Most of the flagship NFT collections, like Cryptopunks and the Bored Ape Yacht Club, use ethereum, and prominent NFT artists like Beeple have only sold their artwork on the ethereum network. While they're reaping the rewards today, it wasn't the easiest choice for Magic Eden's founders to pick solana over ethereum when the company was founded. Roughly 97% of all solana NFT transactions and 92.4% of solana gaming NFT trades take place on Magic Eden. Today, Magic Eden controls virtually the entire solana NFT marketplace. Since its inception less than a year ago, Magic Eden has scaled up to over 837,000 users, has two million more monthly transactions than OpenSea, and has an exchange volume of over $1.54 billion. That is in stark contrast from its biggest competitor Opensea, which only accepted ethereum until April 2022.īut it appears that the choice has worked well for Magic Eden. The platform currently only allows for solana NFTs - or NFTs that are minted on the solana blockchain. Magic Eden was founded in September of 2021, right in the middle of last year's NFT boom. Insider recently spoke with Magic Eden co-founders Zhuojie 'Rex' Zhou and Sidney Zhang about their thoughts on solana, and why they are so bullish about its future. Just last month the company raised $159.5 million from tech titans like Sequoia and Greylock, giving it a $1.6 billion valuation.Ī big part of the platform's success can be attributed to its prescient bet on solana, a blockchain that has quickly gained popularity over the last few years and eaten into ethereum's lead in the NFT market. In less than a year, Magic Eden has become the second largest NFT marketplace in the world.
The founders believe that solana provides better technical solutions for NFTs than ethereum.
Right now the platform primarily uses solana to mint NFTs, for three main reasons.Magic Eden has grown from 0 to $1.54 billion in platform sales in less than a year.
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