- The NFT marketplace is now integrated into the Ethereum Layer 2 protocol, Polygon, as it aims to expand into the blockchain gaming ecosystem.
- Magic Eden’s profile keeps rising within the crypto space even though it only started operations last year.
The popular cross-chain NFT marketplace, Magic Eden, is now part of the Polygon ecosystem as it looks to expand the development of exciting blockchain games and brand onboarding into the Web3 space.
Polygon welcomes Magic Eden
With its entry into the Polygon ecosystem, the NFT marketplace will utilize the Polygon network to dive deeper into the blockchain gaming and NFT spaces. In addition, the expansion will provide the fast-rising NFT platform with the ability to support Polygon’s range of features and serve its developers and creators.
Already, the collaboration has exposed Magic Eden to strategic partnerships with other world-class developers in the blockchain gaming industry. So far, the NFT marketplace has partnered with Kakao Games, Boomland, Block Games, and others to debut another exciting gaming project on the Polygon Launchpad in December.
The Polygon protocol is home to some of the industry’s largest Web3 gaming projects, such as Ubisoft, Atari, Decentraland, Animoca Brands, and The Sandbox. In addition, the Ethereum Layer 2 protocol has partnered with other non-crypto-related firms like the social media giant Instagram, Disney, Stripe, and Starbucks.
Zhuoxun Yin, the co-founder of Magic Eden, noted that the integration into Polygon is an exciting phase in the history of the NFT marketplace. Magic Eden’s drive is to achieve a multi-chain future to facilitate the platform’s rising profile in the digital asset industry.
With this integration, Magic Eden would further onboard other global brands and new users into its ecosystem and continue pushing Web3 games to fans. Polygon also has a host of other Web3 players as partners. Hence, Magic Eden is proud to find itself among them as it strives to discover additional utilities for NFTs.
The Polygon network currently supports over 37,000 decentralized apps (dApps); it also has close to 1.8 billion in processed transactions, as revealed by the information on its website. Furthermore, Magic Eden’s partnership with Polygon could pave the way for the NFT platform to leverage the added opportunities in the ecosystem to expand its reach.
Magic Eden’s rising profile
Launched in September 2021, Magic Eden has witnessed rapid growth in a reasonably short period. It has an average of 10 million active user activities per month, with more than 20,000 traded NFTs daily. Despite the current market correction, the NFT marketplace continues to record steady market performance to consolidate its position as a fast-rising NFT platform in the industry.
In June 2022, Magic Eden raised $130 million in a fundraising event, pushing its market valuation to $1.6 billion. Meanwhile, the platform’s current valuation is more than $2.5 billion in net NFT trading volume. However, the general NFT market has been in a bearish phase for most of the year as the total NFT sales continued to plummet consecutively for months since April, per multiple on-chain data.