Magic Eden to launch support for Ethereum NFTs in coming weeks

Quick Take

  • Magic Eden will launch support for Ethereum-based NFTs in the coming weeks.
  • The move follows OpenSea rolling out on Solana earlier this year.
  • Like other NFT marketplaces, Magic Eden has experienced declining sales volumes since the start of this year.

Solana NFT marketplace Magic Eden will launch support for Ethereum-based non-fungible tokens (NFTs) in the coming weeks, the company announced on Tuesday.

The move has been expected since the company’s Series B fundraise in June, when it hinted it was planning to launch on more blockchains.

Users will be able to choose to mint NFTs using SOL and ETH via its cross-chain Launchpad, starting with NFT project EZU, a sister project to Psychedelics Anonymous by Voltura, aka Lewis Gale.

Launched in September 2021 by founders with pedigrees from Uber, Coinbase and Google, Magic Eden was valued at $1.6 billion in its latest funding round in June. The Series B raised $130 million for the company and was led by Electric Capital and Greenock Partners. It followed just three months after its Paradigm-led $27 million Series A.

Other marketplaces have also rolled out cross-chain services over the past few months. OpenSea, the largest NFT marketplace, rolled out services to support Solana NFTs in April, having originally launched on Ethereum. In July, OpenSea was responsible for $484.79 million in NFT market volumes.

Magic Eden's launch comes amid declining in sales volumes for NFT marketplaces. In July, marketplace volumes dropped from $884.68 million down to $626.11 million, according to data from The Block.

Magic Eden is no exception. From an all-time-high trading volume of $380.87 million in January, volumes have dropped to just over $81 million in July.

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