The total volume traded in non-fungible tokens (NFTs) is well over $50 billion, and they have revolutionized the way that creators can monetize their work. Magic Eden supplies a platform for trading NFTs, that is distinct for its focus on gamers and the internet community. As well as functioning as a marketplace, which is the base capability of many competitors, it also employs vertical integration of NFTs within the games it hosts on its platform.
This unique focus has primed Magic Eden it for huge success - it moved from launch to Unicorn status in just 9 months and achieved ICO funding of $45 million in 2023. Although there are much larger NFT marketplaces, such as the market-controlling OpenSea, Magic Eden's incorporation of the Ethereum blockchain into its program (it initially only used the smaller Solana) indicates that it may be set to take on its older, more established competitors.
Steph
Company Specialist at Welcome to the Jungle