Magic Eden Targets Top Spot with Multichain Wallet And Community Feels

NFT marketplace Magic Eden has launched a multi-chain wallet that supports Solana, Polygon and Ethereum NFTs, along with Bitcoin Ordinals. The first-of-its-kind wallet is part of a triad of features introduced by the company aimed at “revolutionizing the industry.”

Magic Eden grew during 2023 and is currently the fourth-largest marketplace in terms of trading volume, with total transactions in January amounting to $102 million. After OKX, it is the largest marketplace for Bitcoin Ordinals in daily trading volume.

To maintain its ascending trajectory, the platform’s team has been working on bringing new users into the digital asset ecosystem and keeping existing users engaged and loyal.

Initially servicing just the Solana blockchain, the platform expanded its support to Polygon in late 2022 and to Bitcoin and Ethereum in 2023. During this process, the team noted that interoperability was an issue that made it hard for traders to manage their assets and which stood as a roadblock for users looking to step into the world of non-fungible assets.

Magic Eden’s recently launched “one-stop wallet for NFTs” is trying to overcome the inconvenience brought about by a fragmented ecosystem.

“As the team made great strides in the NFT & Ordinals space, it became clear there was a missing complementary piece critical to convenience: a singular wallet that allows users to seamlessly manage and collect NFTs across major chains.”

While bringing in new users is key to expanding its business, maintaining users on the platform is also critical for its success. Last week, the company announced that it would revamp its reward program to “give back to every member of our remarkable community.”

Magic Eden Rewards is a “cross-chain rewards program built for the long term for everyone” that will distribute Diamonds to all traders interacting with one of the top 100 NFT collections on the platform. 

The company also revealed that - in an effort to stay true to Web3 principles of decentralization and ownership, it will be open-sourcing its platform in collaboration with the recently created Non-Fungible DAO.

On X the decentralized autonomous organization recently said, “The $NFT community will control and steward the future development and adoption of the DAO’s protocols, where each token holder gets to vote on governance and use of the ecosystem funds.”

Members of the DAO will have power over the smart contracts developed by Magic Eden through the $NFT governance tokens that will soon be airdropped to marketplace traders.

While only time will tell whether the features announced in the last few days will have the intended results, their announcement does show Magic Eden’s desire to become one of the top NFT marketplaces in the industry.