Magic Eden announced plans to integrate with the Polygon network, enabling the marketplace to work with strategic IP owners, world-class game developers and emerging creators in the Polygon ecosystem.
This news comes shortly after Magic Eden launched Magic Ventures, a new fund that will focus on investments in blockchain gaming and promising gaming infrastructure.
Today, we're continuing our multi-chain vision by adding Polygon as our 3rd chain!
We can't wait to partner w/ world-class game developers, creators, & everyday brands joining web3.
Read more: https://t.co/hOCiGXOhji
Our launch partners 👇🏼 pic.twitter.com/93Uak9fYih
— Magic Eden 🪄 (@MagicEden) November 22, 2022
In July, it also launched its in-house gaming division, Eden Games, as the platform expands into blockchain gaming.
Magic Eden’s integration with Polygon
Magic Eden’s integration with Polygon will support a number of releases from world-class game developers, including BORA, backed by Kakao Games, Block Games, IntellaX, nWay, Boomland, Planet Mojo and Taunt Battleworld.
“Our expansion to Polygon is really exciting for two reasons: firstly, we have always envisioned a multi-channel future for Magic Eden, and this brings us closer to uniting a wider audience that loves NFT. Second, given Polygon’s popularity among game developers as a low-cost EVM-compatible blockchain, the integration of Polygon will further cement Magic Eden as the web3 gaming platform of choice,” said Zhuoxun Yin, co-founder and COO of Magic Eden. “Game developers will now have the ultimate choice on Magic Eden; we can invest, launch collections, increase game activity and drive user acquisition for developers building on Polygon with Magic Eden.”
Best known as Solana’s main NFT marketplace, Magic Eden has since become a multi-chain platform by expanding to the Ethereum blockchain in August. The multi-chain’s expansion to Polygon comes as the Solana blockchain faces an uncertain future as the value of its native token, SOL, has plummeted more than 50% after one of the blockchain’s largest backers, FTX, collapsed in recent weeks.
Magic Eden’s integration with Polygon will focus first on providing tools to creators, including a MATIC (Polygon’s native token) enabled Launchpad and Marketplace that will debut later this year.
“With only a short time on the market, Magic Eden is known for its ability to bring new functionality to the product and address pain points seen by creators and collectors. Magic Eden has also proven to listen to the needs of game developers and we are pleased that it will be working closely with Polygon’s gaming partners to support the growth of the Web3 gaming ecosystem,” said Polygon co-founder Sandeep Nailwal
The choice of Polygon, according to Yin, is due to two main reasons. He said it was due to Polygon’s growing adoption rate by web2 brands and also its potential as a large-scale web3 gaming platform.
Magic Eden has averaged 10 million unique users per month since it went live in September 2021.
It also records more than 20,000 NFT sales per day, despite the market downturn.
The company raised $130 million in June, bringing its valuation to $1.6 billion.
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