Magic Eden NFT Marketplace Adds Polygon to Supported Chains, Targets Web3 Games by DailyCoin

The leading NFT marketplace Magic Eden has announced that they are integrating the Polygon network into their list of supported chains. The cross-chain NFT marketplace aims to catalyze the development of exciting games and global brands transitioning to Web3 to welcome the next wave of users into the metaverse.

Magic Eden has previously supported and Ethereum-based NFTs on its marketplace. Following the announcement, the NFT marketplace will welcome Polygon’s Web3 gaming sphere to its marketplace for millions of users.

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1/ @0xPolygon @MagicEden Today we continue our multi-chain vision by adding Polygon as our third chain! We look forward to working with world-class game developers, creators and everyday brands joining web3. Read more: launch partners pic.twitter.com/93Uak9fYih

— Magic Eden (@MagicEden) November 22, 2022

Laying the foundation for Web 3.0

Polygon is undeniably one of the most efficient scaling solutions for the blockchain. The network valiantly supported Ethereum during the DeFi boom. This was when Ethereum’s scalability issues, such as high gas fees, low throughput, and slow transactions, were at their peak.

Polygon quickly rose in popularity by working alongside Ethereum during the NFT craze, providing a low-fee, high-speed network for transacting on Ethereum. Today, it is home to some of the best Web3 game projects and developers, including Ubisoft, Atari, Animoca Brands, and Decentraland.

Magic Eden’s expansion into Polygon will enable the cross-chain NFT marketplace to work closely with strategic IP owners, world-class game developers and upcoming artists. The NFT market claims to be pursuing a multi-chain future, making the inclusion of Polygon’s colorful ecosystem a milestone.

Starting from Solana and first crossing with Ethereum, Magic Eden has set a precedent for its vision. The NFT marketplace has successfully launched over 20 projects and collected over 5,000 ETH tokens since integrating Ethereum.

Magic Eden’s entry into Polygon will start with a launchpad and marketplace, both of which will go live next month.

Leading Web3 game developers like Cocoa game, IntellaX, Boomland, Block games, Planet Mojo, Taunt Battleworld, and more are set to debut on the Magic Eden Polygon Launchpad. The projects can benefit from Magic Eden’s industry-leading distribution, marketing strategy and expertise, project planning and Web3 network and community.

Then, once the launchpad is live, Magic Eden kickstarts its MATIC-compatible NFT marketplace. It will benefit creators and artists through enforced royalties and innovative revenue mechanisms. In addition, the NFT marketplace has announced the rollout of additional Polygon support for NFTs. These include Magic Eden List, Magic Eden’s audience targeting and whitelisting tools, Drop Calendar and analytics tools that can optimize NFT discovery and trading.

“We’ve seen NFTs reach a cultural tipping point across chains and are excited to further support it with our Polygon integration,” said Jack Lu, co-founder and CEO of Magic Eden. “The Polygon network’s collaboration with some of the most recognized businesses and IPs, combined with its affordable, high-speed protocol, will allow us to further expand our mission to onboard new users to Web3 by allowing creators to reach digital communities and develop highly playable game.”

On the other side

• Magic Eden’s identification process has a history of being exploited. The platform experienced a number of high-profile carpet moves earlier this year, with projects such as ‘The king of chess‘ and ‘Balloonsville‘ eventually turned out to be a scam, swindling over $600,000 from investors and exposing significant flaws in their policies.
• Magic Eden was embroiled in a controversy last month. Degen Town, an NFT collection of vibrantly colored humanoids heavily promoted by the platform, was reportedly hacked, draining users’ wallets. However, the NFT marketplace later announced that it was refunding users’ funds in partnership with Hello Moon, a Solana-based DeFi and NFT analytics platform.

Why you should care

Magic Eden aims to build a hub where creators and collectors can meet in Web3. The NFT market envisages an open and interoperable economy across chains. The cross-chain marketplace believes in accommodating all users and giving them opportunities and freedoms, regardless of which network or chain these projects are hosted on.

Magic Eden’s expansion to Polygon will be a monumental step in uniting projects from Solana, Ethereum and other future chains. Projects no longer have to limit themselves to the audience in one chain when launching on Magic Eden. Conversely, collectors on the platform can access more opportunities and options on another platform.

Web3 is an open, shared, limitless space with endless possibilities. Web3 projects should keep that in mind when building, as the lines of individuality blur in this space.

Magic Eden’s Latest Controversy:

Magic Eden begins refunding wallets affected by the Degen Town Drain

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