Tech
Magic Eden Launches Cross-Chain Workability Crypto Wallet: Details
Magic Eden, an online marketplace for NFT sales, is adding more features and capabilities to its platform to try to revive people’s interest in digital collectibles after a visible slowdown in the industry. The platform has now decided to launch a crypto wallet browser extension, which will be compatible with multiple blockchains. The purpose of creating this multi-chain wallet is to provide a single storage solution for people to store their purchased cryptocurrencies and NFTs.
Currently in its closed beta state, Magical Eden The wallet will support the storage of Bitcoin, Solana, Ethereum, and Polygon-based NFTs.
According to Jack Lu, CEO and co-founder of Magic Eden, people had to make four different wallets compatible with four different blockchains in order to save their NFTs. This ultimately led to people abandoning engagement with NFTs and reportedly led to Magic Eden’s decision to launch a multi-blockchain compatible wallet service.
The wallet will facilitate instant transfer of cryptocurrencies between blockchains and easily collect any NFTs on Solana, Ethereum, Polygon or Bitcoin Ordinals. The service will also provide direct integration with Magic Eden’s NFT platform for better management of digital collectibles, said a explanation blog about the service.
Magic Eden has published an official update on this upcoming service on X too.
Introducing Magic Eden Wallet, a wallet made for Magic Eden users and cross chain collectors.
The Beta version is now live and available only to a small group of early testers!
Want to give a try? You can get on the waiting list by downloading the extension and entering your… pic.twitter.com/5DsS5qhdlQ
— Magic Eden :magic_wand: (@MagicEden) November 27, 2023
Currently, the self-custodial wallet service is only available to a limited number of testers. The development comes at a time when NFT sales have declined significantly in recent years.
NFTs peaked in September 2021, when sales of these digital collectibles managed to amass around $881 million (around Rs. 7,344 crore). However, as of November this year, NFT sales have managed to bring in only $10.85 million (around Rs. 90 crore).
At the beginning of September, a relationship had said that among the top 8,850 NFT collections by market cap, 18% were worthless and 41% saw their prices drop from around $5 (around Rs. 415) to $10 (around Rs. 835).
In fact, Magic Eden itself has faced the brunt of the slowdown in the NFT market. In February this year, the platform had announced layoffs from his team.
Affiliate links may be automatically generated – see our Ethics statement for details.
Fuente