Magic Eden, the top Solana NFT marketplace, expanded to Ethereum today by adding support for a few popular collections, including the Bored Ape Yacht Club, Pudgy Penguins, and Otherside. More projects will be uploaded in the coming days.
The "Magic Ethen" campaign was introduced in August as the first phase in Magic Eden's transformation, which was initially reported in June with a $130 million financing at a $1.6 billion value. Rather than developing its own Ethereum technology, Magic Eden is collecting listings from other markets and integrating them into its platform.
On the newest edition of Decrypt's gm podcast, Magic Eden co-founder and CEO Jack Lu discussed the multi-chain concept in detail. The conversation covers everything from Magic Eden's quick rise, which began only one year ago this week, to the unpredictable NFT market, as well as the potential Lu sees in NFTs for a broad range of serious future use cases.
According to Lu, becoming multi chain was Magic Eden's intention from the beginning, dating back to its first investor presentation decks. However, the business chose to begin with Solana, which he described as a "frontier environment" last year. Magic Eden swiftly overtook the tiny, existing Solana markets and established itself as the major competitor in that market.
When it came time to introduce Ethereum support in August, Lu said that the Magic Eden team was "worried about" how its intensely SOL-centric fanbase would respond. He does not, however, feel that the markets are as split as they seem on the surface.
Lu said that there is really a lot of user overlap between the two ecosystems, and it’s not that mutually exclusive. So when we delved further to understand more about it, we discovered that many SOL users originated from Ethereum. According to Lu, many of the early Solana NFT users switched to the platform after initially exploring with Ethereum. While there are still instances of tribalism among renowned collectors in both groups, there are also NFT figures that have participated in both.
The apparent reason for Magic Eden's expansion to Ethereum is that it has the biggest ecosystem in terms of total trade volume and houses the majority of the highest-value projects. There are also many users that have only ever collected Ethereum NFTs. However, Lu also mentioned "something that we have long respected" in the Ethereum ecosystem.
Lu said that by spreading across many NFT ecosystems, with Ethereum being the first of possibly many additions, Magic Eden and the larger Solana NFT sector may learn from Ethereum's NFT culture and even transfer over some of those learnings.
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