NFT Marketplace Magic Eden Launches ‘Magic Ethen’

NFT Marketplace Magic Eden Launches ‘Magic Ethen’
  • First disclosed in June when the company announced a $130 million round.
  • Lu claims that adopting multi-chain was always part of the strategy for Magic Eden.

Today, Magic Eden, the most popular Solana NFT store, extended its reach to the Ethereum network by adding support for many prominent collections. These include the Bored Ape Yacht Club (BAYC), Pudgy Penguins, and Otherside. New initiatives will be included in the coming days.

First disclosed in June when the company announced a $130 million round at a $1.6 billion valuation, the “Magic Ethen” push was launched in August as the first phase in Magic Eden’s transformation. Instead of developing their own Ethereum-based marketplace, Magic Eden is just collecting listings from various venues and adding them to their own system.

Expanding Beyond Solana

Jack Lu, co-founder and CEO of Magic Eden, discussed the multi-chain concept at length. The conversation covers a lot of ground, from Magic Eden’s meteoric rise (it began a year ago this week) to the unpredictable nature of the NFT market and the potential use of NFTs for a broad range of important future applications, to name just a few topics.

Lu claims that adopting multi-chain was always part of the strategy for Magic Eden. Going all the way back to the company’s first investor presentations. However, Solana was “seen as a frontier ecosystem” last year, so that’s where the business put its first focus. Magic Eden swiftly surpassed the other, smaller Solana markets, and eventually became the dominant player.

Lu confessed that the Magic Eden team was “worried about” the response from its extremely SOL centric fan base. When it came time to introduce Ethereum support in August. A superficial look at the markets might lead you to assume otherwise, but he disagrees.

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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.