Magic Eden Broadens Support for Polygon-Based NFTs

Dear JPEX Users,

The non-fungible token (NFT) market is currently going through a bearish cycle with prices of digital arts, not the same as they were in 2021. Despite the negatives, NFT marketplace Magic Eden continues to expand with support for Polygon-based NFTs announced on Tuesday. 

This is seen as great news for the digital collectibles market which failed to break the $1 billion mark in monthly sales volume in October. 

With the latest integration, Magic Eden now supports three blockchain-based NFTs with the others being Solana and Ethereum-based digital collectibles. 

Polygon is one of the most patronized networks in the crypto finance industry due to its highly-scalable nature. This is the reason why it hosts projects of various Web3 publishers such as The Sandbox, Decentraland, Atari, and Ubisoft among others. 

“Given Polygon’s popularity amongst game developers as a low-cost Ethereum Virtual Machine (EVM)-compatible chain, integrating Polygon will continue to cement Magic Eden as the go-to Web3 gaming platform,” co-founder of Magic Eden Zhuoxun Yin said. 

Despite the negative market sentiment, Magic Eden remains one of the most patronized NFT marketplaces in the sector. In the last 30 days (24th October to 23rd November), Magic Eden has generated more than $4 million in trading volume. This has contributed to approximately $195 million in total volumes generated by all NFT marketplaces across the globe. 

As of 23rd November 2022, global NFT market sales were around $414 million for the month, from 405,530 unique buyers, involved in more than 2.7 million transactions at an average price of $152.24

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