CandleFocus Magic Eden Having ‘Best Year Ever’ Despite NFT Market Slump: CEO
2024-09-15
Author: Content Editor
Magic Eden, a multi-chain NFT marketplace, has achieved its best year ever in 2024, despite a soft overall NFT market, according to CEO Jack Lu. The platform initially offered Solana NFTs but expanded to include support for digital collectibles on Bitcoin, Ethereum, Polygon, and Base. Magic Eden's success can be attributed to its multi-chain approach, offering convenience and a wide range of content to NFT owners. Despite the shrinking NFT trading volumes in the market, Magic Eden has secured a 70% revenue share within the NFT market by being present on multiple chains. The platform's competitors, such as OpenSea and Blur, have also expanded their offerings to include other networks. Magic Eden has ventured into the Bitcoin space with support for Ordinals and Runes, catering to changing crypto trends.
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