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-Fungibleย Tokenย (NFT) market. The startupโwhich was valued at $1.6 billion as of June 2022โ stated that it will likewise open-source its marketplace smart contract in the coming days.
Furthermore, the company will likewise remove a โco-signโ feature that prevented its own marketplace listings from being easily aggregated by other Non-Fungibleย Tokenย (NFT) marketplaces.
2/ On aggregation:
Users can now see & buy listings across marketplaces on Magic Eden.
On Magic Eden, itโs now easier than ever to
โ Manage and update ALL your listings
โ See true, up-to-date floor price & collection statsMore on aggregation here: pic.twitter.com/RXQrh2puja
โ Magic Eden ๐ช (@MagicEden) May 24, 2023
These moves address long-standing criticisms of Magic Eden, which has consistently been the leading Solana (SOL) Non-Fungibleย Tokenย (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, itโs still unclear whether Magic Eden will still use an escrow contract that takes custody of usersโ listed NFTsโa leading critique of Magic Edenโs marketplace model that has previously been wasย 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 โmaker feeโ to -0.25 percent for certain types of transactions. Toย putย itย anotherย way, Magic Eden will pay you to buy and sell NFTs.
If you list an Non-Fungibleย Tokenย (NFT) for 100 SOL, Magic Eden wrote as an example, then youโd inย theย end get 100.25 Solanaย (SOL) if it sells. Similarly, if you causeย a collection offer on a certain Solana (SOL) Non-Fungibleย Tokenย (NFT) project and itโs fulfilled, then youย willย effectively get a 0.25 percent rebate on the buy price. Users can likewise earn charges for operating automated market maker (AMM) Non-Fungibleย Tokenย (NFT) trading pools on Magic Eden.
Magic Edenโs moves come amid the boost of a surging rival wasย known Tensor, which has taken a leading share of Solana (SOL) Non-Fungibleย Tokenย (NFT) market share at certain points over the last few weeks. Tensor offers a bonus model akin to Blur, the leading Ethereum Non-Fungibleย Tokenย (NFT) marketplace.
Market data from Tiexo shows Magic Eden with a lead over the pastย week, with nearly 44 percent of volumeย ofย trading compared to about 40 percent for Tensor. Inย theย previous day, onย theย otherย hand, Magic Eden takes a heavier share at 51 percent of the Solana (SOL) Non-Fungibleย Tokenย (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 aย yearย ago when Magic Eden was dominant. Despiteย theย factย that Magic Eden expanded to other chains like Ethereum, Polygon, and Bitcoinย (BTC) inย theย previous plentyย of months, the company stated recently that it would return its primary focus to Solana.
