Will the future of non-fungible tokens (NFTs) be multichain? Yes, according to NFT platform Magic Eden, which has announced the launch of a dedicated wallet. What does it look like and why is it innovative?
Magic Eden launches multi-channel NFT portfolio
While non-fungible tokens (NFTs) are still predominantly associated with Ethereum (ETH), other competitors have arrived, such as Solana (SOL) and Polygon (MATIC). Not to mention Bitcoin Ordinals (BTC), which took everyone by surprise this year. According to Magic Eden CEO Jack Lu, interviewed by TCN, a multichain wallet is first and foremost about simplifying things for users:
“Until today, for a user to use all the products and functions we have on all the channels, they actually had to download three wallets. “
Hence this new product from Magic Eden. The wallet is available as a browser extension for Google Chrome. In the future, it will also be launched on Safari, and a mobile application is also in the pipeline. The latter will take a little longer to develop, but could be offered to the public as early as 2024.
Introducing Magic Eden Wallet, a wallet made for Magic Eden users and cross-chain collectors.
Beta version is now live and only available to a small group of early testers!
Want to give it a try? You can get on the waiting list by downloading the extension and entering your… pic.twitter.com/5DsS5qhdlQ
– Magic Eden (@MagicEden) November 27, 2023
For the time being, the Magic Eden portfolio is only available to a selection of people who will be doing the first tests. However, it is possible to join a waiting list if you wish to have access to it in the future.
Magic Eden’s ambitions
Magic Eden is now one of Open Sea’s competitors, which has been struggling this year. Open Sea, which was hegemonic until recently, has left its position as number 1 platform to Blur, and has had to lay off half its staff. Faced with this trend, smaller platforms, such as Magic Eden, began to make their mark.
The latter, however, has a lower volume than its competitors. Yesterday, the platform processed $847,000 in transaction volume, according to data shared by DappRadar. By comparison, Blur processed $18.6 million.
Still, the platform has big ambitions. Last August, it launched a million-dollar fund to encourage the growth of the NFT ecosystem on Polygon. It’s a project to keep an eye on in the future.
