Magic Eden Welcomes Polygon NFTs

Reading Time: 2 minutes
Solana-powered NFT marketplace Magic Eden has added support for the Polygon blockchain
Magic Eden will now support Polygon-based NFTs 
Magic Eden also wants to use the partnership to bring more people into the digital collectibles world.

Solana-based NFT marketplace Magic Eden has increased the number of supported blockchains to include Polygon, the fast-growing Ethereum layer-two chain. According to Magic Eden, the move comes after partnering with the blockchain platform to, among other things, bring more people to the digital collectibles world. Polygon will be the third chain on Magic Eden after adding support for Ethereum in August.

Compulsory Royalties on Polygon

The partnership will see Magic Eden develop a launchpad on the Ethereum side-chain plus a marketplace that enforces creator royalties before the end of 2022. This is a shift from its previous stand that saw NFT buyers choose whether or not to tip artists. The launch of Magic Eden’s new initiatives will feature blockchain projects such as BORA, Intella X, nWay and Shatterpoint. 

According to Magic Eden COO Zhuoxun Yin, the decision to move to Polygon was largely influenced by the marketplace’s vision of a “cross-chain future” and Polygon’s “popularity amongst game developers” due to the platform’s low-cost transactions compared to Ethereum and other layer-one blockchains. 

It’s Rival is Already on Polygon

Yin further said that Magic Eden’s presence on Polygon will enable it to support “in-game activity” for Polygon-powered projects thus making the marketplace the “go-to Web 3.0 gaming platform.” Polygon co-founder Sandeep Nailwal described Magic Eden as a “user-friendly NFT platform,” adding that it will bring value to the digital collectibles space. 

Some notable projects on Polygon include The Sandbox, Decentraland and Atari. Magic Eden follows OpenSea in integrating the Ethereum sidechain, while its deliberate step to enforce creator royalties on its Polygon-based marketplace comes a few days after OpenSea and X2Y2 reactivated compulsory creator fees.

The post Magic Eden Welcomes Polygon NFTs appeared first on FullyCrypto.

Related Posts

Gemini gets regulatory greenlight in Italy, Greece amid lending halt

Winklevoss’ Gemini exchange received the latest regulatory approvals days before its lending product Gemini Earn faced major issues. Winklevoss brothers’ cryptocurrency exchange Gemini continues expanding in Europe,…

Bullish news for Polygon: Partnerships, wallets & future outlook – Will MATIC price rise to $5?

The popular Phantom wallet announced support for the rapidly growing number of NFTs, games, and apps powered by Polygon. Polygon has seen a nearly 200 percent jump…

Famous trading bot chooses this ETH altcoin to outperform the market – This is how you profit

The Real Vision Bot is known for outperforming the digital asset market, and its historic performance was recently labeled as “astonishing” by Real Vision founder and macro…

Structural Adjustment: How The IMF And World Bank Repress Poor Countries And Funnel Their Resources To Rich Ones

The IMF and World Bank do not seek to fix poverty, but only to enrich creditor nations. Could Bitcoin create a better global economic system for the…

Report: Nigerian Securities Regulator to Exclude Crypto in its Digital Asset Agenda

According to Lamido Yuguda, the director general of the Nigerian Securities and Exchange Commission, the regulator does not plan on including cryptocurrencies in its digital asset agenda….

Is ApeCoin Treasury Cashing Out? Roughly 4.6 Million APE Sold Overnight

ApeCoin price has appreciated by over 40% since Nov. 18, making traders and investors hopeful of a final recovery. However, recent on-chain data paints a different picture…

Generated by Feedzy