Renowned multi-chain NFT marketplace Magic Eden is expanding its foray into the Ethereum ecosystem with the launch of a dedicated platform for Ethereum-based NFTs. The new platform called ETH Genesis which is now in the beta phase has a chance to become a competitor for established players like OpenSea and Nifty Gateway.
Magic Eden revealed in a recent announcement that ETH Genesis would go live on the Ethereum network on April 6, 2023, along with more than ten NFT collections exclusively available for mint through its Launchpad.
Although Magic Eden started its journey in the NFT industry on the Solana network, the platform has since begun expanding to other chains. For instance, Magic Eden first integrated Ethereum into its marketplace in September 2022, having added support for the Polygon network months earlier.
However, the popular marketplace reckons in its recent move that Ethereum has the most established community for NFTs. Enabling dedicated support for the ETH ecosystem would expand Magic Eden's reach.
"We've always respected Ethereum as the largest, most established community for NFTs. We bring a proven ability to partner with creators as the only NFT platform that has launched 400+ projects and raised over $120M for creators," Magic Eden wrote in its announcement.
Within its new ETH marketplace, users will be able to buy and sell ETH NFTs natively on Magic Eden. Besides, the platform will be creator-friendly, respecting royalties on its native listings for all creators. It will also offer a 2% transaction fee for six months to those NFT creators who launch on Magic Eden’s ETH Launchpad.
Magic Eden has already partnered with selected NFT projects in the Ethereum space to scale the adoption of its new ETH Genesis marketplace. Some of the big-name collaborators include Realm Hunter, The Space Club, McPepe's, Freakz by Subber, Shrapnel, Magna, ZTX, Serial Experiments Lain, and Code Name: Stardust.
Magic Eden, attained the famed unicorn status last year and has been actively expanding its ecosystem across other networks in the industry since then. Last week, the NFT marketplace integrated support for Bitcoin-based NFTs, Ordinals.
With the idea of going cross-chain and learning along the way, Magic Eden is now the only marketplace where users can mint, collect and sell NFTs across Solana, Polygon, Bitcoin & ETH.
The upcoming public release of ETH Genesis could further boost Magic Eden's market share and provide yet another quality marketplace for users to interact with Ethereum NFTs.