Solana NFT marketplace Magic Eden expands multichain vision with Polygon integration

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Solana NFT marketplace Magic Eden expands multichain vision with Polygon integration Solana NFT marketplace Magic Eden expands multichain vision with Polygon integration Samuel Wan · 4 hours ago · 2 min read

Magic Eden announced plans to deploy on Polygon in a bid to increase cross-chain exposure opportunities.

2 min read

Updated: November 23, 2022 at 8:24 pm

Solana NFT marketplace Magic Eden expands multichain vision with Polygon integration

Cover art/illustration via CryptoSlate

Haru Invest

Leading Solana NFT marketplace Magic Eden recently announced plans to deploy on Polygon as part of its multichain strategy.

Once integrated, Magic Eden will be available on three different blockchains, with Ethereum making up the other offering.

A Magic Eden blog post explained the team is “open to all the possibilities that innovation brings.” When tied with the overall goal of growing the NFT industry as a whole, a multichain policy makes sense for the broadest possible exposure.

“We believe Magic Eden will be the default destination for creators and collectors on web3. In the long run, people will flock to Magic Eden not because of a specific chain, but simply because they love NFTs.”

Polygon has great symbiosis with Magic Eden

By the year’s end, Magic Eden will start integration by commencing Polygon’s Launchpad program. In tow are several launch partners, including Kakao Games, Intella X, nWay, Block Games, Boomland, Planet Mojo, and Taunt Battleworld.

In clarifying why it chose Polygon over other options, the firm said Polygon has a strong track record in onboarding global brands, adding that this complements its vision to bring NFTs to the masses.

Also, with plans to expand its Web3 gaming strategy and Polygon already having a solid roster of Web3 gaming projects enlisted, Magic Eden said the partnership would help accelerate its push for the gaming sector.

“Polygon is already home to some of the biggest Web3 gaming projects, including Sandbox, Atari, Skyweaver, Midnight Society, Metalcore, Wildcard, and Zed Run.”

Solana developer sentiment

Recent events have called into question the Solana blockchain as a going concern. Being heavily backed by the defunct FTX exchange, the price of SOL suffered greatly versus non-related projects, with peak-to-trough losses coming in at -72%.

@analyticalali, an Engineer at crypto VC firm Reciprocal Ventures, recently surveyed 107 Solana developers to gauge sentiment toward the project post-FTX-collapse.

Survey Questions:

1. How are you feeling about Solana?

2. Are you deploying on any other chains?

3. Developer Solana NPS

4. Consumer Solana NPS

5. Developer experience of building on Solana?

6. Was your team directly impacted by FTX?

— Ali 🥐🧁 (🦇🔊) (@analyticalali) November 23, 2022

In response to question 1 above, he discovered that the majority, 50.5% of respondents, are not leaving Solana, with only less than 3% intent on switching chains due to the fallout.

Interestingly, regarding question 6, 72% of respondents said FTX did not impact them as they had no exposure. The subsequent most significant response to the question revealed that 15% of respondents were affected by funds held on the bankrupt exchange.

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