Magic Eden Launches Crypto Wallet with Cross-Chain Workability: Details

Magic Eden, which is an online marketplace for NFT sales, is adding more functionalities and capabilities to its platform to attempt to revive people's interest in digital collectibles after a visible sector slowdown. The platform has now decided to launch a crypto wallet browser extension, that will be compatible with multiple blockchains. The aim of creating this multi-chain wallet is to provide a single storage solution for people to store their cryptocurrencies as well as purchased NFTs.

Presently in its closed beta state, Magic Eden's wallet will support storage of NFTs based on Bitcoin, Solana, Ethereum, and Polygon.

As per Jack Lu, the CEO and Co-Founder of Magic Eden, people had to make four different wallets compatible with four different blockchain to be able to save their NFTs. This eventually led to people walking away from engaging with NFT and reportedly led to Magic Eden's decision to launch a wallet service that would be compatible with multiple blockchains.

The wallet will facilitate instant transfer of cryptocurrencies between blockchains and easily collect any NFT on Solana, Ethereum, Polygon, or Bitcoin Ordinals. The service will also provide a direct integration with Magic Eden's NFT platform for better management of digital collectibles, said an explanation blog about the service.

Magic Eden published an official update about this upcoming service on X as well.

Presently, the self-custodial wallet service is only available to a few numbers of testers. The development comes at a time when the sales of NFTs dropped significantly in these last few years.

NFTs peaked in September 2021 when sales of these digital collectibles managed to amass around $881 million (roughly Rs. 7,344 crore). However, ass of November this year, NFT sales only managed to bring-in $10.85 million (roughly Rs. 90 crore).

Earlier in September, a report had claimed that among the top 8,850 NFT collections by market cap, 18 percent were worthless, and 41 percent saw their prices drop to around $5 (roughly Rs. 415) to $10 (roughly Rs. 835).

In fact, Magic Eden itself has faced the brunt of the slowdown of the NFT market. In February this year, the platform had announced layoffs from its team.