Magic Eden Leads the Market After Ethereum Bombshell

Magic Eden Leads the Market After Ethereum Bombshell
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The NFT marketplace now sits above OpenSea in DappRadar’s rankings

The NFT marketplace competition is getting tighter. By announcing its Ethereum integration on Tuesday, Magic Eden surprised the NFT community. It was known as the top marketplace for Solana NFT traders. Now the platform is expanding its empire to cover Ethereum. It is the beginning of a change for Magic Eden, which has already surpassed the giant OpenSea in the rankings of user numbers on DappRadar.

Magic Eden supporting Solana and Ethereum

Magic Eden‘s long-awaited integration with the Ethereum network has finally arrived. And as announced, this is just the marketplace’s first step toward a multi-chain future.

The announcement was made through the official Magic Eden blog, along with a complete roadmap and reassurance of the platform’s objective – the mass adoption of NFTs.

To make this ambitious project work, Magic Eden aims to simplify the entire experience of creating and trading NFTs on Ethereum. The plan includes providing the creators of Ethereum NFTs the same minting support they already give Solana NFT creators. They plan to do this in mid-August. They will start with the launch of EZU, Magic Eden’s first official Ethereum NFT collection.

EZU cross-chain NFT collection Magic Eden Ethereum and Solana

A sister project of Psychedelics Anonymous, EZU will be available to mint in ETH and SOL at a TBA date and is another production by Voltura Labs.

The most-used NFT Marketplaces

To better track the performance of decentralized applications, DappRadar provides easy-to-use and comprehensive tools. The week’s news is often reflected in what the charts and data tell us, so it’s very important to follow along to keep an eye out for opportunities.

The fact that Magic Eden has been on the rise lately, for example, is clearly reflected in the rapidly increasing number of users on the NFT marketplace.

DappRadar’s NFT Marketplaces Ranking recorded that over 28,070 unique wallets interacted with the platform in the 24 hours following the announcement. That’s around 110% more than the average number recorded in the previous 7 days.

DappRadar NFT Marketplaces Ranking led by Magic Eden

This resulted in Magic Eden’s quickly climbing to the top of the rankings, ahead of even the giant OpenSea.

Now, both OpenSea and Magic Eden will compete for even more similar markets. That’s because OpenSea, the first NFT marketplace ever to be created on Ethereum, started integrating Solana NFTs into its platform in April 2022.

We can expect a battle of the industry leaders, and we at DappRadar will follow it closely.

Keep tracking NFT marketplaces and collections with DappRadar

DappRadar will keep following the Magic Eden path leading the NFT community. You can track the marketplace’s performance using our NFT Marketplaces Ranking.

For more insights into managing your own NFT portfolio, we recommend using the DappRadar NFT Portfolio Tracker.

Keep a closer eye on these top performers, check out their official dapp pages: Magic Eden and OpenSea.

If you want to learn even more about the best projects in the exciting world of decentralized applications, then follow the DappRadar blog, YouTube channel, and Twitter account.

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