Magic Eden goes to Ethereum and competes with Open Sea

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Magic Eden, (magiceden.io) the second largest marketplace for non-exchangeable digital assets (NFT), has decided to move forward with the implementation of the multi-chain philosophy, so it will soon be integrated into the Ethereum Blockchain, after the great success it has had on the Solana Blockchain, on which it has been operating until now.

Exactly the same as Solana

According to Magic Eden, it will offer the same benefits for Ethereum NFTs creators as it does for Solana users, including the popular cutting tool kit, allowable list tools and marketing support.

Markets and in the native currency of each blockchain

The company is also preparing a “cross-currency trading product” that will allow users to buy both Ethereum and Solana NFT in the native currency of any blockchain.

“WE DON’T BELIEVE THAT VICTORY IN ETHEREUM WILL COME OVERNIGHT. WE ARE ENTERING THE MARKET WITH HUMILITY AND ARE READY TO BUILD FOR THE LONG HAUL,” ZHUOXUN YIN, CO-FOUNDER OF MAGIC EDEN, TOLD COINDESK AND CONTINUED, “WE HAVE STRONG EVIDENCE OF WHAT CREATORS AND COLLECTORS NEED FROM THE NFT MARKETS.”

Rivalry in the NFTs market

Magic Eden’s integration into Ethereum also shows the company’s intention to take the lead in the growing realm of NFT markets. Magic Eden is the current king of NFTs on the Solana Blockchain, hosting more than 90% of the ecosystem’s transactions, according to data from DappRadar.

OpenSea is the equivalent of the leading NFTs marketplace on the Ethereum Blockchain, i.e. Magic Eden’s direct competitor. While OpenSea is best known for its presence on Ethereum, it also supports the Solana, Tezos and Polygon Blockchains.

Magic Eden raised a “Series A” funding of $130 million in late June and has a valuation of $1.6 billion. Similarly, OpenSea at the same time received “Series B” funding of $100 million and has a valuation of $1.5 billion.

Although Magic Eden received funding after OpenSea received funding, it was observed at times to outperform Open Sea in total transactions and sales volumes.

Now, it remains to be seen down the road whether Magic Eden will manage to take market share from OpenSea on the Ethereum network. However, history shows us that NFT communities typically remain loyal to individual markets, despite invitations from new platforms. This was confirmed when OpenSea also launched on Solana’s Blockchain, as it failed to substantially hit its competitor that dominates the network by state.

It seems that Magic Eden is also aiming to operate on a third Blockchain, however for now no announcement has emerged on this.

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