Magic Eden has launched its campaign to take on OpenSea. The leading Solana-based NFT marketplace has announced its expansion to the Ethereum blockchain.
The community-focused NFT marketplace recently raised $130 million at a valuation of $1.6 billion. At the time, Magic Eden said that part of the funds will be used for expansion to new blockchains, including Ethereum.
On the other hand, OpenSea’s most recent fundraising valued the leading NFT marketplace at $13.3 billion. It’s going to be a tall order.
Magic Eden is not here to take part,
They are here to take over 😈
In today's issue we breakdown the @MagicEden Ethereum adoption announcement
+ @psychedelic_nft 's sister project @ezu_xyz crosschain SOL/ETH launch
A must-read article below ↯https://t.co/7bCMuNHQXf
— The Drop (@thedropnft) August 2, 2022
But with Magic Eden accounting for more than 90% of NFT transaction volume on Solana, and more than $2 billion in total transaction value accounted for, this could prove to be an interesting battle.
Magic Eden COO Zhuoxun Yin told TechCrunch in June that the community-first NFT platform “had some catching up to do” when it first launched on Solana. What happened thereafter is known.
Magic Eden is ramping up its Web3 campaign, which includes, among other verticals, gaming. The company last month launched Magic Ventures, a unit that will focus on gaming NFT investments.
And last week it partnered with Genopets to launch the first semi-fungible token (SFT) marketplace with tradable in-game items.
This announcement sets things in motion for the integration of two of the largest blockchains for non-fungible tokens, creating the perfect environment for feature-rich multi-chain experiences for creators and collectors.
Magic Eden seeks to leverage the rapid growth of both blockchains witnessed over the past 18 months to create an ecosystem where the social, cultural and connectivity utilities of NFTs can be shared across blockchains.
The platform aims to offer multi-chain solutions for both creators and collectors. This should enable creators to launch NFT projects seamlessly and, at the same time, access more liquidity.
On the other hand, collectors will be able to discover new communities that give them access to a rich network of cultures in the Web3 space.
Magic Eden’s announcement comes four months after OpenSea unveiled plans to integrate Solana’s NFTs into its platform.
So while Magic Eden is moving for a piece of the Ethereum blockchain’s NFTs, OpenSea is a few months ahead of the curve with its plans for Solana NFTs.
However, Magic Eden is banking on its excellent relationship with creators in Solana to help attract ETH NFT creators.
“To expand Magic Eden’s relationship with ETH NFT creators, the platform will build on its track record of delivering best-in-class NFT launch support,” the company wrote in a press release Tuesday.
OpenSea’s support has been criticized on multiple occasions, as hackers often attack the community, and approved NFTs are often flagged for experiencing “suspicious activity.”
Magic Eden said EZU, a sister collection of the popular ETH project Psychedelics Anonymous, will be the first ETH project to appear on its cross-chain platform. Users will be able to mint EZU in both SOL and ETH.
Commenting on the announcement of the expansion to the Ethereum blockchain, Yin said, “Through our cross-chain Launchpad, creators will unlock a new set of audience through which they can amplify and grow their projects, as well as tap into additional sources of liquidity. Creators launching with Magic Eden will no longer be faced with the difficult decision of choosing one chain over another at the cost of limiting their potential audience reach. Web3 is a place to share knowledge and evolve together.
Jack Lu, CEO and co-founder of Magic Eden, commented, “We believe in a collective NFT community that exists across multiple networks. The launch of collection tools such as the Magic Eden Drop Calendar [a feature that gives users a holistic view of upcoming coins in the NFT ecosystem] across all chains will be the first step in realizing that vision. The launch of cross-coin purchase support for SOL and ETH NFTs will build on our efforts.”
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