that the market for these assets has not been expanding recently. Furthermore, the statistics demonstrated that Ethereum NFT sales volume climbed by almost 26% over the previous month, whereas Solana NFT sales volume decreased by roughly 20%.
During that period, the volume of NFT sales on the Polygon blockchain increased by 71%, outperforming the Ethereum and Solana blockchains.
Since former FTX CEO Sam-Bankman Fried was a big backer of the SOL coin, the Solana network was also affected by the fall of FTX. Since the price of SOL has dropped by approximately 58% over the previous month, there is a strong argument in favor of expanding the NFT platform to include alternative blockchain networks.
Despite varying views over eliminating royalty payments, the incorporation of Polygon NFTs can assist in bringing back more trading activity to the platform.