Magic Eden started approximately a year ago as a Solana NFT marketplace and soon climbed to prominence in that arena. The $1.6 billion startup joined Ethereum, the largest overall NFT ecosystem, in August, and is now expanding again, this time to Polygon.
Today, Magic Eden revealed support for NFT assets issued on Polygon, an Ethereum sidechain scaling network. Polygon enables substantially faster and less expensive transactions than Ethereum’s own mainnet, making it a great choice for projects requiring vast quantities of digital assets.
Magic Eden chose Polygon as its latest addition for two primary reasons, according to Magic Eden COO and co-founder Zhuoxun Yin: increasing adoption by prominent Web2 businesses and the platform’s potential for large-scale Web3 gaming.
The unveiling of the marketplace follows a string of important brand announcements surrounding Polygon. Reddit’s collectible avatars, for instance, were stored in more than three million wallets created by users.
Meta just partnered with Polygon to enable Instagram producers to mint their own NFTs straight within the app, Starbucks is constructing a loyalty rewards program with Polygon, and Nike is constructing a digital apparel platform atop it. Polygon has rapidly become the platform of choice for large Web2 brands seeking to enter the Web3 sphere.
Magic Eden, on the other hand, views Polygon as a key emerging platform for NFT-powered video games. Metaverse games like as Decentraland and The Sandbox utilize Polygon for some non-fungible token (NFT) assets, and a variety of new projects are utilizing the platform. Magic Eden’s primary focus is gaming, and according to Yin, the company is placing its bets on Polygon to dominate this market.
“We expect high-quality Polygon games to come online in the next year, and are excited to bring those to market in a way that no marketplace has before,” Yin told Decrypt. “We’re still in the beginning stages of mass adoption for blockchain games, and we’re excited to partner with Polygon to bring an exciting new wave of Web3 games to market.”
Many game developers, notably BORA, Intella X, nWay, Block Games, Boomland, Planet Mojo, and Taunt Battleworld, have committed to minting their products on Magic Eden’s marketplace, according to Magic Eden. By the end of the year, the marketplace intends to incorporate Polygon’s assets.
An NFT is a blockchain-based token that signifies ownership of a unique item, such as artwork, collectibles, profile photographs (PFPs), or interactive in-game assets. The number of transactions on the NFT market reached $25 billion by the end of 2021, representing a significant increase in market activity.
Magic Eden has largely dominated the Solana space, however it briefly lost substantial market share in September and October when upstart competitors rejected creator royalties, so allowing for cheaper trades. Magic Eden soon followed in the footsteps of many of its competitors by making creator royalties optional for traders, and swiftly restored its 90 percent or greater Solana market share.