Solana NFT marketplace Magic Eden will launch support for Ethereum-based non-fungible tokens (NFTs) in the coming weeks, the company announced on Tuesday.
The move has been anticipated since the company’s Series B financing in June, when it hinted it planned to debut on other blockchains. The NFT marketplace is following in the footsteps of the leading marketplace, OpenSea, which launched on Solana earlier this year.
Through its cross-chain Launchpad, users will be able to choose to mint NFTs using SOL and ETH. The first NFT project to do so is EZU, a sister project to Psychedelics Anonymous by Voltura, aka Lewis Gale.
Magic Eden, which was established in September 2021 by entrepreneurs with backgrounds in Uber, Coinbase, and Google, had a June funding round valuation of $1.6 billion. Electric Capital and Greenock Partners were the driving forces behind the $130 million Series B fundraising for the business. It came three months after the $27 million Series A headed by Paradigm.
Over the past few months, cross-chain services have also been introduced by other marketplaces. OpenSea, which initially debuted on Ethereum, integrated Solana to its services and was responsible for $484.79 million in NFT market volumes in July.
Magic Eden’s launch comes amid declining sales volumes for NFT marketplaces. Market volumes decreased from $884.68 million to $626.11 million in July.
Magic Eden has seen a decline in sales volume, similar to other NFT marketplaces. Trading volume has decreased to little over $81 million in July from an all-time high of $380.87 million in January.