Zhuoxun Yin, co-founder of Magic Eden, opined, “We do not believe that victory on ETH will materialize quickly. We stepped into the market with sincerity and want to develop for a long period of time. With that stated, we have a firm belief in our premise about what NFT artists and collectors want from their marketplace.”
The support for Ethereum on the Magic Eden platform has come at a time when the Ethereum blockchain is nearing its major environmentally friendly protocol update.
The update, referred to as the ‘Merge’, will reduce the Ethereum blockchain’s energy needs by roughly 99.95%, transforming it into eco-friendly. According to the latest info provided by Ethereum core programmers, the protocol update (Merge) is planned for September 19.
The count of NFTs hosted on the Ethereum blockchain has risen by almost 100% on a y-o-y basis. In particular, as per data published by IntoTheBlock, there are over 80,000 NFTs hosted on Ethereum currently, a steep rise from the 15,500 NFTs a year back.
Further details on Magic Eden’s support to Ethereum can be learned by joining their Discord server. Magic Eden, which amassed $130 million through Series A funding in the final week of June and attained a valuation of $1.60 billion, is aiming to support ‘cross-currency’ asset trading.
The value of NFT transactions on the platform hit $25 billion last year as the volatile crypto asset rose to prominence, as per data published by DappRadar. As the crypto market took a beating in the last few months, trading on the OpenSea NFT marketplace slowly dipped to $3.10 billion in May, from $5.80 billion in January, as per data published by Dune.