Magic Eden has started aggregating listings from competing marketplaces, giving traders a single destination to manage listings across platforms and see prices and listings across the entire Solana (SOL) Non-Fungible Token (NFT) market. The startup—which was valued at $1.6 billion as of June 2022— stated that it will likewise open-source its marketplace smart contract in the coming days.
Furthermore, the company will likewise remove a “co-sign” feature that prevented its own marketplace listings from being easily aggregated by other Non-Fungible Token (NFT) marketplaces.
2/ On aggregation:
Users can now see & buy listings across marketplaces on Magic Eden.
On Magic Eden, it’s now easier than ever to
✅ Manage and update ALL your listings
✅ See true, up-to-date floor price & collection stats
More on aggregation here: pic.twitter.com/RXQrh2puja
— Magic Eden 🪄 (@MagicEden) May 24, 2023
These moves address long-standing criticisms of Magic Eden, which has consistently been the leading Solana (SOL) Non-Fungible Token (NFT) marketplace since launching in late 2021. Rival platforms and other Solana (SOL) builders have taken Magic Eden to task for using closed-source code and for limiting composability opportunities across platforms.
Nonetheless, it’s still unclear whether Magic Eden will still use an escrow contract that takes custody of users’ listed NFTs—a leading critique of Magic Eden’s marketplace model that has previously been was known out by rivals as a potential security threat. Decrypt requested a Magic Eden representative for clarification, but did not instantly hear back.
As part of the relaunch, Magic Eden will temporarily change its “maker fee” to -0.25 percent for certain types of transactions. To put it another way, Magic Eden will pay you to buy and sell NFTs.
If you list an Non-Fungible Token (NFT) for 100 SOL, Magic Eden wrote as an example, then you’d in the end get 100.25 Solana (SOL) if it sells. Similarly, if you cause a collection offer on a certain Solana (SOL) Non-Fungible Token (NFT) project and it’s fulfilled, then you will effectively get a 0.25 percent rebate on the buy price. Users can likewise earn charges for operating automated market maker (AMM) Non-Fungible Token (NFT) trading pools on Magic Eden.
Magic Eden’s moves come amid the boost of a surging rival was known Tensor, which has taken a leading share of Solana (SOL) Non-Fungible Token (NFT) market share at certain points over the last few weeks. Tensor offers a bonus model akin to Blur, the leading Ethereum Non-Fungible Token (NFT) marketplace.
Market data from Tiexo shows Magic Eden with a lead over the past week, with nearly 44 percent of volume of trading compared to about 40 percent for Tensor. In the previous day, on the other hand, Magic Eden takes a heavier share at 51 percent of the Solana (SOL) Non-Fungible Token (NFT) market compared to about 35 percent for Tensor.
Amid the market shake-up, Tensor developers criticized Magic Eden for its co-sign requirement, renewing arguments that some rivals made a year ago when Magic Eden was dominant. Despite the fact that Magic Eden expanded to other chains like Ethereum, Polygon, and Bitcoin (BTC) in the previous plenty of months, the company stated recently that it would return its primary focus to Solana.