Magic Eden Adds Polygon as Third Blockchain to NFT Platform Despite 50% Decline in Volume

2 mins
22 November 2022, 21:21 GMT+0000
Updated by Ryan James
22 November 2022, 21:21 GMT+0000
In Brief
  • Magic Eden is listed #1 on Solana and #2 in marketplaces on DappRadar.
  • The platform supports Solana, Ethereum, and Polygon blockchain.
  • The volume of the Magic Eden platform has been down by around 50% in the last 24 hours.
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Magic Eden, the marketplace on Solana, announced Polygon (MATIC) as the third blockchain on the platform. There is a 50% decline in the marketplace’s volume.

Magic Eden is a leading NFT marketplace on Solana. It is ranked second on marketplaces, according to DappRadar. Today, it announced a partnership with Polygon to continue its multi-chain vision. With the polygon integration, Magic Eden also plans a launchpad and marketplace by next month.

Magic Eden Plans to Bring Web2 Folks to NFTs with Polygon

Due to its low-transaction cost and better throughput, the Polygon chain has been a choice for Web2 companies trying to build on Web3. Recently, Reddit NFTs took the crypto market by storm. It onboarded over three million users to NFTs with the help of the Polygon chain.

This is a team that put their money where their mouth was. Polygon has brought Web2 consumer IP’s into the world of NFTs.  These partnerships are key to bringing Web3 to the masses, which aligns with our broader mission to spread the magic of NFTs.


Check out our most recent MATIC on-chain analysis here.

The NFT Platform has seen a Sharp Decline in Stats 

According to data from the decentralized application analytic platform – DappRadar, certain important stats of Magic Eden are in sharp decline despite the partnership announcement.

The Unique Active Wallets interacting with the platform’s smart contract has been down by over 12% in the past 30 days. The volume has decreased by over 30% in the past 30 days. It is worth noting that the volume in the last 24 hours is down by almost 50%.

Another hit to the Solana ecosystem?

Magic Eden is a leading marketplace in the Solana ecosystem. The community believes that Polygon going to Magic Eden is “another hit to Solana ecosystem.” The recent FTX collapse had a significant impact on the Solana ecosystem.  According to data from DefiLlama, the Total Value Locked is down by nearly 80% since Nov. 6. The Solana ecosystem had a TVL of $1 billion, which now stands roughly at $283 million.

Source: DefiLlama

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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.