Leading cross-chain NFT marketplace Magic Eden has announced it is integrating the Polygon network into its list of supported chains. The cross-chain NFT marketplace aims to catalyze the development of exciting games and global brands transitioning into Web3 in order to welcome the next wave of users into the metaverse.
Magic Eden previously supported Solana and Ethereum-based NFTs on its marketplace. Following the announcement, the NFT marketplace will welcome Polygon’s Web3 gaming sphere into its marketplace for millions of users.
Today, we’re continuing our multi-chain vision by adding Polygon as our 3rd chain!
We can’t wait to partner w/ world-class game developers, creators, & everyday brands joining web3.
Read more: https://t.co/hOCiGXOhji
Our launch partners pic.twitter.com/93Uak9fYih
— Magic Eden (@MagicEden) November 22, 2022
Setting the Foundation for Web 3.0
Polygon is undeniably one of the most effective scaling solutions for the Ethereum blockchain. The network valiantly supported Ethereum during the DeFi boom. This was when Ethereum’s scalability issues, such as high-gas fees, low throughput, and slow transactions, were at their height.
Polygon quickly rose in popularity by working in tandem with Ethereum during the NFT craze, providing a low-fee and high-speed network to execute transactions on Ethereum. Today, it is home to some of the best Web3 gaming projects and developers, including Ubisoft, Atari, Animoca Brands, and Decentraland.
Magic Eden’s expansion to Polygon will enable the cross-chain NFT marketplace to work closely with strategic IP owners, world-class game developers, and upcoming artists. The NFT marketplace claims to pursue a multi-chain future, making the inclusion of Polygon’s colorful ecosystem a milestone achievement.
Starting from Solana and first going cross-chain with Ethereum, Magic Eden has set a precedent for its vision. The NFT marketplace has successfully launched over 20 projects and raised over 5,000 ETH tokens since it integrated Ethereum.
Magic Eden’s entry into Polygon will commence with a launchpad and marketplace, both of which will go live next month.
Leading Web3 game developers like Kakao Games, IntellaX, Boomland, Block Games, Planet Mojo, Taunt Battleworld, and more are ready to debut on the Magic Eden Polygon Launchpad. The projects can benefit from Magic Eden’s industry-leading distribution, market strategy and expertise, project planning, and Web3 network and community.
Subsequently, once the launchpad is live, Magic Eden is kickstarting its MATIC-compatible NFT marketplace. It will benefit creators and artists through enforced royalties and innovative monetization mechanisms. Moreover, the NFT marketplace has announced rolling out additional Polygon support for NFTs. These include Magic Eden List, Magic Eden’s audience targeting and whitelisting tool, Drop Calendar, and analytics tools that can optimize NFT discovery and trading.
“We have seen NFTs reach a cultural inflection point across chains and are excited to further support that with our Polygon integration,” said Jack Lu, Co-Founder and CEO of Magic Eden. “The Polygon network’s collaboration with some of the most recognized businesses and IPs, combined with its low-cost, high-speed protocol, will allow us to further expand our mission to onboard new users to Web3 by allowing creators to reach digital communities and develop highly-playable games.”
On the Flipside
Magic Eden’s identification process has a history of being exploited. The platform experienced numerous high-profile rug pulls earlier this year, with projects like ‘King of Chess’ and ‘Balloonsville’ ultimately turning out to be scams, swindling over $600,000 from investors, and exposing significant flaws in their policies.
Magic Eden was involved in a controversy last month. Degen Town, an NFT collection featuring vibrantly colored humanoids heavily promoted by the platform, was reportedly hacked, draining users’ wallets. However, the NFT marketplace later announced it was refunding users’ funds in collaboration with Hello Moon, a Solana-based DeFi and NFT analytics platform.
Why You Should Care
Magic Eden aims to build a hub for creators and collectors to meet in Web3. The NFT marketplace envisions an open and interoperable cross-chain economy. The cross-chain marketplace believes in catering to all users and giving them opportunities and freedoms, regardless of what network or chain these projects are hosted on.
Magic Eden’s expansion to Polygon will be a monumental step for uniting projects from Solana, Ethereum, and other future chains. Projects no longer have to restrict themselves to the audience of one chain when they launch on Magic Eden. Conversely, collectors on the platform can access more opportunities and options on another platform.
Web3 is an open, shared, borderless space with endless opportunities. Web3 projects should keep that in mind when building, as the lines of individuality blur in this space.
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