Aug 9, 2022 1 min read

Magic Eden Welcomes Ethereum

Magic Eden Welcomes Ethereum
Image Credit: Magic Eden

Solana's most popular NFT marketplace has confirmed that the addition of Ethereum has started. The marketplace is taking a different approach to Ethereum NFT listings than it has with Solana NFTs. Ethereum NFTs listed on Magic Eden will not be held in escrow, unlike Solana NFTs listed on the marketplace. This will allow Magic Eden to act as an aggregator of ETH NFTs, displaying listings from other marketplaces such as OpenSea.

Magic Eden has recently endured criticism about its practice of holding listed Solana NFTs in escrow. The decision to have non-custodial ETH NFT listings raises the possibility Magic Eden could transition to escrow-less Solana NFT listings in the future.

Users will also be to purchase and mint Solana NFTs using Ethereum on Magic Eden, thanks to an integration with Crossmint.

OpenSea's integration of Solana was highly anticipated when it launched in April, but Magic Eden has continues to dominate the Solana NFT market with greater than 90% of trading volume. It will be interesting to see if Magic Eden is able to take a significant percentage of ETH NFT volume trading from OpenSea, the current leader.

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