As Magic Eden expands to Polygon, here’s what you need to know

As Magic Eden expands to Polygon, here’s what you need to know

  • Magic Eden has announced that it now supports minted NFTs on the Polygon network.
  • Poly-based NFTs have seen more sales over the past month than their counterparts on Ethereum and Solana.

NFT market leader Magic Eden has taken another step in its multi-channel expansion in announcement support for non-fungible tokens (NFT) issued on Ethereum scaling layer-2 Polygon blockchain.

Although native to the Solana blockchain, Magic Eden began its cross-chain expansion in August when it launched its launch pad and aggregator on the Ethereum blockchain.

Regarding the decision to support Polygon-based NFTs, Zhuoxun Yin, co-founder and CEO of Magic Eden, said in a press release:

“Our expansion into Polygon is really exciting for two reasons: one, we’ve always envisioned a cross-channel future for Magic Eden, and it brings us closer to uniting a wider audience that loves NFTs…Second, given Polygon’s popularity among game developers.As a low-cost EVM-enabled chain, the integration of Polygon will continue to cement Magic Eden as the go-to Web3 gaming platform.Game developers will now have the greatest option on Magic Eden; we can invest, launch collections, drive in-game activity, and drive user acquisition for developers building on Polygon with Magic Eden.

Over the past few months, the Layer 2 scaling blockchain has made headlines for partnerships with top companies such as Nike, Coca-Cola, Disney and even tech giant Meta. .

NFT on the Polygon Network

According to data from NFT data analytics platform CryptoSlam, the year so far has seen a decline in sales volume for Polygon-based NFTs. This follows the general decline that has plagued Profile Picture NFTs (PFPs) since the start of the year.

According to data from CryptoSlam, between January and October, the sales volume of Polygon-based NFTs fell by 74%. For context, in January the sales volume of Polygon-based NFTs was $50 million. However, by the end of October, only $13 million of Polygon-based NFTs had been sold.

Interestingly, in the last 30 days, the volume of NFT sales on Polygon exceeded the total sales recorded on the Ethereum and Solana blockchains. While NFT sales volume soared 34% on Polygon, it rose 31% on Ethereum and fell 16% on Solana, data from CryptoSlam revealed.

Source: CryptoSlam

That said, Polygon’s native coin, MATIC, has seen a positive price rise over the past 24 hours. According to data from CoinMarketCap, the price of alt has increased by 8%. In addition, the trading volume has also increased by 36%.

This represented a good attempt to recover from the fallout caused by the sudden collapse of the FTX cryptocurrency exchange.

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