Polygon NFTs are coming to Magic Eden
Magical Eden recently added support for NFT trading on Polygon network, a move that will increase the ability to work with game projects on the network.
In fact rather than just acting as a place for NFT trading, the company wants to expand and exploit the new niche of blockchain games on Polygon.
Polygon integrated into Magic Eden: here’s how it will work
The news was reported on Twitter by The blockits official account:
Magic Eden extends NFT support to Polygon network
— The Block (@TheBlock__) 22 November 2022
“Magic Eden Extends NFT Support to Polygon Network.”
As we know, Magical Eden is the largest NFT marketplace on Solana by trade volume. Earlier this year, the project became multi-chain, and launched its marketplace on Ethereum blockchain in August.
Polygon is now the third blockchain that Magic Eden has integrated after Solana and Ethereum. Polygon, a Proof-of-Stake sidechain running parallel to Ethereum, enables cheaper transactions for Ethereum-based applications.
By leveraging Polygon, the Magic Eden team noted that it can support game developers who want to integrate NFTs. Actual, Zhuoxun Yinco-founder of Magic Eden, said:
“Given Polygon’s popularity among game developers as an affordable EVM-compliant chain, the integration of Polygon will continue to strengthen Magic Eden as the premier Web3 gaming platform.”
In addition, Yin said that by offering this integration, Magic Eden continues to remove all chain-specific barriers and open up NFTs to the masses.
Magic Eden also explained that it plans to work with game publishers in the Polygon ecosystem through a new launch pad. In fact, several game publishers, including Bora, IntellaX, nWay, Block Games, Boomland, Planet Mojo and Taunt Battleworld, have agreed to release NFT-based game projects on Polygon via Magic Eden’s launch pad.
Launchpad, marketplace and more
Yin, after Magic Eden’s entry into Polygon, introduced the news:
“Our addition to Polygon will include a launch pad and marketplace, both coming next month and simplifying the process for NFT creators and collectors.”
Crypto launchpads are also known as crypto incubators and are platforms that make it possible to create Web3-centric projects within a designated blockchain network.
In Magic Eden’s case, the NFT market launch is a cross-chain on Solana, Ethereum, or both and is responsible for 90% of all Solana-based NFT trading volume, according to the site.
The integration will focus on providing tools to creators, including a launch pad and marketplace linked to Polygon’s original token, MATICaccording to a statement.
Game developers such as BORA, backed by Kakao Games, IntellaX, nWay, Block Games, Boomland, Planet Mojo and Taunt Battleworld, have already committed to the Magic Eden launch pad with Polygon.
In the long term, the partnership between Magic Eden and Polygon aims to bring more game developers and NFT games to the market, Yin said.
So far, Magic Eden has brought more than 100 games to market through the Solana and Ethereum Level 1 blockchains. Moreover, although it is still in the early stage of mass adoption for blockchain games, Magic Eden is strongly determined towards its goals.
Polygon: the ultimate goal is to make NFTs available to the masses
Today, Polygon is among the twenty cryptocurrencies with the highest market capitalization, which at the time of writing is close 13.2 billion dollars.
In addition, Polygon has recently made headlines for partnering with non-crypto native companies such as Instagram, Stripe, Disney, Starbucksand Robin Hood to integrate Web3 technology in businesses.
Yin stated:
“The integration will allow us to integrate more global brands and new users into the NFT market while continuing to bring Web3 gaming to the masses. Polygon has already brought many recognized brands to Web3, opening the door for new users to discover the many the tools of NFTs.”
The Polygon network supports more than 37,000 decentralized applications (dApps) and has had approx A total of 1.8 billion transactions processed, according to the website. Expanding with Polygon could give Magic Eden the ability to leverage its ecosystem and vice versa.
After its launch in September 2021, Magic Eden grew in popularity quite quickly. On average, it has approx 10 million unique user sessions per month and see more than 20,000 NFTs traded every day, even during a market downturn, the company said.
In June, Magic raised Eden 130 million dollars, bringing its value to $1.6 billion. To date, Magic Eden’s platform has a total NFT trading volume of more than 2.5 billion dollars.
In general, the NFT market has not been growing recently, as total NFT sales have declined every month in a row since April, according to CryptoSlam data.
However, over the past 30 days, Ethereum NFT sales volume has increased by approximately 26%, while Solana NFT sales volume has decreased by almost 20%, according to the data. During this time period, Polygon surpassed the Ethereum and Solana blockchains by one 71% increase in NFT sales volume.
