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Magic Eden Announces Integration With Polygon To Expand Blockchain Gaming

Ethereum scaling layer-2 blockchain Polygon has announced integration with NFT marketplace Magic Eden. According to the announcement, the integration will enable both companies to expand their presence in the blockchain gaming and NFT ecosystems.

“We are excited to integrate with Polygon and continue our pursuit of a multichain future for Magic Eden,” Co-founder and Chief Operating Officer of Magic Eden, Zhuoxun Yin, commented.

He added that the integration will help to open NFTs to the masses while removing any chain-specific bottlenecks. Yin said the integration will enable the platform to gain more users and onboard more global brands into the marketplace while introducing the masses to Web3.

Magic Eden To Support Polygon’s Ecosystem

According to the announcement, the integration will enable Magic Eden to offer support to Polygon’s ecosystem of creators and game developers. The polygon network is host to some of the largest Web3 gaming projects and publishers like Decentraland, Animoca Brands, Sandbox, Atari, and Ubisoft, among others.

Polygon has continued to lure more popular brands into the Web3 ecosystem, which has opened the opportunity for new users to understand the several benefits of NFTs.

The Polygon network has about 1.8 billion total transactions processed and supports more than 37,000 decentralized applications (dApp). The integration could enable Polygon to tap into the dApps ecosystem and vice versa.

Polygon has also been making headlines lately. The Ethereum-focused platform recently partnered with non-crypto native-focused firms like Stripe, Robinhood, Starbox, Disney, Instagram, and Stripe to integrate Web3 technology into businesses.

The NFT Market has Declined Since April 2022

Magic Eden was launched in September last year and has grown in popularity since then. Generally, the platform gets about 10 million unique user sessions monthly and sees more than 20,000 daily trades on NFTs. This momentum was maintained even when the crypto and NFT market was experiencing a dip. In June, the platform raised $130 million to take its valuation to $1.6 billion.

The NFT market has been stagnant lately, as data from CryptoSlam shows that total NFT sales have continued to decline every month consecutively since April. But Ethereum NFT sales volume has picked up by 26% in the past 30 days, while Solana NFT sales went in the opposite direction, declining by 20%.

Ali Raza

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