Magic Eden Launches Ethereum Support

NFT trading platform Magic Eden officially announces support for Ethereum in its latest video.

Magic Eden is the de facto leader when it comes to Solana NFT trading. Now it has OpenSea in its cross-hairs.

OpenSea has focused on Ethereum NFTs until recently. It is by-far the leader in the category. Other platforms like LooksRare and X2Y2 have been gaining steam, but hardly market share. OpenSea has also just announced a large set of layoffs. Magic Eden (or Magic Ethen as they refer to themselves in their latest video) is choosing to strike at the right time.

OpenSea has come under fire by traders lately for its lack of customer service and its poor policy regarding stolen NFT assets. In short, their policy basically allows anyone who has ever owned an NFT to report it stolen at any time. It's unclear when or how said asset can ever become un-frozen. This is roughly a 15% price decrease as the owner of a stolen NFT can now only accept an offer on LooksRare.

Magic Eden, however, stated that there will be no frozen assets on their platform.

“We want to honor the creators in this space by developing tools that would address their vast needs — which is why we made Magic Eden List available as a free resource and developed a whitelabel marketplace solution,” said Zhuoxun Yin, COO and co-founder of Magic Eden, in the press release. “Through our cross-chain Launchpad, creators will unlock a new set of audience through which they can amplify and grow their projects, as well as tap into additional sources of liquidity. Creators launching with Magic Eden will no longer have to face the difficult decision of choosing one chain over another at the cost of limiting their potential audience reach. Web3 is a place for us to share knowledge and evolve together.”

Looks like we have a real battle here now...