With Magic Eden expanding into Polygon, here’s what you should know

  • Magic Eden has announced that it now supports NFTs on the Polygon network.
  • Poly-based NFTs have seen more selling in the past month than their Ethereum and Solana counterparts.

NFT market leader Magic Eden has taken a step forward in its multi-chain expansion more dangerous Support for non-fungible tokens (NFT) minted on the Ethereum-2 blockchain Polygon scaling layer.

Despite being the home of the Solana blockchain, Magic Eden began its cross-chain expansion in August when it launched its launchpad and collector on the Ethereum blockchain.

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

“Our expansion of Polygon is really exciting for two reasons: First, we’ve always envisioned an on-chain future for Magic Eden, and that brings us closer to uniting a broader audience of NFT fans… Second, given Polygon’s popularity among game developers as a low-cost EVM-compatible chain, integration will continue. Polygon continues to solidify Magic Eden as a web3 gaming platform. Game developers will now have the best choice in Magic Eden; we can invest, launch combos, increase in-game activity, and increase user acquisition for developers to build on Polygon with Magic Eden.”

In recent months, blockchain with the expansion of the second layer has made the news of partnerships with leading companies such as Nike, Coca-Cola, Disney, and even tech giant Meta.

NFT on polygon grid

According to data from NFT data analytics platform CryptoSlam, the year to date has been marked by a decline in the sales volume of polygon-based NFTs. This is due to the general decline in Profile Picture NFTs (PFPs) since the beginning of the year.

According to data from CryptoSlam, sales volume of polygon-based NFTs decreased by 74% between January and October. For context, sales of polygon-based NFTs in January were $50 million. By the end of October, just $13 million worth of polygon-based NFTs had been sold.

Interestingly, over the past 30 days, NFT sales volume on Polygon has surpassed the total sales recorded on both the Ethereum and Solana chains. Data from CryptoSlam revealed that NFT sales volume is up 34% on Polygon, up 31% on Ethereum and down 16% on Solana.

Source: CryptoSlam

However, Polygon’s native MATIC coin has seen a positive price rally over the past 24 hours. According to CoinMarketCap data, the price of Alt has increased by 8%. In addition, the trading volume increased by 36%.

This is a good attempt to recover from the fallout from the sudden crash of cryptocurrency exchange FTX.

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