Magic Eden Observes a Change as It Navigates the Bear Market

NFT Marketplace has not had a very good year. It leads the NFT market on Solana, controlling about 90% of the trading volume on any given week, as per the analysis of data from Nansen.
On Ethereum, NFT trading volume is a segment of what it was at the start of the last year, on Solana, trading volume has kept stable.

However, that volume is named in Solana’s native token, SOL, which was torn as a consequence of FTX’s bankruptcy. SOL has loved an exceptional rally to start the new year, but it is still half valuable as much as it was in August. It clearly means less revenue for developers on Solana, and down for marketplaces such as Magic Eden, which take a portion of each transaction.

“That last few months have been testing at Magic Eden, to say the minimum, “a woman chants towards the conclusion of a year-in-review video the company revealed on social media in December 2022. “And we are working day and night to be on the track.”

It is experimenting with various things. Magic Eden is trying to perceive its goal of becoming a real multi-blockchain marketplace, Tiffany Huang, the firm’s head of marketing, told The Defiant this week. It is changing to tried-and-true techniques to improve user holding. But it is also attempting something more aspiring: elaborating on the need for an NFT marketplace.

In a buzzed industry where trends are adopted as wildfire, for instance, the boom in royalty-free platforms in 2022, it has the opportunity to endorse how the gatekeeping of the NFT would do business.

Polygon introduction

Magic Eden was introduced on Polygon, a well-known solution for Ethereum, in December 2022. However, it has an intimidating task ahead.

OpenSea leads NFT sales on Polygon. A trio of out-of-the-way marketplaces, NFTTrade, Treasureland, and Refinable, launched on Polygon in the latter half of the last year, as per the data accumulated by NFT indexer Zash. Almost $400 value of NFTs were sold on NFTTrade, the biggest, on the week ending on January 23.

Element, once the biggest NFT marketplace on Polygon, has since dropped to a faraway second, having treated less than $100,000 that week. OpenSea prepared more than four times that.

Although, Magic Eden does not just wish to be an NFT marketplace. “When we believe about time spent on the firm, we wish to believe about what another people can do in the space besides just transact.”

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing