NFT marketplace Magic Eden has launched a mobile wallet app that will enable token swapping via a mobile app. The mobile app will support asset swapping across five blockchains.

Magic Eden is currently one of the biggest NFT marketplaces. The marketplace is now diversifying into new categories such as trading and non-fungible token (NFT) demand stays far below the peaks of two or so years ago. August saw one of the biggest drops in token sales, plunging more than 41% compared to the previous month.

Magic Eden launched its first mobile wallet app just over a week ago to enable NFT  trading and the swapping of cryptocurrencies like Solana, Bitcoin, and Ether. The Magic Eden platform will soon also have a token that will be issued by a foundation supporting its ecosystem.

Magic Eden
Magic Eden

There was a bump in NFT sales at the start of the year as Bitcoin soared to an all-time high but sales have dampened since June.  The minimum sales prices of some of the top NFT  collections like Cryptopunks dropped 48% in dollar terms over the past 90 days. The floor price for Bored Ape Yacht Club fell 34% based on the data tracker NFT Floor Price.

In the first seven months of this year, the total NFT trading volume was lower than sales volume over the same period last year according to DappRadar, a web3 firm that provides data on dapps, DeFi, blockchain games, NFTs, and NFT marketplaces.

Compared to other NFT marketplaces, Magic Eden has been doing slightly better, largely attributed to its incorporation of new token formats like Ordinals and Runes. According to ME’s chief executive Jack Lu, this has been the company’s best year ever.

Magic Eden registered a 200% rise in its monthly transacting users in 2024 compared to 2023 and its revenues grew by 639%. Sales volumes hit a peak in May this year although there has been a sharp drop since according to Dune, a web3 data tracking firm.

Lu says that in contrast to other NFT markets, Magic Leap is ramping up its investment into NFTs at the moment despite the ups and downs in the crypto market. The company has been “more resilient and stronger” thanks to its diversification into more categories and use cases according to ME boss.

The new Magic Eden mobile app will facilitate the swapping of digital assets across Bitcoin, Ethereum, Solana, Polygon, and Base blockchains. Magic Eden also wants to expand its portfolio into categories such as staking tokens, a service that will offer a yield to their holders, Lu said.

Initially launched as an NFT marketplace for the Solana blockchain, Magic Eden has since expanded its operations into other blockchains. The company launched a Chrome extension early this year that enables users to gather NFTs from different blockchains and swap Solana and Bitcoin. Magic Eden’s Bitcoin fungible token trading volume now makes up over 10% of its revenues according to the company.

https://virtualrealitytimes.com/wp-content/uploads/2024/09/Magic-Eden-600x589.pnghttps://virtualrealitytimes.com/wp-content/uploads/2024/09/Magic-Eden-150x90.pngSam OchanjiBusinessNFTNFT marketplace Magic Eden has launched a mobile wallet app that will enable token swapping via a mobile app. The mobile app will support asset swapping across five blockchains. Magic Eden is currently one of the biggest NFT marketplaces. The marketplace is now diversifying into new categories such as trading...VR, Oculus Rift, and Metaverse News - Cryptocurrency, Adult, Sex, Porn, XXX