Tag: MAGIC EDEN

Magic Eden Halts BRC-20 Trading Temporarily Amid Ordinals Expansion

by Blockchain News

On October 22, 2023, the decision was made by Magic Eden, a multi-chain NFT marketplace, to temporarily prohibit the trading of BRC-20 tokens in order to guarantee the maximum degree of safety possible for its consumers.

This decision will continue to be implemented even after an all-encompassing agreement about the regulations of BRC-20 tokens has been reached. There were no interruptions to any of the other trading activities that were taking place on platform during this time period.

On June 27, 2023, Magic Eden had previously published a statement, announcing that it would support BRC-20 tokens, and the news can be seen here. This represented the company’s continuation of its exploration of the Bitcoin ecosystem. This update was carried out with the purpose of expanding its offerings of Ordinals to encompass the previously described category of tokens, which are developed on top of the Bitcoin network.

In addition to being an essential move toward enabling the trading of these tokens on the secondary market, the support for BRC-20 tokens made it possible for anybody to create their very own tokens on the Bitcoin blockchain. This was a significant development.

Trade in BRC-20 was resumed on Magic Eden after a brief pause in trading, and as part of a promotion, the exchange reduced the fees for adding new listings to BRC-20 to 0.1% for a period of one month. This discount was part of an ongoing offer. A tweet that was sent out on July 13, 2023 informed the general audience of this information, which indicated the reopening of the BRC-20 trading market on Magic Eden.

This information also marked the beginning of normal trading operations on Magic Eden. The reduction in fees was done with the purpose of attracting new listings and maybe creating greater activity within the BRC-20 token market that is hosted on the platform.

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Magic Eden Embraces Compressed Solana NFTs

by Blockchain News

Magic Eden, a leading figure in the NFT marketplace, has unveiled its integration of cNFTs, a pioneering form of NFTs that are exclusive to the Solana blockchain. The term “cNFT” is an abbreviation for “compressed NFTs”, underscoring their unique capability to be crafted at a fraction of the cost of their traditional counterparts.

The announcement from Magic Eden delved deep into the potential of cNFTs. One of the primary advantages is their cost-effectiveness, which empowers creators to produce content on a grander scale without the hefty price tag. This not only paves the way for increased experimentation by creators but also provides a more accessible gateway for newcomers to the NFT realm. By making the entry point more affordable and less risky, Magic Eden believes that cNFTs have the potential to revitalize the NFT landscape, making it more vibrant and inclusive for collectors.

However, the introduction of cNFTs hasn’t been without its share of controversies. The choice of the term “cNFT” drew criticism from certain quarters of the digital community. A tweet from user @21e6Crypto on September 15 questioned Magic Eden’s decision to adopt an acronym that was already in circulation within the NFT ecosystem. Responding to the critique, Magic Eden clarified their stance, stating, “we didn’t create cNFTs, we integrated support for them.”

A deeper exploration into the mechanics of cNFTs reveals their foundational reliance on Merkle trees. This data structure is renowned for its ability to “compress” the verifiability of a vast data tree into a singular, identifiable “hash”. Solana Labs engineers have further refined this compression technique, introducing a capability that permits multiple simultaneous updates to Merkle trees within one block. This innovation is a hallmark of Solana, as detailed in their whitepaper.

For developers eager to harness the potential of cNFTs, a comprehensive understanding of Merkle trees is indispensable. Once the Merkle tree is initialized, NFTs can be minted using specialized tools. One such tool isBubblegum, a smart contract devised by Metaplex. To fetch the most recent data, developers would need to rely on RPCs, with platforms like Helius, SimpleHash, and Triton offering support for cNFTs. Lastly, to make any modifications to the NFTs, Merkle tree proofs are a prerequisite.

In conclusion, Magic Eden’s strategic decision to support cNFTs is a testament to the rapidly evolving dynamics of the NFT market. As platforms continue to push the boundaries of innovation, the broader community and industry stakeholders will be closely monitoring the adoption trajectory and broader implications of these compressed NFTs.

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Former Coinbase Executive Joins Magic Eden as Head of Product

by Blockchain News

Magic Eden, the largest NFT marketplace on the Solana blockchain, announced the appointment of Linus Chung, a former executive at Coinbase, as its Head of Product, according to a PRNewsWire report on July 20, 2023. Chung brings nearly two decades of experience in technology and web3 to the role, where he will lead product development, enhance user experience, drive growth, and develop long-term strategy.

Before joining Magic Eden, Chung served as the Vice President of Product at Origin Protocol and was previously the Director of Product at Coinbase. “I strongly believe in a future where digital ownership, enabled by NFT technology, will become ubiquitous. We are still in the early innings of NFT development,” Chung said in the PRNewsWire report. He expressed his excitement about joining Magic Eden and his eagerness to partner with the web3 community to accelerate NFT adoption through innovation and exceptional product experiences.

