Solana-based NFT marketplace Magic Eden has announced that it will expand to Ethereum.
Magic Eden stated that Ethereum NFT creators can also use the features that Solana users benefit from.
The company is also preparing a “cross-currency trading product” that will allow users to purchase both Solana and Ethereum NFTs in the token of the two blockchains and cross-chain.
Zhuoxun Yin, co-founder of Magic Eden, said:
“We don’t think we’re going to top Ethereum overnight. We enter this market with humility and will have a long build time.
However, we have a strong hypothesis about what NFT creators and collectors need in the NFT market.”
The expansion of Magic Eden to Ethereum is a big deal for the platform. Magic Eden, which holds 90% of Solana-based NFT trading, will now operate to get a share of Ethereum.
Magic Eden aims to rival OpenSea on Ethereum. Although OpenSea is best known for its Ethereum-based NFT trading, it also supports the Solana Polygon and Tezos blockchains.
Magic Eden had a valuation of $1.6 billion at the end of June.
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