ME Looks for Utility in Gaming NFTs Via Polygon
Magic Eden So Far...
While some game developers such as Ubisoft embraced NFTs from the beginning, other developers such as Valve and Microsoft banned them. Many gamers despise the use of NFT as in-game money making schemes. Magic Eden (ME), the number one Solana marketplace, has embraced NFT game items, and plans to have Polygon as its third supported blockchain.
Magic Eden believes that cross-chain collaboration is beneficial to the NFT marketplace. In August of this year Magic Eden adopted Ethereum as its second supported blockchain.
Why is Gaming so Big for NFTs?
Magic Eden COO and co-founder Zhuoxun Yin told Decrypt.co that, “Their is growing adoption by major Web2 brands, and the potential for large-scale Web3 gaming via the platform is significant.” Gaming has yet to become a significant part of NFTs but could become a massive slice of the NFT market pie.
By the end of 2022, Magic Eden will have a Polygon launchpad and a loyalty-respecting marketplace for creators. Their launch partners include top-tier upcoming and recent Polygon blockchain games such as BORA, Intella X, Nway, Shatterpoint, Boomland, Planet Mojo, and Taunt Battle World.
ME wants to be the foundation for the gaming NFT marketplace and Polygon has the technology to make it happen. ME stated in their blog that they look to “partner closely with industry-leading game developers building on blockchain technology, reach new NFT collectors brought by global brands entering NFTs, and continue unifying cross chain audiences.”
Polygon's Reputable History with Web 2 Brands
With Polygon bringing so many Web 2 consumer IPs and brands into NFTs, it was a no-brainer for ME to collaborate with them. Polygon already has an array of the best blockchain games like “Sandbox, Atari, Skyweaver, Midnight Society, Metalcore, Wildcard, and Zed Run.” ME hopes that consumers will flock to their marketplace not just because of a specific chain, but because of the love they have for NFTs.
How Does This Affect the Social Crypto Space?
Seeing that Meta has announced in the past for Polygon NFT integration in their social apps, it’s a very smart move for Magic Eden to follow suit. The more eyes NFTs on social platforms have the more traffic and attention they will have. Ownership of assets on social platforms is an upcoming move that not many people see coming, and Meta is ahead of the game in allowing its users to own their assets on the platforms.
Magic Eden lost a significant amount of market share in September and October due to rejecting creator royalties but later decided to have the royalties optional so buyers could opt-in to pay creators to regain its 90%. Now they seem to want trust in the Polygon and blockchain gaming market believing that this market of NFTs will become a significant player in the overall market soon.
Is the Bear Market Finally Coming to an End?
The FTX earthquake shook up the crypto and NFT space, but there are still many hardcore believers and builders who work relentlessly because they believe that blockchain tech and NFTs are the future of digital assets. They view the bear market as a phase for crypto that will eventually pass. The Solana blockchain shows no sign of slowing down.
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