Magic Eden Is Taking Steps Into Blockchain Gaming With Polygon
Solana-based NFT marketplace Magic Eden is adding support for digital collectibles and games deployed on the Polygon blockchain. The partnership will see Magic Eden set up a launchpad for Polygon games starting December.
Non-fungible token (NFT) marketplace Magic Eden is expanding its cross-chain NFT support with the addition of Polygon, a Layer-2 sidechain network for Ethereum that enables faster and cheaper transactions on the Ethereum blockchain. Polygon was chosen by the NFT platform which currently supports Ethereum and Solana, due to its high scalability and ability to support large amounts of digital assets. The collaboration will see Polygon-based gaming brands use Magic Eden as a launchpad for their games and in-game collectibles.
“We are excited to integrate with Polygon and continue our pursuit of a multichain future for Magic Eden. By offering this integration, we are continuing to remove any chain-specific barriers and open NFTs to the masses.
The integration will allow us to onboard more global brands and new users into the NFT marketplace while continuing to bring Web3 games to the masses. Polygon has already brought many recognized brands into Web3, which opens the gate for new users to discover the many utilities of NFTs,” said Zhuozun Yin, co-founder, and COO of Magic Eden.
Polygon is fast turning out to be one of the biggest players in the crypto-gaming industry. The company has been working with industry players like Ubisoft, Atari, Animoca Brands, Decentraland, and Sandbox among others to help them develop blockchain-based games, metaverse experiences, and NFTs. With the Polygon integration, Magic Eden will now be able to support the blockchain network’s ecosystem of game developers and creators.
Starting next month, Magic Eden will release a marketplace for Polygon NFTs and a launchpad for games built on the blockchain. At launch, Polygon-based games Shatterpoint, Planet Mojo, Taunt Battleworld, BORA, Intella X, and Boomland will release their games and in-game collectibles on the marketplace.
Alongside gaming studios, many well-known international brands have held Polygon’s hands to enter the world of Web3. In August, Silicon Valley tech giant Meta added support for NFTs minted on the Ethereum sidechain. Users of the company’s social media platforms Facebook and Instagram can now connect their crypto wallets and mint, post or share Polygon NFTs on their profiles. Twitter is developing a feature that will allow users to tweet, buy, sell and display Polygon-minted digital collectibles. Online community discussion platform Reddit partnered with the company to release an NFT collection and a crypto wallet, which has been a runaway success with the company claiming that over 3 million new wallets were created by users to store the collectibles within two months of the product’s launch.
Starbucks partnered with Polygon to launch ‘Starbucks Odyssey’, a blockchain-based platform that will let customers and employees of the international coffee brand earn loyalty rewards in NFTs. Sportswear giant Nike is building a marketplace for virtual apparel that will be powered by the Polygon network.
Since its launch in 2021, Magic Eden has grown to become one of the largest marketplaces in the digital collectibles industry and is responsible for 90% of all NFT sales on the Solana ecosystem. The company valued at $1.6 billion sees over 20,000 NFTs traded on a daily basis and has had over $2.5 billion in total trade volume in its lifetime. Recently, the platform began to lose some of its market dominance due to the rising popularity of marketplaces that charge optional royalties from buyers and sellers. This led to Magic Eden following suit and implementing the optional-royalties model, much to the dislike of the NFT creator community. The switch resulted in the company further losing its market cap as angered creators started leaving the platform for rivals OpenSea, who support creator-set royalties.
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Magic Eden also took a blow from the collapse of the crypto exchange FTX. The company’s founder and former CEO Sam Bankman-Fried was an early investor and huge supporter of Solana, the blockchain Magic Eden is deployed on. The partnership with Polygon can be seen as a move by Magic Eden to take a blockchain-agnostic approach to offer its services across various networks.
At the time of writing, Polygon’s native token MATIC is trading at $0.87, up by almost 2% in the last 24 hours. Magic Eden’s news has been positive for Solana as the blockchain’s native token SOL is currently trading at $14.34, rising over 11% since yesterday.
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