Previously, the Magic Eden platform only featured digital collectibles built on the Solana blockchain.
During the recent slump in the crypto market, NFT trade volumes have sunk
Photo Credit: Reuters
Despite declining sales, players in the NFT sector have been trying to finetune services and open the space for more creators and buyers. Magic Eden, a marketplace for NFTs, has now added support for NFTs built on the Ethereum blockchain. Previously, the platform only featured digital collectibles built on the Solana blockchain. Now that Ethereum is part of Magic Eden, the platform will allow people to use its minting tools as well as marketing support.
“We don't think winning on ETH will happen overnight. We are entering the market with humility and are prepared to build for a long while. With that being said, we have a strong conviction for our hypothesis on what NFT creators and collectors need from their marketplace,” Coindesk quoted Zhuoxun Yin, co-founder of Magic Eden as saying.
The integration of Ethereum with Magic Eden comes at a time when the blockchain is closer than ever to getting its eco-friendly update.
Called the ‘Merge', this upgrade to the Ethereum blockchain will slash its power requirements by 99.95 percent, making it easy on the environment. As per recent updates shared by Ethereum developers, the release date for the Merge has tentatively been scheduled for September 19.
The number of NFT collections on the Ethereum blockchain has increased by 100 percent from last year. Compared to the number recorded a year ago, with only around 15,500 NFT collections available, more than 80,000 NFTs are now on Ethereum, said the data from IntoTheBlock.
The platform, that raised $130 million (roughly Rs. 1,025 crore) in a Series A in late June and touched a valuation of $1.6 billion (roughly Rs. 12,616 crore), is looking into bringing a ‘cross-currency trading product'.
The sales of NFTs reached $25 billion (roughly Rs. 1,84,700 crore) in 2021 as the speculative crypto asset exploded in popularity, data from market tracker DappRadar showed.
During the recent slump in the crypto market however, trading on the OpenSea NFT marketplace steadily declined throughout the first two quarters of the year, sliding from $5.8 billion (roughly Rs. 46,408 crore) in January to $3.1 billion (roughly Rs. 24,805 crore) in May, data by Dune showed.
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