Chung has a history of scaling products and businesses, demonstrated during his tenure at Coinbase. He held various leadership roles there, including Director of Product and Head of Growth & Risk. Chung led teams responsible for more than doubling Coinbase’s user base to over 50 million and expanding Coinbase to 100+ countries. He also managed the teams that built and scaled some of Coinbase’s fastest-growing products, such as Coinbase Earn, Coinbase Card, and Coinbase Pay. Prior to Coinbase, Chung served in senior positions at Tesla, Pinterest, and LinkedIn.

Jack Lu, CEO and co-founder of Magic Eden, welcomed Chung’s addition to the team. “Linus is joining us at a really special time when we have a lot of projects cooking across our core user experience, rewards, and cross chain initiatives,” Lu said. He expressed confidence that Chung’s experience and passion for NFTs would help Magic Eden build the best NFT platform in the world.

Magic Eden has recently achieved significant milestones, including becoming the leading Ordinals marketplace and trading $300M since its launch. It has also open-sourced its Solana marketplace contract, released the most intuitive aggregator on chain, and achieved up to 40% in secondary market share for Polygon. Magic Eden aims to build a user-friendly platform for minting and collecting NFTs, bringing dynamic cultural moments onto the blockchain and empowering users across thousands of digital communities to create, discover, and collect unique NFTs.

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Apple to Permit Developers to Host NFT-Based Apps on App Store

by Blockchain News

American multinational tech giant Apple Inc is coming to terms and is billed to allow Web3.0 startups to sell their Non-Fungible Tokens (NFT) through its App Store.

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With the new policy, marketplaces like OpenSea, LooksRare, and Magic Eden, amongst others, can offer their hosted digital collectables for sale through the Apple Pay gateway.

While it is no news that the broader crypto ecosystem and the NFT offshoot have experienced dwindling patronage over the past year with the advent of the crypto winter, the latest allowance from Apple may help stir some resurgence in the market.

Prior to this time, the privacy features of Apple have made NFT developers shun the App Store as a gateway to market their products. While NFT and crypto-related applications are permitted, the allowances were very slim.

According to a report by The Information, NFT startups have shunned Apple partly because of the 30% charges it levies on every transaction. Magic Eden co-founder and Chief Technology Officer Sidney Zhang reiterated this in an interview.

With the new allowance, developers are left to choose between boycotting the tech giant’s systems because of the high fees or embracing the opportunity based on its extensive market reach. 

The Web3.0 ecosystem is expanding at a prolific rate, and innovators in the space are doing all they can to position their businesses to capture the market growth. Investors are also pulling in the weight to aid the evolution of Web3.0 protocols to accelerate their product and service offerings through consistent funding.

The contributions from tech giants like Apple will help change the paradigm for all players in the space as the company, alongside Google, has dominated the Stores through which startups can host their mobile applications. In the age where many P2E games are being developed, these provisions from Apple will go a long way to offer flexibility for developers who embrace the terms.

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Magic Eden Floats New Venture Unit to Double Down on Web3 Gaming

by Blockchain News

Solana-backed non-fungible token (NFT) marketplace Magic Eden has announced the establishment of its own venture outfit called Magic Ventures, focusing on bootstrapping Web3.0 gaming protocols.

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While projecting that Web3.0 games will serve as a GoTo ecosystem for many people, Magic Eden believes most innovations are still very rough, and they needed facilitating. The trading platform said the advent of Magic Ventures will absolutely help in investing in promising games and gaming infrastructure, which will bolster the growth of Web3 gaming. 

Magic Ventures will be led by Tony Zhao, who will double as the Head of Gaming Investments. The appointment of Tony is a thought-out decision drawing on his experience while staff at Tencent Games. During his time at Tencent, Tony focused on he focused on investing in up-and-coming games, acquiring world-class studios, and forming strategic partnerships across the entire Tencent Games portfolio.

Tony will also be joined in charting the way forward for Magic Ventures alongside Yoonsup Choi, Harrison Chang, and Matt Biamonte, all of whom have personally launched their own NFT collections and have a deep understanding of the Web3.0 ecosystem.

“The world of gaming is a massive market that has just started to venture into the world of Web3. We intend to deepen our relationships with both gamers and game developers alike to champion the future of games on the blockchain. With Magic Ventures, we are excited to invest in the next wave of creativity and innovation in Web3 gaming,” said Jack Lu, CEO of Magic Eden.

The launch of Magic Ventures trails the $130 million funding round the firm completed last month and the second for this year. Per the June round, Magic Eden entered the unicorn club with a $1.6 billion valuation. From its latest strides and with the advent of Magic Ventures, the startup said it is on track to expand its gaming ecosystem across the board.

 

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