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OpenSea’s Best Competition? Discover Magic Eden

Is Magic Eden the "Opensea" of Solana? - Ethereum World News

OpenSea, and the Ethereum chain, are king in the NFT area. There’s practically no argument that might be made versus this today. DappRadar has OpenSea completely located at the top of its market rankings.

With an overall of 1.4 million traders, exchanging a volume of $235 billion, you’d be hard-pressed to discover any market fairly better than these numbers. In this post, you will find why you should think about Magic Eden as an option.

Magic Eden, The OpenSea Killer?

Before minds go to LooksRare and its $1816 billion volume considering that it’s started, have a look at this control panel from Dune.xyz The real 2nd location when it comes to basic NFT markets is Solana’s, Magic Eden.

Moreover, we took a glimpse at Solana markets in this post. A significant takeaway is that Magic Eden manages 95% of Solana’s NFT trade volume.

1/ @MagicEden has ended up being the dominant NFT market on @Solana, creating 95% of the deal share throughout all Solana-based NFT Marketplaces.

Throughout the NFT bull season, Magic Eden has regularly gotten versus its competitors. pic.twitter.com/fV9FpPVW0R

— Delphi Digital (@Delphi_Digital) March 10, 2022

With that market supremacy traders, and financiers are beginning to take significant notice.

Magic Eden Raises $27 Million Seed Round

Recently, Magic Eden concluded their 2nd round of financing. Led by:

  • Paradigm
  • Sequoia Capital
  • Solana Ventures
  • Greylock Partners
  • Electric Capital

The NFT market could raise $27 million after their Series A round. Pailing in contrast to OpenSea’s $13 billion round, this is still a huge financial investment into the SOL environment.

As discussed in a short article by BeinCrypto, Magic Eden does have a visible benefit over its competitors. With low-cost, quick deals, the Solana chain is completely established for P2E video games. As an outcome, Magic Eden recognizes this and is benefiting from Eden Games.

Eden Games Dominates P2E Market

On the other hand, when it pertains to play-to-earn computer game possessions, there’s no much better choice than Magic Eden at the minute. The platform mentions that they deal with 90% of secondary volume on video gaming NFTs. Now, that isn’t clear if it is 90% of all video gaming NFTs or SOL video gaming NFTs. That is still excellent.

However, this isn’t luck either. Magic Eden’s concentration on their P2E economy is apparent and settling. In February of this year, 10 million distinct users went to the website. These users were welcomed with one of the finest P2E UXs in the area.

Why we’re the winning market for video games
1. Quality: We release the very best video games through vetting requirements
2. Volume: We are the only MP that provides important volume video games require post-launch to attain their roadmaps
3. Modification: We use THE finest tailored video game experiences pic.twitter.com/VlstvW36 iw

— Magic Eden Solana’s Leading NFT Marketplace (@MagicEden) March 19, 2022

However, not just can users purchase the P2E possessions on Magic Eden. They can likewise have fun with them straight on the platform. With Eden Games, collectors can purchase possessions from video games like:

  • PanzerDogs
  • Mini Royale: Nations
  • CatchKing Explorers

In addition, in the Marketplace, and after that utilize them without leaving the page. Supported video games can port a variation of their video game to the website, and permit brand-new purchasers to quickly utilize their brand-new properties.

Also, they are just preparing to broaden these offerings. Look For Magic Eden to take a grip where Ethereum-backed markets just can’t. The P2E transformation is coming and Magic Eden is aiming to take control of that on Solana.

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