Magic Eden, the top NFT marketplace on Solana, now rivals OpenSea as a multi-chain marketplace as Ethereum support will be rolled out in the coming weeks. With Magic Eden’s aggressive move, the different cultural and connective utilities between two of blockchain’s largest NFT communities meet, which ME claims to pave the way for the next billion users to enter the blockchain.
Magic Eden Becomes a Multichain Platform with Solana x Ethereum
Magic Eden’s first supported blockchain, Solana, accumulated a total trade volume for NFT transactions worth $2 billion. Solana has had a booming NFT ecosystem for almost a year thanks to the different advantages it provides: lower fees, faster transactions, negligible carbon footprint, and more smart contract flexibility to some degree. Some remarkable NFT projects were also launched here, including DeGods, Trippin’ Ape Tribe, and Okay Bears.
Today, Magic Eden confirms its plan to add Ethereum, a global decentralized network, into its platform. The project team emphasizes that Magic Eden will serve as a pure aggregator for Ethereum NFTs, adding that no listings will be transferred to an escrow wallet, unlike with its Solana NFTs.
Will Solana NFT listings remain in ME custody for a while? Magic Eden has been recently criticized for its “web2” upgrades.
The integration of these two powerful blockchains, Solana and Ethereum, provides a unified experience for the community and serves as a way for Solana-native NFT creators to widen their reach. During this month, Magic Eden will begin to make Ethereum available on its platform with additional features provided, such as the list tool, launchpad, and drop calendar.
The ETH Roadmap of Magic Eden
Magic Eden is committed to its long-term mission, mass adoption, which it plans to achieve by covering the ecosystem broadly. Ethereum is only one of the L1 blockchains it intends to work on, and there can be many mistakes along the way. Still, the team holds on to its promise of listening to the community and improving from the provided feedback. With this in mind, Magic Eden carries on its solution of offering creators and collectors the support they need through its ETH roadmap:
Phase 1: Discover and Trade ETH Collections
- Magic Eden List – a free whitelist and raffle tool will be made available on the platform that supports both SOL and ETH collections, allowing the community to reach more audiences and launch projects smoothly;
- Drop Calendar – a tool for NFT enthusiasts who love to know launches on ETH;
- Buying SOL NFTs with ETH – allows users to buy SOL NFTs with ETH, and credit cards are planned to come next;
- ETH Private Beta – enabling collectors to find and purchase ETH NFTs using ETH, SOL, or a credit card;
Phase 2: Launch New ETH Collections
- Launchpad – lets the community mint or create new NFT Ethereum-based projects.
Phase 3 & Beyond: More Surprises in Store
Magic Eden is currently on its way to establishing long-term partnerships with ETH’s top collections that would bring a better experience and value for all NFT creators and collectors.
EZU: The First Native ETH Project
The first ETH collection on Magic Eden is EZU, which will be available on its launchpad in mid-August this year. EZU is a sister project to Psychedelics Anonymous and can be minted in either $ETH or $SOL. ETH creators will receive the same full-service NFT minting support from Magic Eden, which has launched countless top-performing SOL collections that perform well even post-mint. Trippin’ Apes and Okay Bears are prime examples.
Magic Eden is currently positioned to create significant developments in the Web3 space, which became more evident with its new announcement of welcoming Ethereum into the platform, transforming itself into a multichain marketplace.
We are honored to be the destination that will bring the next wave of users into the Web3 movement.
Jack Lu of Magic Eden.
Meanwhile, OpenSea has yet to react to its new unicorn of a competitor attempting to eat up its market share. This also appears to be ME’s response to OpenSea’s recently launched support for Solana NFTs last April 7 and its recent Solana launchpad, where its first Solana launch didn’t sell out.
Join our newsletter as we build a community of AI and web3 pioneers.
The next 3-5 years is when new industry titans will emerge, and we want you to be one of them.
Benefits include:
- Receive updates on the most significant trends
- Receive crucial insights that will help you stay ahead in the tech world
- The chance to be part of our OG community, which will have exclusive membership perks
