NFT market Magic Eden is integrating with the Ethereum scaling layer-2 blockchain Polygon to dive deeper into the blockchain gaming and NFT ecosystems, the businesses introduced on Tuesday.
“We’re excited to combine with Polygon and proceed our pursuit of a multi-chain future for Magic Eden,” Zhuoxun Yin, Magic Eden co-founder and COO, mentioned to TechCrunch. “By providing this integration, we’re persevering with to take away any chain-specific limitations and open NFTs to the lots.”
The growth goals to supply Magic Eden the power to help Polygon’s ecosystem of recreation builders and creators. The Polygon community hosts among the greatest web3 gaming tasks and publishers like Ubisoft, Atari, Animoca Brands, Decentraland, Sandbox, amongst others.
Ethereum-focused Polygon has additionally made headlines lately for partnering with non-crypto-native firms like Instagram, Stripe, Disney, Starbucks and Robinhood to combine web3 expertise into companies.
“The combination will permit us to onboard extra world manufacturers and new customers into the NFT market, whereas persevering with to deliver web3 video games to the lots,” Yin mentioned. “Polygon has already introduced many acknowledged manufacturers into web3, which opens the gate for brand new customers to find the numerous utilities of NFTs.”
Polygon community helps over 37,000 decentralized functions (dApps) and has had about 1.8 billion complete transactions processed, in line with its web site. The growth with Polygon might present Magic Eden with the power to faucet into its ecosystem and vice versa.
After launching in September 2021, Magic Eden grew in recognition pretty rapidly. On common, it has about 10 million distinctive person periods per 30 days and sees over 20,000 NFTs traded each day – even amid a market downturn, the corporate acknowledged. In June, Magic Eden raised $130 million, bringing its valuation to $1.6 billion.
Thus far, Magic Eden’s platform has over $2.5 billion in complete NFT commerce quantity.
Basically, the NFT market hasn’t been rising currently, as complete NFT gross sales have declined each month consecutively since April, in line with CryptoSlam data. Nonetheless, up to now 30 days, Ethereum NFT gross sales quantity elevated about 26%, whereas Solana NFT gross sales quantity fell virtually 20%, the data confirmed. Throughout that point interval, Polygon outperformed each Ethereum and Solana blockchains with a 71% enhance in NFT gross sales quantity.
“Our entry into Polygon will embody a launchpad and market, each of which is able to go stay subsequent month and simplify the method for NFT creators and collectors,” Yin mentioned.
Crypto launchpads are often known as crypto incubators and are platforms that permit web3-focused tasks to construct inside a delegated blockchain community. In Magic Eden’s case, its NFT market launchpad is a cross-chain on Solana, Ethereum, or each and is accountable for 90% of all Solana-based NFT quantity, in line with its web site.
The combination will concentrate on offering instruments to creators together with a launchpad and market that’s linked to Polygon’s native token, MATIC, in line with a press release. Gaming builders like BORA backed by Kakao Video games, IntellaX, nWay, Block Video games, Boomland, Planet Mojo, and Taunt Battleworld have already dedicated to Magic Eden’s Launchpad with Polygon.
Long run, the partnership between Magic Eden and Polygon goals to deliver extra gaming builders and NFT video games to market, Yin mentioned.
To date, Magic Eden has introduced over 100 video games to market throughout the layer-1 blockchains Solana and Ethereum, he added. “Though we’re nonetheless to start with phases of mass adoption for blockchain video games, we imagine that Magic Eden can add worth right here.”
