Techspace - Being the most popular non-fungible token (NFT) marketplace on Solana, Magic Eden announced their enlarge plan to Ethereum this month. Ethereum itself is known as the network that manages most of the popular NFT collections and projects, also being the largest market for NFT trading based on value.
Ethereum will be available on Magic Eden starts from August, while connecting its platform to support Ethereum, such as Magic Eden’s launchpad to create NFT collections, Magic Eden’s whitelist tool that provide “allowlist” of user to mint their NFT, and Magic Eden’s drop calendar that remarks the upcoming NFT launches date.
Besides, Magic Eden is currently preparing for a cross-currency trading on their NFT marketplace. The first step toward that project is by connecting one of Magic Eden’s launchpads, EZU, a sister project of Psychedelics Anonymous, to Ethereum. By connecting Ethereum with the launchpad, users can buy the NFT with multi-cryptocurrency such as SOL, ETH, or credit card. In addition, Magic Eden is considering adding multi-chain analytics tools in the future.
Even though Magic Eden has worked with Solana, their partnership with Ethereum will be little different to the previous one. Magic Eden will do the mass collection of Ethereum NFTs that spread over the marketplaces without holding any NFT ownerships. Magic Eden will be a pure aggregator that has no proprietary listings. In other words, Ethereum’s listed NFT will not be held in escrow, unlike the Solana NFT in the Magic Eden marketplace.
Magic Eden vs OpenSea
Both marketplaces are popular in the NFT world, with a different NFT collection majority. While the Magic Eden NFT marketplace is dominated by Solana’s products by 90% trading volume, OpenSea is a marketplace that has the most Ethereum products. Yet, OpenSea also supports other cryptocurrencies products from Solana, Tezos, and Polygon blockchains.
The tight competition between OpenSea and Magic Eden has shown in several moments on social media. Last month, OpenSea criticized Magic Eden from their official Twitter. OpenSea commented on the Magic Eden trading system which required the NFT’s sellers to give their custody to the platform.
Given an eye for an eye, Magic Eden also attacks OpenSea using the security issue that happened on the OpenSea. Earlier this year, NFT sellers on OpenSea had sold their NFT under the market value because of UI system error on the platform. In exchange, OpenSea paid $1.8 million worth of ETH to compensate for losses to the sellers, with one collector suing its platform because of the error.
Despite being the new competitor of OpenSea, Magic Eden is currently having a higher trading value than OpenSea. Previously, OpenSea had raised $100 million series B, escalating its trading value to $1.5 billion in July 2021. Meanwhile, Magic Eden as the late competitor got the higher trading value of $1.6 billion, with a total $130 million series A investment in June this year.
Read also: What Is a DAO and Its Relations with NFT
The competition between Magic Eden and OpenSea will go forward to the future, fighting for the first place in the NFT marketplace. With their innovation and strategy, we could expect to get the best NFT marketplace in the future.