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What makes Magic Eden such a unique NFT marketplace?
Manu Shankar is a senior journalist and editor with over 15 years of experience across leading media houses. At Kalkine, he writes on cryptocurrencies and equity markets. He’s passionate about sports and music….
Basudha Das is a business journalist and a climate change and environmental enthusiast with a focus on economy, financial markets, and green measures taken globally. Before joining Kalkine, Basudha worked with top Indian business magazines, newspaper…
Highlights
With the Non-fungible tokens (NFT) boom came the boom in its marketplaces such as OpenSea, Rarible, etc. generating huge volumes on its platform. The boom which happened in 2021 resulted in NFTs and NFT marketplaces creating a niche for themselves.
As of 12 July, the overall NFT market cap stands at US$1,798,193,819.24 and a 24-hour sales volume of US$7,409,615.24 with almost 10,723 in sales in the past 24 hours.
Now another marketplace is staking its claims in the NFT marketplace space and is fast climbing up the popularity charts among investors. Magic Eden dubs itself the first Web3 NFT and offers the users facility of buying, selling, and minting NFTs.
As a community-centric platform, Magic Eden is built on the Solana blockchain which allows the users to interact in a trustless environment. Launched in September 2021, Magic Eden offers the users negligible fees due to Solana’s high throughput.
What is Magic Eden trending?
Magic Eden has been making waves for almost a week now after it announced its partnership with Tomorrowland to revolutionise festival experience. During the global music festival Tomorrowland, two NFT drops for Tomorrowland Belgium 2022 will be unveiled and it will be available on the Magic Eden platform.
The two NFT collections are expected to offer creators a unique opportunity to showcase its collection and it will also offer a minting facility during the event.
How Does Magic Eden NFT marketplace operate?
Magic Eden marketplace operates in a dynamic manner for the users to not only launch new NFTs but also make them available for trading on the secondary market. The Magic Eden Launchpad allows the users to mint the tokens keeping in mind its friendliness in mind, giving creators a simple, effective way to launch their projects.
So, before minting, the creators must ensure that they have listed their respective NFTs on the Magic Eden platform. This way, each NFT on Magic Eden will come with an additional marketing feature, which will allow the creators to communicate with the community.
Conclusion
Backed by the likes of Sequoia, Paradigm, Alameda Research, Solana Ventures, etc. the Magic Eden marketplace has quickly registered itself as one of the popular places to find and trade in NFTs. It has been steadily making waves with the most recent one in June last month when it managed to raise US$130 million in funds in a Series B funding round. With the funding round, which was co-led by Electric Capital and Greylock, and Lightspeed Ventures, the startup now boasts of US$1.6 billion post-money valuations.
Overall, crypto market participants would be buoyed by the options that they have, at the same time they would also like to be careful while entering the space without knowledge. As cryptocurrencies are risky assets, it’s critical they do their market research properly before taking any investment decisions.
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