Magic Eden, the world's second-best NFT marketplace, announced it is expanding in the Ethereum blockchain. Previously, it only supported Solana-based NFTs, but now the team shared that the platform will offer support to Ethereum NFTs as well.
Users will be able to buy both Ethereum and Solana NFTs on Magic Eden with both blockchain’s native currency via a “cross-currency trading product.”
“We don’t think winning on ETH will happen overnight. We are entering the market with humility and are prepared to build for a long while.” With that being said, we have a strong conviction for our hypothesis on what NFT creators and collectors need from their marketplace,” said Zhuoxun Yin, co-founder of Magic Eden.
In other words, not only users but also Ethereum NFT creators will be able to utilize the existing benefits of the marketplace such as whitelisting tools, minting toolkit, and the team’s marketing support.
Magic Eden aims to provide multi-chain support to all users so that it can remain a strong competitor in the NFT marketplaces.
By doing so, Magic Eden will compete against OpenSea’s ecosystem, which supports Solana, Tezos, and Polygon blockchains.
Previously, OpenSea also launched a Solana launchpad to enhance the experience for Solana users, proving that both NFT platforms recognize one another as rivals, as indicated by DappRaddar as well.
As of now, Magic Eden is only offering support to Solana and Ethereum but plans on expanding to more blockchains in the future.