Magic Eden NFT marketplace announces expansion to the Ethereum Blockchain

Solana unicorn Magic Eden has just announced it will be expanding to the Ethereum  blockchain over the month of August. 

This move speeds up its mission to extend its presence across Web3 by integrating two of the largest blockchains for NFTs (Solana and Ethereum blockchains) and deliver multi-chain experiences for creators and collectors alike.  

In the coming weeks, Magic Eden will begin rolling out Ethereum NFT support across its marketplace. The first would be a cross-chain launchpad, to allow users to mint NFTs in both ETH and SOL, followed by a free whitelist tool to let projects make an ‘allowlist’ of users for NFT mints and a drop calendar for users to track highly-anticipated NFT releases. 

Further, Magic Eden will also run private beta tests to prepare for the launch of a cross-currency trading product. This will enable users to purchase SOL and ETH NFTs with SOL, ETH or credit card. 

Future releases will also include multi-chain compatible analytics tools to inform collectors' decisions and NFT trades.

Jack Lu, CEO and Co-Founder of Magic Eden, added, ‘We believe in a collective NFT community that exists across multiple chains. Launching collector tools like the cross-chain Magic Eden Drop Calendar will be the first step towards realizing that vision. The roll-out of cross-currency purchase support for SOL and ETH NFTs will build on our efforts. The more creators and collectors can reach across chains, the more we can collectively experience powerful cultural moments on the blockchain. We are honored to be the destination that will bring the next wave of users into the Web3 movement.’

Last month, the community-focused NFT marketplace raised US$ 130 million at a valuation of US$ 1.6 billion, reaching unicorn status at the same time. Magic Eden announced that a portion of the funds will be committed to exploring new blockchains with its first venture being Ethereum.

On top of that, it commands over 90% of trading volume on the Solana blockchain. It is recognized for its low transaction fees and fast transactions and eco-friendliness, making it a notable alternative blockchain for NFTs. 

Photo: Magic Eden