Magic Eden NFT Marketplace Starts Supporting Ethereum Based Collectibles August 3, 2022 August 3, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Ethereum NewsAugust 3, 2022 by Kelly Cromley

Magic Eden NFT Marketplace Starts Supporting Ethereum Based Collectibles

In spite of a drop in sales, those who are active in the NFT domain continue to look for better facilities and also pave the way for a further influx of buyers and creators. One of the popular NFT marketplaces, Magic Eden, has started offering support for collectibles (NFTs) created and hosted on the Ethereum blockchain. Earlier, the platform only listed digital collectibles hosted on the Solana blockchain. Following the support for the Ethereum blockchain by the Magic Eden platform, Ethereum players will be able to leverage its minting tools in addition to marketing assistance.

Zhuoxun Yin, co-founder of Magic Eden, opined, “We do not believe that victory on ETH will materialize quickly. We stepped into the market with sincerity and want to develop for a long period of time. With that stated, we have a firm belief in our premise about what NFT artists and collectors want from their marketplace.”

The support for Ethereum on the Magic Eden platform has come at a time when the Ethereum blockchain is nearing its major environmentally friendly protocol update.

The update, referred to as the ‘Merge’, will reduce the Ethereum blockchain’s energy needs by roughly 99.95%, transforming it into eco-friendly. According to the latest info provided by Ethereum core programmers, the protocol update (Merge) is planned for September 19.

The count of NFTs hosted on the Ethereum blockchain has risen by almost 100% on a y-o-y basis. In particular, as per data published by IntoTheBlock, there are over 80,000 NFTs hosted on Ethereum currently, a steep rise from the 15,500 NFTs a year back.

Further details on Magic Eden’s support to Ethereum can be learned by joining their Discord server. Magic Eden, which amassed $130 million through Series A funding in the final week of June and attained a valuation of $1.60 billion, is aiming to support ‘cross-currency’ asset trading.

The value of NFT transactions on the platform hit $25 billion last year as the volatile crypto asset rose to prominence, as per data published by DappRadar. As the crypto market took a beating in the last few months, trading on the OpenSea NFT marketplace slowly dipped to $3.10 billion in May, from $5.80 billion in January, as per data published by Dune.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.