OpenSea, and the Ethereum chain, are king in the NFT space. There’s almost no argument that could be made against this right now. DappRadar has OpenSea permanently situated at the top of its marketplace rankings.
With a total of 1.4 million traders, exchanging a volume of $23.5 billion, you’d be hard-pressed to find any marketplace relatively closer to these numbers. In this article, you will discover why you must consider Magic Eden as an alternative.
Magic Eden, The OpenSea Killer?
Before minds go to LooksRare and its $18.16 billion volume since its start, take a look at this dashboard from Dune.xyz. Then, the true second place when it comes to general NFT marketplaces is Solana’s Magic Eden.
Moreover, we took a quick look at Solana marketplaces in this article. A major takeaway is that Magic Eden handles 95% of Solana NFT trade volume.
1/ @MagicEden has become the dominant NFT marketplace on @Solana, generating 95% of the transaction share across all Solana-based NFT Marketplaces.
Throughout the NFT bull season, Magic Eden has consistently gained against its rivals. pic.twitter.com/fV9FpPVW0R
— Delphi Digital (@Delphi_Digital) March 10, 2022
With that market dominance traders, and investors are starting to take major notice.
Magic Eden Raises $27 Million Seed Round
This last week, Magic Eden concluded their second round of funding. Led by:
- Sequoia Capital
- Solana Ventures
- Greylock Partners
- Electric Capital
The NFT marketplace was able to raise $27 million after their Series A round. Though pailing in comparison to OpenSea’s $13 billion round, this is still a massive investment into the SOL ecosystem.
As mentioned in an article by BeinCrypto, Magic Eden does have a noticeable advantage over its competition. With low-cost, fast transactions, the Solana chain is perfectly set up for P2E games. As a result, Magic Eden fully realizes this and is taking advantage of Eden Games.
Eden Games Dominates P2E Market
On the other hand, when it comes to play-to-earn video game assets, there’s no better option than Magic Eden at the moment. The platform states that they handle 90% of secondary volume on gaming NFTs. Now, that isn’t clear if it is 90% of all gaming NFTs or SOL gaming NFTs. That is still impressive nonetheless.
However, this isn’t luck either. Magic Eden’s focus on their P2E economy is obvious and paying off. In February of this year, 10 million unique users visited the site. Then, these users were greeted with one of the best P2E UXs in the space.
🧵Why we're the winning marketplace for games 🎮
1. Quality: We launch the best games via vetting criteria
2. Volume: We are the only MP that delivers critical volume games need post-launch to achieve their roadmaps
3. Customization: We offer THE best customized game experiences pic.twitter.com/VlstvW36iw
— Magic Eden 🪄 Solana's Leading NFT Marketplace (@MagicEden) March 19, 2022
However, not only can users buy the P2E assets on Magic Eden. They can also play with them directly on the platform. With Eden Games, collectors can buy assets from games like:
In addition, in the Marketplace, and then use them without leaving the page. Supported games can port a version of their game to the site, and allow new buyers to instantly use their new assets.
Also, they only plan to expand these offerings. Watch for Magic Eden to take a foothold where Ethereum backed marketplaces simply can’t. The P2E revolution is coming and Magic Eden is looking to take control of that on Solana.
NOTE: Remember always to do your research, make your own decisions, and invest in projects that interest you!
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