Magic Eden, the cross-chain NFT marketplace, is set to support the trading of non-fungible tokens (NFTs) based on the Ethereum scaling layer 2 blockchain network, Polygon. This act would embrace a new section of creators and developers. It would boost the company's ability to work with the gaming projects on this network.
Magic Eden, famous for supporting Solana and Ethereum-based non-fungible tokens, would set foot in gaming communities. It would integrate collectibles that the users mint on the layer 2 blockchain network. The Polygon network comprises some of the most popular web3 gaming projects and publishers. Examples include Ubisoft, Atari, Animoca Brands, Decentraland, Sandbox, etc.
Recently, there has also been news of Polygon entering into partnerships with non-crypto native fintech companies like Instagram, Disney, Starbucks, Stripe, Robinhood, etc., and software companies like Adobe to highlight its use cases across Web 2 and Web3 companies.
At present, the Polygon network supports more than 37,000 dApps. According to the website, the network has processed over 1.8 billion transactions. As a result of this expansion, Polygon would offer Magic Eden the ability to tap into the network's ecosystem and vice-versa.
Since its launch in September 2021, Magic Eden has gained significant popularity within a minimal time. According to the records, Magic Eden has approximately 10 million unique user sessions monthly.
The platform witnesses trade of more than 20,000 NFTs per day, even during the ongoing crypto winter. In June itself, the company claims to have raised $130 million, and the value of the company is now $1.6 billion.
The low fee structure of Polygon and its EVM compatibility makes it the perfect network. This supports developers in implementing digital assets in their games.
As perZhuoxun Yin, Co-founder of Magic Eden, "We can invest, launch collections, power in-game activity, and drive user acquisition for developers building on Polygon with Magic Eden,"
To achieve these goals, the company is set to roll out a launchpad and a marketplace that would support web3 game publishers building on the Polygon network using MATIC, its native token.
With the ongoing bearish trends, the NFT market generally has not been showing growth. The total NFT sales have been declining every month consecutively since April.
However, the sale volume of Ethereum NFTs has witnessed a hike of about 26%. On the other hand, the sale of Solana NFTs has fallen by almost 20%, as per the data. Polygon has emerged to outperform Ethereum and Solana blockchain networks during this period. It featured a hike of 71% in its NFTs sale volume.
The announcement of this expansion in Magic Eden has come when the NFT community is still skeptical about the importance of the creator royalties.
Last month, the platform switched to a royalty-optional model. Due to this, it witnessed a temporary dip in its trade volumes. Experts state that this integration of the Polygon-based NFTs might help increase the platform's trading volume. It would be irrespective of the mixed sentiments of the masses about dropping royalty payments.