Magic Eden Launches Crypto Wallet with Cross-Chain Workability: Details

Magic Eden, an online marketplace for NFT sales, is adding more functionality and capabilities to its platform to try to revive people’s interest in digital collectibles after an apparent slowdown in the sector. The platform has now decided to launch a crypto wallet browser extension, which will be compatible with multiple blockchains. The purpose of creating this multi-chain wallet is to provide a single storage solution for people to store their cryptocurrencies as well as purchased NFTs.

Currently in its closed beta state, Magic Eden’s wallet will support the storage of NFTs based on Bitcoin, Solana, Ethereum, and Polygon.

According to Jack Lu, CEO and co-founder of Magic Eden, people will have to create four different wallets compatible with four different blockchains to be able to save their NFTs. This ultimately led people to move away from engaging with NFTs. Allegedly Magic Eden decided to launch a wallet service that would be compatible with multiple blockchains.

The wallet will facilitate instant transfer of cryptocurrencies between blockchains and easily collect any NFT on Solana, Ethereum, Polygon or Bitcoin ordinals. The service will also provide direct integration with Magic Eden’s NFT platform for better management of digital collectibles. Explanation Blog About service.

Magic Eden also published an official update about this upcoming service on X.

Currently, the Self-Custodial Wallet service is only available to a select number of testers. This development comes at a time when NFT sales have declined significantly over the past few years.

NFTs peaked in September 2021 when sales of these digital collectibles managed to reach approximately $881 million (approximately Rs 7,344 crore). However, as of November this year, the NFT sale only managed to bring in $10.85 million (roughly Rs. 90 crores).

Earlier in September a report It was claimed that 18 percent of the top 8,850 NFT collectibles by market cap were worthless, and 41 percent saw prices drop from about $5 (roughly Rs. 415) to $10 (roughly Rs. 835).

In fact, Magic Eden itself has had to bear the brunt of the NFT market downturn. In February this year, the platform had announced layoffs from its team.


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