Solana (SOL) NFT Marketplace Charts Expansion to Ethereum (ETH)

Sir Coopernicus

Leading Solana (SOL) NFT Marketplace, Magic Eden, is expanding to Ethereum (ETH)! This means that users will now be able to buy and sell NFT assets on the ETH blockchain.  This could change the dynamics on Ethereum, which has been largely dominated by industry incumbent OpenSea.  Here's why we think this matters.

Magic Eden has done a few things very well that sets them apart, primarily around community building and successful, native project launches, which OpenSea does not do.

Even in their promotional video explaining the move, the focus is on community building and doing this together.  It's hard to resist the positive pull of the Magic Eden twitter community.

What does this mean for the ETH<>SOL NFT battle?  Is it even a battle anymore?

Magic Eden is the largest NFT platform on Solana by a wide margin, but Solana is still far behind behind Ethereum in total NFT trading volume.

Last 30 days of NFT trade volume:

ETH: $538,203,121

SOL: $55,355,108

This move sets up both Magic Eden and the Solana network as a whole for major benefits with two possibilities:

  1. It's possible that Magic Eden has a significant userbase that trades on both ETH and SOL, that can now use them for 100% of their trades.  Significantly increasing volume quickly for Magic Eden.
  2. As Magic Eden gains Ethereum users, it's likely that they'll promote and convert users over to Solana along the way.  Bringing even more users to SOL.

This move also cements both ETH and SOL as the top 2 NFT blockchains as now both of the top 2 NFT trading platforms in the world operate primarily on these chains.

Wen ETH for Magic Eden?

We don’t know the details yet but will be watching closely.  This isn’t a simple move, Solana is built on Rust while Ethereum is Solidity.  We don’t know if they’ve already begun on the technical work or if it’s still in planning.  They did mention an opportunity to beta test for community members:

Source and Image Credit: Magic Eden