Magic Eden is deployed on its third blockchain, Polygon Network
The development team of Polygon Network, the leading scalability solution for the blockchain ecosystem, has confirmed the implementation of the Magic Eden non-fungible token market, one of the most important NFT projects developed on the Solana network, to its ecosystem.
Sandeep Nailwal, one of the co-founders of Polygon Network, highlighted on his Twitter account that Magic Eden is Solana's leading NFT marketplace platform.
The implementation of Magic Eden on the Polygon sidechain is part of its expansion strategies for become a multi-chain NFT marketplace, said the platform's co-founder and CEO, Jack Lu. Polygon is the third blockchain where the NFT market is implemented, after Solana and Ethereum.
For its part, the Polygon development team explained that the implementation of the NFT market in its blockchain ecosystem is focused on accelerating the development of new blockchain-based games, as well as providing tools to global brands to boost their entry into Web3.
Polygon Network wants to bring the next billion users to the blockchain industry.
Magic Eden joins forces with Polygon Network to develop the blockchain ecosystem
In a recently published statement, Polygon developers highlighted that the expansion of Magic Eden into their blockchain ecosystem will allow Solana’s leading NFT marketplace to work closely with world-class game developers and creators from the Polygon ecosystem to accelerate game development on the blockchain ecosystem.
The collaboration between Magic Eden and Polygon has already attracted interest from giant game developers, leading to key partnerships with projects including Kakao Games, IntellaX, Boomland, Block Games, Planet Mojo and Taunt Battleworld, whose games will debut on Polygon Launchpad when the platform goes live next month. Magic Eden will help new blockchain gaming projects expand in the industry, facilitating its connection with Web3 communities and providing its market experience; in addition, the market indicated that it will respect the royalties of creators and that it will seek new alternatives to optimize the monetization of creations and content.
On the other hand, Magic Eden reported that it has plans to implement support for Polygon Network NFTs on its platform in the future. Solana's NFT marketplace also highlighted that, following the launch of Polygon Launchpad, its platform will support the MATIC token.
More than $550 million in sales volume
Currently, Magic Eden accumulates a sales volume of more than 34,44 million SOL, about $551,8 million according to SOL's market price at the time of writing this article.
Popular crypto collections such as y00ts, Solana Monkey Business, DeGods, Lily, and OkayBears, native to the Solana network, are traded through this marketplace, as well as Ethereum NFT collections such as Bored Ape Yacht Club, Art Blocks, Otherdeed, and Azuki, among others.
Crisis in Solana?
Although several of Solana's NFT projects have seen their sales volumes grow over the past 30 days, the blockchain is going through a tough time due to the resounding fall of the FTX exchange and its investment arm, Alameda Research.
Solana has fallen to 16th place among the most important blockchains in the crypto industry, after losing 66% of its market capitalization in the last two weeks. The price of SOL is trading at around $12 per unit, although in the last few hours it has recovered by 3,8%.
Solana's DeFi ecosystem has also been affected by the collapse of FTX. In the past two weeks, the decentralized ecosystem built on this blockchain has lost more than $680 million in liquidity, according to data from DeFi Llama.
Some industry experts, such as Hugo Botto, creator of Healthy Pockets, they point out that several Solana-based projects are considering migrating to other blockchains given the current situation of Solana.
Continue reading: Polygon, the gateway for global brands to Web3
Main image from Pixabay
