The NFT market may be chaotic at the moment, but investors are not giving up. There will always be a way to survive a crisis and that’s what Magical Eden have done to boost their blockchain development. In a recent report Magic Eden collaborated with the crypto network Polygon to support NFT assets minted on Polygon.
Magic Eden was released in 2021 and is now one of the NFT market platforms popular in the NFT space. They announced their support for Ethereum-backed digital assets in August 2022.
According to Magic Eden co-founder Zhuozun Yin, they chose Polygon for several reasons: the rapid growth in adopting other major Web2 brands and the potential for large-scale gaming through the metaverse platform. In addition, Polygon has faster and cheaper transaction fees compared to Ethereum’s mainnet, which is very ideal for large digital assets.
Magic Eden wants to focus on providing tools for creators using Polygon (via launchpad using ‘MATIC’ Polygon’s native token) and a marketplace by December 2022. It also seems that the launchpad has already caught the attention of game publishers and developers such as Kakao Games, nWay, IntellaX, Boomland, Block Games, Taunt Battleworld, and Planet Mojo.
Currently, Polygon has tens of thousands of decentralized blockchain applications and processed more than 1.9 billion transactions with more than 174 million unique user addresses and $5 billion in secured assets.
As Magic Eden expands to Polygon, they expect to gain more audiences, developers and publishers and provide them with a safe place to trade assets for their games.
Crypto markets are still facing quite the downfall after the FTX crisis and it would really take months or even years for other crypto markets to recover. But on the upside, this could bring a faster recovery as crypto markets begin to work together.