NFT Marketplace Magic Eden Expands Support for Polygon-Based NFTs

By November 23, 2022The Sandbox
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(Polygon X Magic Eden)

Cross-chain NFT marketplace Magic Eden will now support Polygon-based non-fungible tokens (NFT), embracing a new ecosystem of creators and developers, the company said Tuesday.

Magic Eden, which currently supports Solana and Ethereum-based NFTs, will usher in gaming communities by integrating collectibles minted on the layer 2 blockchain network. The chain is supported by Web3 gaming publishers such as Atari, Decentraland, The Sandbox and more.

Polygon has also recently forged partnerships with fintech companies Stripe and Robinhood, as well as software company Adobe, highlighting its use cases across Web2 and Web3 companies.

Zhuoxun Yin, co-founder and chief operating officer of Magic Eden, said in a press release that Polygon’s low fees and EVM compatibility make it an ideal network to support developers in implementing these digital assets into their games.

“We can invest, launch collections, power in-game activity and drive user acquisition for developers building on Polygon with Magic Eden,” Yin said in a press release.

To achieve these goals, Magic Eden will roll out a launchpad and marketplace to support Web3 game publishers building on Polygon using its native MATIC token.

Magic Eden’s expansion comes as the NFT community continues to debate the importance of creator royalties. Last month, the popular platform switched to a royalty-optional model, leading to a temporary dip in trading volumes. The integration of Polygon NFTs may help bring more trading volume back to the platform despite mixed sentiments about dropping royalty payments.

The Solana network was also hit by the FTX collapse, as former CEO Sam-Bankman Fried was a significant backer of the SOL cryptocurrency that put Magic Eden on the map. The price of SOL has fallen almost 58% in the past month, making the case for adding additional blockchain networks to the NFT platform.

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