As Magic Eden expands to Polygon, here is what you should know

By November 23, 2022NFT
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As Magic Eden expands to Polygon, here is what you should know
  • Magic Eden announced that it now supports NFTs minted on the Polygon network.
  • Poly-based NFTs have seen more sales in the last month than their counterparts on Ethereum and Solana.

Leading NFT marketplace Magic Eden took a step further in its multi-chain expansion as it announced support for non-fungible tokens (NFT) minted on Ethereum scaling layer-2 blockchain Polygon.

While native to the Solana blockchain, Magic Eden commenced its cross-chain expansion in August when it launched its launchpad and aggregator on the Ethereum blockchain.

On the decision to support Polygon-based NFTs, Zhuoxun Yin, the co-founder, and CEO of Magic Eden, in a press release said,

“Our expansion to Polygon is really exciting for two reasons: first, we’ve always envisioned a cross-chain future for Magic Eden, and this brings us closer to uniting a broader audience who love NFTs… Second, given Polygon’s popularity amongst game developers as a low-cost EVM-compatible chain, integrating Polygon will continue to cement Magic Eden as the go-to Web3 gaming platform. Game developers will now have the greatest optionality on Magic Eden; we can invest, launch collections, power in-game activity, and drive user acquisition for developers building on Polygon with Magic Eden.”

In the past few months, the layer 2 scaling blockchain has made the news for partnerships with leading companies such as Nike, Coca-Cola, Disney, and even tech giant Meta.

NFTs on the Polygon network

Per data from NFTs data analytics platform CryptoSlam, the year so far has been marked by a decline in sales volume for Polygon-based NFTs. This is off the back of the general decline that has plagued profile-picture (PFP) NFTs since the year started.

According to data from CryptoSlam, between January and October, Polygon-based NFTs sales volume dropped by 74%. For context, in January, the sales volume for Polygon-based NFTs totaled $50 million. However, by the end of October, only $13 million Polygon-based NFTs were sold.

Interestingly, in the last 30 days, NFT sales volume on Polygon exceeded the total sales recorded on both Ethereum and Solana blockchains. While NFT sales volume climbed by 34% on Polygon, it rallied by 31% on Ethereum and fell by 16% on Solana, data from CryptoSlam revealed.

That said, Polygon’s native coin MATIC saw a positive price rally in the last 24 hours. According to data from CoinMarketCap, the alt’s price went up by 8%. In addition, the trading volume also grew by 36%.

This represented a good attempt at recovery following the fallout caused by the sudden collapse of cryptocurrency exchange FTX.

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