Magic Eden To Integrate Ethereum NFTs Into Its Marketplace

Ayush Pande
03.08.2022

Popular Solana NFT platform Magic Eden begins its multi-chain expansion by adding Ethereum-based NFTs to its marketplace.

Ethereum Launchpad On Magic Eden

Starting in August, Magic Eden will integrate Ethereum support on its platform. This will allow users to mint Ethereum-based NFTs using Magic Eden’s new Ethereum launchpad. The platform claims it will not add proprietary listings and will instead aggregate Ethereum NFT listings from other marketplaces.

Magic Eden will also add other features to its marketplace, including an allowlist management tool called Magic Eden List and Magic Eden Drop Calendar, a tool that highlights upcoming NFT drops.

The first project to release on the upcoming Ethereum launchpad is EZU, from Psychedelics Anonymous, who launched their Genesis NFTs on the Ethereum blockchain last year. Magic Eden is also preparing a cross-currency trading product to allow users to trade Solana and Ethereum NFTs using either of the two tokens.

An Escrow-less Model

Unlike Magic Eden’s Solana NFTs, the Ethereum NFTs will not be held in escrow. 

In the case of Solana NFTs, Magic Eden takes custody of all listed assets. The assets are then stored in the platform’s escrow wallet via a smart contract. 

NFT platforms such as OpenSea that have recently added Solana integration do not use this model and allow users to keep their listed NFTs in their wallets. 

More Competition With OpenSea

Magic Eden has a long-standing rivalry with OpenSea, with the two platforms regularly trading blows on Twitter. Recently, OpenSea mocked its rival for taking custody of listed NFTs, while Magic Eden took a dig at OpenSea’s lackluster launch of Solana Launchpad.

Since its conception in 2021, Magic Eden has maintained over 90% of the trading volume of Solana NFTs. On the other hand, OpenSea ventured into Solana NFTs in April and failed to make its mark in the Solana ecosystem even after the launch of Zoonies NFTs on its Solana launchpad. 

With the addition of Ethereum NFTs to its marketplace, Magic Eden will provide more competition to OpenSea’s marketplace.

Magic Eden’s Response To SOL Exploit

Currently, the Solana ecosystem is being targeted by an exploit that drains users’ funds from their wallets without their knowledge. OtterSec claims over 5000 Solana wallets were compromised in the past few hours.

Twitter has several posts from Magic Eden users who claim their tokens were suddenly drained from their Phantom wallets.

In response, Magic Eden cautions its users to protect their Phantom wallets by revoking permissions from suspicious links. The platform also suggests users set up a new wallet and liquidate the crypto assets after transferring all NFTs to said wallet.

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