How the NFT startup battle may end with Magic Eden as victor
OpenSea has a major dominance when it comes to NFT sales and volume, especially with the Ethereum market. There are not many marketplaces out there that stand to challenge the throne that OpenSea sits on, but there is Magic Eden.
Magic Eden has a tight grip on the Solana blockchain and all NFT sales and drops. There are other Solana based marketplaces such as Digitaleyes, and Solanart but Magic Eden still holds the most clout when it comes to NFT markets.
Recently the company has grown and plans are in motion for Magic Eden to take on OpenSea with an Ethereum option as well. There has been recent support for Ethereum rolled out on Magic Eden as well.
The company started out as an artistic NFT marketplace but has branched into other aspects as well as gaming. A representative of the company spoke on the focus of the company and had this statement: “We’re not really a generalized marketplace that plays in every category, we don’t play in one-of-one fine art, we don’t do usernames or domain names, we largely focus on collectibles.”
Magic Eden has had a lot of success when it comes to offering products to its users. Multiple Solana NFT projects have reached success in cooperating with ME for launch and there’s multiple ways for users to participate in launches safely as the platform has offered new ways to keep purchasers safe during an NFT mint.
The company has not had as many issues as OpenSea has and that security could be one of the major factors in making ME stand out above OpenSea. This does not mean an end to OpenSea at all as the platform has already opened up for sales of Solana NFTs and even created a new Solana launchpad.
The race for NFT dominance is on but there are clearly two competitions in the race and far ahead of the competition, who will end up in the winners circle? That depends on whoever can offer the best platform.