Magic Eden Open Doors for Ethereum in April

Magic Eden, one of the leading cross-chain NFT marketplaces, announced it is launching ETH Genesis, an Ethereum marketplace, on April 6th. The marketplace will debut in beta mode and with 10 different Launchpad partners, including KaijuKingz, The Space Club, and Freakz by Subber. The launchpad partners will share revenue from marketplace fees for a limited time.

Zhuoxun Yin, co-founder of Magic Eden, said that the company has always respected Ethereum as the largest ecosystem for NFTs in Web3. He added that one of Magic Eden’s key strengths is supporting NFT creators, citing the launch of over 400 NFT projects on the marketplace’s Launchpad.

The news of Ethereum Genesis’s pending launch comes on the heels of another major Magic Eden announcement: the creation of its Bitcoin Ordinals marketplace earlier in March. Now, Magic Eden will run marketplaces on four different chains, the other two being Polygon and Solana.

Magic Eden’s cross-chain strategy pits it well against top NFT marketplace OpenSea, which also serves traders on multiple blockchains. Magic Eden’s statement indicated that it wants to become the “single landing place” for NFT collectors, where they can discover and mint NFTs through careful consideration and a vetting process. ETH Genesis is the second phase of Magic Eden’s expansion onto the Ethereum blockchain.

Magic Eden Makes News in Bear Market

While news of Magic Eden’s new dedicated Ethereum marketplace is big news, it isn’t the only wave the company has made in the NFT space in the bear market. From launching new marketplaces to partnering with organizations behind some of the biggest blockchains, Magic Eden has been busy building. Here are three such stories.

First, a week ago, Magic Eden launched its Bitcoin Ordinals marketplace. While doing so, it partnered with 13 Ordinal collections, including Taproot Wizards, Inscribed Pepes, and Bitcoin Bandits. The company stated that the new marketplace will give Ordinals collectors a trusted place to shop.

Next, three months ago, Magic Eden debuted a new rewards program for traders called “Magic Eden Rewards.” The new feature allows users to create a single profile across all wallets to earn “Magic Points” for every 1 SOL traded. The move came after the company moved to a royalty-optional model, causing a dip in trading volume.

Lastly, four months, Magic Eden expanded to a third blockchain: Polygon. In addition to integrating Polygon NFTs onto its platform, Magic Eden developed a Launchpad specific to Polygon NFT creators. The Launchpad was supposed to help with audience reach, marketing strategy, and monetization.

Magic Eden’s Ethereum Genesis marketplace is big news and should position the company well against its competitors. Rarity Sniper will keep an eye out for any developments in the story and update the article as needed.