Tag: magiceden

Solana NTF Marketplace Magic Eden Is Expanding to Ethereum Blockchain

Leading Solana NFT marketplace Magic Eden, accounting for over 90% of secondary NFT trades on the blockchain network, announced on Tuesday that it is expanding to the Ethereum blockchain.

The expansion would enable Magic Eden to integrate Ethereum NFTs into its platform. The company said that such integration would enable it to provide the same “go-to-market” benefits for Ethereum NFT creators the same way it does for its Solana users.

The platform aims to offer multi-chain solutions for both creators and collectors. This would enable creators to launch NFT projects seamlessly while accessing more liquidity at the same time.

Magic Eden wants to leverage the rapid growth of Ethereum and Solana blockchains witnessed over the previous 18 months to build an ecosystem where the social, cultural and connectivity utilities of NFTs can be shared across blockchains.

 Magic Eden’s Ethereum entry is designed to offer multi-chain solutions that provide the best experiences, including features such as a popular minting toolkit, whitelist and audience targeting tools, and marketing support to efficiently serve both NFTs creators and collectors.

 Magic Eden is also running private beta tests to support the launch of a cross-currency trading product where users can buy Solana and Ethereum NFTs either in their blockchain’s native currency or via credit card. The firm also plans to roll out cross-chain trading analytic tools within the next few months.

Zhuoxun Yin, the co-founder of Magic Eden, commented about the development: “We don’t think winning on ETH will happen overnight. We are entering the market with humility and are prepared to build for a long while. With that being said, we strongly believe our hypothesis on what NFT creators and collectors need from their marketplace.”

Responding to Competitors’ Move 

In late June, Magic Eden raised a $130 million Series A at a $1.6 billion valuation. During that time, the firm said that part of the funds would be used to expand to new blockchains, including Ethereum.

Magic Eden is the leading NFT marketplace for Solana digital collectables, hosting more than 90% of the ecosystem’s trades, according to data from DappRadar.

Its announcement to expand into the Ethereum blockchain is seen as an effort to take on its rival OpenSea marketplace.

OpenSea is the largest Ethereum NFTs marketplace, though the platform also supports Solana, Tezos, and Polygon blockchains.

Solana Announces Hyperdrive Hackathon

Solana, a leading blockchain platform, unveiled its latest initiative, Hyperdrive, in a series of tweets on September 6, 2023. The event is described as an engineering and business competition where teams can transform an idea into a fully operational project within a span of five weeks.

Key Highlights

Grand Prize & Speciality Prizes: Solana has partnered with various entities for specialty prizes in categories such as Mobile Apps by MagicEden, Finance/Payments by Helio Pay, AI by UXD Protocol, DePIN by ionet official, Crypto Infrastructure by Ironforge Cloud, Gaming by Phantom, and DAOs/Network States by Balajis & The Network State.

Resources & Support: For participants seeking guidance, Solana has provided a range of resources available on its official website, along with FAQs and a dedicated Discord channel.

Past Success: According to Solana, their previous hackathons have garnered over 48,000 participants, led to the creation of more than 3,000 eco products, and attracted over $600 million in venture funding for winners.

Physical Locations: In addition to the online format, Solana is also facilitating in-person collaborations through Solana Hacker Houses in Bengaluru and Mumbai.

Eligibility: The competition is open to participants who are of the age of majority in their state or country of residence. No purchase is necessary to enter or win.

Third-Party Perspective

While Solana’s Hyperdrive aims to foster innovation in the crypto space, it’s worth noting that the competition is one among many in a crowded field of blockchain initiatives. The event does, however, offer a structured platform for developers and entrepreneurs to bring their ideas to fruition, backed by a blockchain that has previously demonstrated its ability to attract significant venture capital.

SEO Metrics

As of the latest data, the keyword “Solana Hyperdrive” is yet to gain significant search volume. However, related terms like “Solana Hackathon” and “Solana Competition” have shown consistent interest over the past year, indicating a potential uptick in searches as the event progresses.

Conclusion

Hyperdrive presents an opportunity for both novice and experienced developers to engage with Solana’s ecosystem. With a history of successful hackathons and a variety of specialty prizes, the competition could serve as a launchpad for the next wave of crypto innovations.

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