Leading NFT cross-chain marketplace Magic Eden has announced the inclusion of Polygon Network in its list of supported chains. The cross-chain NFT market aims to spur exciting game development and global brands migrating to Web3 in order to welcome the next wave of users into the metaverse.
Magic Eden previously supported Ethereum-based NFTs in its marketplace. After the announcement, the NFT marketplace will welcome Polygon Web3 gaming domain to its marketplace of millions of users.
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1/ @0xPolygonMagicEdenToday We’re continuing our multi-chain vision by adding Polygon as our third chain! We can’t wait to partner with world-class game developers, game creators, and everyday brands that join Web3. https://t.co/hOCiGXOhji Our Launch Partners pic.twitter.com/93Uak9fYih
– Magic Eden (@MagicEden) November 22, 2022
Laying the foundation for Web 3.0
Polygon is undoubtedly one of the most effective scaling solutions in the blockchain. The network has supported Ethereum valiantly during the DeFi boom. This was when Ethereum’s scalability issues, such as high gas fees, low throughput, and slow transactions, were at their peak.
Polygon quickly rose in popularity by working alongside Ethereum during the NFT craze, providing a low-fee, high-speed network for executing transactions on Ethereum. Today, it is home to some of the best Web3 game projects and developers, including Ubisoft, Atari, Animoca Brands, and Decentraland.
Magic Eden’s expansion to Polygon will enable the cross-chain NFT market to work closely with strategic IP owners, global game developers, and upcoming artists. The NFT market claims to be pursuing a multi-chain future, which makes the inclusion of Polygon’s color ecosystem a notable achievement.
Starting with Solana and first going through the Ethereum chain, Magic Eden has set a precedent in its vision. The NFT Market has successfully launched more than 20 projects and has accumulated more than 5,000 ETH tokens since it integrated Ethereum.
Magic Eden’s entry into Polygon will start with a launch pad and marketplace, both of which will go live next month.
As the leading Web3 game developers Cocoa GamesAnd the IntelaxAnd the BoomlandAnd the ban gamesAnd the Planet MojoAnd the Taunt Battleworld, and more are ready to debut on the Magic Eden Polygon Launchpad. Projects can benefit from industry-leading distribution and market strategy and expertise, project planning, Web3 networking and community.
Then, once the launchpad is up and running, Magic Eden launches the MATIC-compatible NFT marketplace. It will benefit creators and artists through imposed royalties and innovative investment mechanisms. Furthermore, NFT Marketplace has announced the rollout of Polygon’s additional support for NFTs. These include the Magic Eden List, the Magic Eden audience targeting and whitelisting tool, the Drop Calendar, and analysis tools that can improve NFT discovery and trading.
“We’ve seen NFTs reach a cross-chain cultural inflection point and are excited about further support through the Polygon integration,” said Jack Lew, Co-Founder and CEO of Magic Eden. “Polygon Network’s collaboration with some of the most well-known companies and IPs, combined with its low-cost, high-speed protocol, will allow us to expand our mission to new users to Web3 by allowing creators to access digital communities and develop highly playable games.”
on the flip side
- The Magic Eden identification process has a history of being exploited. The platform saw several high-profile rug-pulls earlier this year, with projects like ‘Chess king‘ And the ‘BalloonsvilleIt eventually turned out to be a scam, defrauding investors of more than $600,000, exposing major flaws in their policies.
- Magic Eden was embroiled in controversy last month. Degen Town, an NFT pool featuring vibrant human colors that the platform is heavily promoting, has been hacked, draining users’ wallets. However, NFT Marketplace later announced that it is refunding users in collaboration with Hello Moon, a Solana-based DeFi and NFT analytics platform.
Why should you bother
Magic Eden aims to build a hub for creators and collectors to meet in Web3. The NFT market envisions an open and interoperable cross-chain economy. The cross-chain marketplace believes in meeting the needs of all users and giving them opportunities and freedoms, regardless of the network or chain on which these projects are hosted.
Magic Eden’s expansion into Polygon will be a huge step to unite projects from Solana, Ethereum, and other future chains. Projects no longer have to be limited to the audience of one series when they launch in Magic Eden. On the contrary, collectors on one platform can access more opportunities and options on another platform.
Web3 is a borderless open and shared space with endless opportunities. Web3 projects should keep this in mind when building, as the lines of individuality fade into this space.
The latest Magic Eden controversy:
Magic Eden begins to refund the wallets affected by the Degen Town Drain