Magic Eden, a Solana-based community-focused non-fungible token (NFT) marketplace, is expanding its services to the Ethereum blockchain.
The most recent development comes just a few weeks after the NFT marketplace raised $130 million for business expansion across other networks to reduce reliance on Solana.
The announcement brings EZU to the table!
Magic In August, Eden will begin rolling out Ethereum NFT support across its platform. Including its launchpad (which is used to create new NFT projects), a new list tool that allows projects to create a ‘allowlist’ of users for NFT mints. And a drop calendar that highlights notable upcoming NFT collectible launches.
Starting with EZU, a new profile picture project from the creators of Psychedelics Anonymous the launchpad will add Ethereum support. The platform will conduct cross-currency trading tests that will allow NFTs to be purchased with ETH, SOL, or a credit card. Magic Eden also intends to include multi-chain analytics tools.
Being able to invest with both Ethereum and Solana is a huge win for the marketplace
By 2022, the vast majority of NFT on the planet will be controlled by Ethereum and its various sidechain and layer-2 networks. Projects like the Bored Ape Yacht Club, CryptoPunks, Art Blocks, and Axie Infinity are hosted on the platform. Given this, Magic Eden’s decision to include Ethereum in its list of blockchain projects only makes sense.
Solana, a recently developed alternative network for NFTs, has less environmental impact than Ethereum at the moment and lower fees and faster transactions (though a forthcoming upgrade to Ethereum could change this).
Since late 2021, Solana has seen the emergence of projects like Solana Monkey Business, Okay Bears, and DeGods.
As reported by EarlyMinter earlier today, even though this is huge news for everyone, Solana is currently facing a security breach. Hackers managed to run away with over $8 Million in funds. Magic Eden as well as wallet providers phantom and slope. Magic Eden has stated on their official Twitter account that they’re investigating ways to help the community