Magic Eden CEO: ‘Very Natural’ To Broaden From Solana To Ethereum NFTs – Decrypt

In accordance with Lu, going multi-chain was Magic Eden’s plan from the start, courting again to its earliest pitch decks for buyers. However, the corporate opted to begin with Solana, which he mentioned was “seen as a frontier ecosystem” last 12 months. Magic Eden quickly leapfrogged the small, present Solana marketplaces and became the dominant participant in that market.

Skeptics have questioned the legitimacy and necessity of NFTs because the nonetheless comparatively new house has spiked in reputation. High-profile NFT gross sales, reminiscent of last year’s report-breaking $69 million purchase of the artist Beeple’s collection, have been increasingly frequent. However for the reason that digital tokens usually are not a safety, they’re not subject to the identical US legal guidelines and regulations governing stocks, for instance. Numerous scams have cropped up in the NFT house in recent months, together with counterfeit NFTs and cash laundering.

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