NFT: Will Magic Eden dethrone OpenSea?

In recent months, the largest NFT marketplace on Solana (SOL) has recorded record performance. And the data revealed that Magic Eden had nothing to envy to OpenSea. But can the platform really succeed in dethroning OpenSea? According to some analysts, it will be difficult for him.

What the statistics say about Magic Eden

Last April, Magic Eden recorded a trading volume of over $300 million. This had given it a considerable lead over rivals Solanart and OpenSea. It must be said that the platform is a decentralized application (DApp) which facilitates the creation and management of NFTs. It makes every effort to offer users the best NFT projects present on Solana. In addition, it provides NFT creators with great liquidity. Currently, this NFT marketplace based on the Solana (SOL) blockchain is valued at $1.6 billion.

In addition, Magic Eden recently announced that it will soon be available on the Ethereum (ETH) blockchain. He counts support NFTs built on Ethereum (ETH). He wants to allow collectors as well as creators to buy and sell Ethereum NFTs. The marketplace also wants to offer consumers the opportunity to live an experience multi-chain. The NFT Marketplace is currently testing a feature to promote the purchase of NFT using ETH, SOL or bank card.

That said, Magic Eden said recently:Over the past 18 months, the NFT SOL and ETH markets have seen phenomenal growth within their respective communities. Magic Eden aims to bring these two worlds together on the belief that the social, cultural and connective uses of NFTs must be shared between networks.“.

Magic Eden records good performances and manages to surpass OpenSea on certain points. But he remains the leader. And it’s hard to say with certainty that Magic Eden will succeed in overtaking OpenSea on every level.

Source : LinkedIn

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