Solana marketplace Magic Eden expanding to ETH! Here are the details! With Ethereum being the most popular blockchain used for NFTs, Magic Eden’s integration of Ethereum could very much land it the position of biggest NFT marketplace platform.
About The Expansion To Eth
Solana-based NFT marketplace, Magic Eden, posted onto their Twitter the newest announcement that their platform is going to be exploring multi-chain expansion.
With this expansion, Magic Eden will add a number of new Ethereum-focused features, such as starting to sell ETH-based NFTs as well as to allow users to buy SOL NFTs using Ethereum (and vice versa).
Magic Ethen. pic.twitter.com/2X5a2fOcQ3
— Magic Ethen 🪄 (@MagicEden) August 2, 2022
In an interview with CoinDesk, co-founder of Magic Eden, Zhuoxun Yin said “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.“
Expected To Overthrow OpenSea
Many in the NFT community were excited to hear about Magic Eden’s expansion to Ethereum as it meant that there were a lot more possibilities that can be made in connecting both the SOL and ETH blockchain.
Some have even claimed that with this new update, it may be likely that Magic Eden could overthrow OpenSea to be the biggest and most popularly used NFT marketplace platform.
Many in the community seem to be extremely enthusiastic about the new feature of being able to buy NFTs with both SOL and ETH interchangeably.
Been seeing a lot of posts on @MagicEden. I guess I need to seriously look at this later.
Is the TLDR that you can buy ETH & SOL NFTs with either ETH or SOL interchangeably? And that they're not going to offensively, irresponsibly lock assets like @opensea?
Sounds promising 🤷♂️
— Adam Hollander (@HollanderAdam) August 2, 2022
Aside from that, many also pointed out that many who use Opensea are now tempted to use Magic Eden instead when their Eth features finally launch. This comes after many OpenSea users have reportedly been complaining about the platform’s “broken system”.
Not long ago, Opensea also announced their plans to branch out and expand to the Solana space through creating a Solana launchpad on their platform, this new launchpad however has not made much of a buzz in the community, with a reportedly underwhelming amount of users who have actually used the feature.