With entry into the Polygon ecosystem, the NFT market will use the Polygon network to delve into the blockchain and NFT gaming spaces. Additionally, the expansion will provide the rapidly growing NFT platform with the ability to support Polygon's range of features and serve its developers and creators.
The collaboration has already exposed Magic Eden to strategic partnerships with other world-class developers in the blockchain gaming industry. So far, the NFT Marketplace has partnered with Kakao Games, Boomland, Block Games and more to debut another exciting game project on the Polygon Launchpad in December.
The Polygon protocol hosts some of the largest Web3 gaming projects in the industry, such as Ubisoft, Atari, Decentraland, Animoca Brands and The Sandbox. Additionally, the Ethereum Layer 2 protocol has partnered with other non-crypto-related companies, such as social media giant Instagram, Disney, Stripe, and Starbucks.
Zhuoxun Yin, co-founder of Magic Eden, pointed out that the integration into Polygon represents an exciting stage in the history of the NFT market. Magic Eden's goal is to achieve a multi-chain future to facilitate the platform's profile growth in the digital asset industry.
With this integration, Magic Eden will be able to welcome more global brands and new users into its ecosystem and continue to bring Web3 gaming to fans. Polygon also has a number of other Web3 operators as partners. Magic Eden is therefore proud to be among them as they seek to discover further uses for NFTs.
The Polygon network currently supports over 37.000 decentralized applications (dApps) and has nearly 1,8 billion transactions processed, according to information on its website. Additionally, Magic Eden's partnership with Polygon could pave the way for the NFT platform to leverage added opportunities in the ecosystem to expand its reach.
Launched in September 2021, Magic Eden has experienced rapid growth in a reasonably short period. It has an average of 10 million monthly active user activity, with more than 20.000 NFTs traded every day. Despite the current market correction, the NFT market continues to perform consistently, cementing its position as the fast-growing NFT platform in the industry.
In June 2022, Magic Eden raised $130 million in a fundraising event, bringing its market valuation to $1,6 billion. Meanwhile, the platform's current valuation exceeds $2,5 billion in terms of net NFT trading volume. However, the overall NFT market has been in a downtrend for most of the year, as total NFT sales continued to plummet for consecutive months starting in April, according to multiple data from the chain.
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