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NFT marketplace Magic Eden integrates with Polygon to grow blockchain gaming
Summary
The article discusses how the NFT marketplace Magic Eden is integrating with the Ethereum scaling layer-2 blockchain Polygon in order to dive deeper into the blockchain gaming and NFT ecosystems. The expansion aims to provide Magic Eden the ability to support Polygon’s ecosystem of game developers and creators. Polygon network supports over 37,000 decentralized applications (dApps) and has had about 1.8 billion total transactions processed, according to its website. The expansion with Polygon could provide Magic Eden with the ability to tap into its ecosystem and vice versa. After launching in September 2021, Magic Eden grew in popularity fairly quickly. On average, it has about 10 million unique user sessions per month and sees over 20,000 NFTs traded daily – even amid a market downturn, the company stated. In June, Magic Eden raised $130 million , bringing its valuation to $1.6 billion. To date, Magic Eden’s platform has over $2.5 billion in total NFT trade volume. In general, the NFT market hasn’t been growing lately, as total NFT sales have declined every month consecutively since April, according to CryptoSlam data . However, in the past 30 days, Ethereum NFT sales volume increased about 26%, while Solana NFT sales volume fell almost 20%, the data showed. During that time period, Polygon outperformed both Ethereum and Solana blockchains with a 71% increase in NFT sales volume. The integration will focus on providing tools to creators including a launchpad and marketplace that is linked to Polygon’s native token, MATIC, according to a statement. Gaming developers like BORA backed by Kakao Games, IntellaX, nWay, Block Games, Boomland, Planet Mojo, and Taunt Battleworld have already committed to Magic Eden’s Launchpad with Polygon. Long term, the partnership between Magic Eden and Polygon aims to bring more gaming developers and NFT games to market, Yin said. So far, Magic Eden has brought over 100 games to market across the layer-1 blockchains Solana and Ethereum, he added.
Q&As
What is the purpose of Magic Eden's expansion into the Polygon network?
The purpose of Magic Eden's expansion into the Polygon network is to provide the ability to support Polygon's ecosystem of game developers and creators.
How could this expansion benefit both Magic Eden and Polygon?
This expansion could benefit both Magic Eden and Polygon by providing the ability to tap into each other's ecosystems.
What is the launchpad and how will it simplify the process for NFT creators and collectors?
The launchpad is a cross-chain on Solana, Ethereum, or both and is responsible for 90% of all Solana-based NFT volume. It will simplify the process for NFT creators and collectors by providing tools to creators including a launchpad and marketplace that is linked to Polygon’s native token, MATIC.
What are some of the gaming developers that have already committed to Magic Eden's Launchpad with Polygon?
Some of the gaming developers that have already committed to Magic Eden's Launchpad with Polygon include BORA backed by Kakao Games, IntellaX, nWay, Block Games, Boomland, Planet Mojo, and Taunt Battleworld.
What is the long-term goal of the partnership between Magic Eden and Polygon?
The long-term goal of the partnership between Magic Eden and Polygon is to bring more gaming developers and NFT games to market.
AI Comments
👍 This is a great move by Magic Eden to expand its reach into the blockchain gaming and NFT ecosystems. The partnership with Polygon will allow the company to tap into a large and growing market, and the launchpad and marketplace tools will be a great asset for creators. I'm excited to see what this partnership will bring in the future.
👎 I'm not sure why Magic Eden would want to partner with Polygon, given the recent decline in NFT sales. I think this move is a risk that could backfire, and I'm not sure it's worth it for the company.
AI Discussion
Me: It's about how the NFT marketplace Magic Eden is integrating with the Ethereum scaling layer-2 blockchain Polygon.
Friend: That's interesting. I didn't know that NFTs could be traded on different blockchains.
Me: Yeah, I didn't either. It seems like this could be a big opportunity for Magic Eden to tap into the Polygon ecosystem and vice versa.
Friend: Yeah, it will be interesting to see how this plays out. It could definitely help to grow the NFT market.
Action items
- Learn more about the Polygon network and explore the projects and publishers that are built on it.
- Check out Magic Eden's launchpad and marketplace on Polygon and see what NFTs are available.
- Keep an eye on the NFT market and look for trends in sales volume and activity.
Technical terms
- NFT marketplace
- a marketplace that specializes in the sale of NFTs
- Integrates
- to connect or add (something) to something else so that they can work together
- Polygon
- a scaling layer for the Ethereum blockchain that aims to improve its scalability and transaction speed
- Blockchain gaming
- a type of gaming that uses blockchain technology to power in-game economies and assets
- Web3
- the next generation of the internet that is powered by decentralized technologies
- Crypto launchpad
- a platform that allows web3-focused projects to build within a designated blockchain network