Solana based non-fungible marketplace is entering the Ethereum network ecosystem.
On Tuesday, it was reported that Solana network’s prominent NFT marketplace – Eden Garden – is now looking towards integrating Ethereum networks based NFTs. The initiative is taken as its expansion across the different ecosystems. Many are looking at this move of Eden Garden to give enough competition to the leading NFT marketplace – OpenSea.
Eden Garden in their statement outlined that they were offering several benefits for their Solana based NFT creators. Those similar go-to-market benefits will be offered to NFT creators on Ethereum. This includes perks like minting toolkit, tools for whitelisting and support in marketing of their product.
Moreover, the company also has plans to roll-out a cross-currency trading regime. This trading product would be helping users with purchasing NFTs from both Ethereum and Solana. Their cross trading product would allow the users to use native cryptocurrency of either blockchain.
Zhuoxun Yin – Magic Eden co-founder – said that the company is not thinking of winning over the entire Ethereum network as soon as possible. He said that the firm has plans to humbly enter the space and to prepare for a long term stay. The NFT marketplace has firm belief in their study that tells them about the requirements and expectations of creators and collectors of NFTs from the marketplace, Yin added.
The NFT marketplace has witnessed increased saturation across the crypto space. Every other initiative anticipates becoming the leading contender. Recent move of Eden Garden confirms their anticipations to take over the top position of NFT marketplace space. Currently it has dominance over the Solana based NFTs space accounting for over 90% of overall digital collectibles trade.
In June, 2022, Eden Garden valuation reached upto 1.6 billion USD after closing its Series A funding round. During the funding round, the NFT marketplace raised approx 130 million USD. However, it still lags way behind its counterpart OpenSea, which has valuation of more than 13 billion USD.
Source: https://www.thecoinrepublic.com/2022/08/03/multi-chain-initiative-of-eden-garden-nft-marketplace/