Unlike with Solana, Magic Eden will aggregate Ethereum NFT listings from other marketplaces, with the purpose of being a pure aggregator on Ethereum with no proprietary listings. That means that listed NFTs won’t be held in escrow, which is currently the case for Magic Eden’s Solana NFTs.
Magic Eden will begin rolling out Ethereum NFT support across its platform in August, including its launchpad (used to create new NFT projects), its new list tool that lets projects create an ‘allowlist’ of users for NFT mints, and its drop calendar that highlights notable upcoming NFT collectible launches.
The launchpad will add Ethereum support starting with EZU, a new profile picture project from the creators of Psychedelics Anonymous. Beyond those initial steps, the platform will also conduct cross-currency trading tests that allow for the purchase of Solana or Ethereum NFTs using ETH, SOL, or a credit card. Magic Eden plans to add multi-chain analytics tools as well.
The power of Ethereum
Ethereum and its various sidechain and layer-2 networks command the vast majority of worldwide NFT in 2022. The platform plays host to projects such as the Bored Ape Yacht Club, CryptoPunks, Art Blocks, and Axie Infinity. Magic Eden’s move of adding Ethereum to its choice of blockchain projects only comes natural considering this.
Recently, Solana has emerged as a rising alternative network for NFTs, with lower fees, faster transactions, and less of an environmental impact than Ethereum at present (though a forthcoming upgrade to Ethereum could change this). Projects like Solana Monkey Business, Okay Bears, and DeGods have emerged on Solana since late 2021.
However, Solana might not be that safe, as a hack that recently affected the blockchain on 3 July has put a strain on the blockchain’s ability to keep digital wallets safe. As Cointelegraph shows, Magic Eden and various users have reported a widespread SOL exploit. Magic Eden is not the only platform affected by this, with wallet providers Phantom and Slope also reporting the issue.
Magic Eden is currently the biggest player in the Solana space, commanding 90% or more of trading volume, despite other marketplaces adding Solana support earlier. Recently, OpenSea, one of Magic Eden’s main competitors, has ratcheted up criticism of the marketplace’s escrow-based trading model, in which the marketplace takes custody of sellers’ NFTs when the assets are listed on the platform. Criticism over the model has grown within the Solana NFT community of late.
In return, Magic Eden has prodded OpenSea about the ‘inactive listings’ situation it encountered earlier in 2022, in which some users’ Ethereum NFTs were sold for below-market prices due to a UI issue. OpenSea ultimately refunded affected users with USD 1.8 million worth of ETH, although one collector sued the marketplace over the problem.