Magic Eden Support
We are excited to introduce our latest enhancement to the Web3 ecosystem through the integration of the Magic Eden marketplace!
This update empowers you to explore detailed sales and event data from Magic Eden across all our supported collections, enriching your understanding of the NFT market.
What Is Magic Eden?
Magic Eden is a popular NFT platform that was founded in September 2021. It started with only Solana NFTs, grabbing the monopoly of the market due to its user-friendly interface.
Since then, they have expanded support to different blockchains such as Ordinals and recently Ethereum, with Polygon NFTs on the way to dominating the ecosystem of all marketplaces.
They currently offer "Diamonds" for any interaction with their platform and are building a "Creator Alliance," which includes top NFT projects such as Yuga Labs, RTFKT, Doodles, and Azuki.
Why Is This Integration Crucial?
The integration of Magic Eden marketplace data into our platform brings significant advancements in two key areas:
- Comprehensive Market Insights: Adding Magic Eden’s marketplace data can offer a more thorough overview of the NFT market, especially given Magic Eden's popularity and high activity levels.
- Enhanced Valuation Precision: Our platform employs a Machine Learning-based valuation model, NFTi, which greatly benefits from the extensive data Magic Eden provides. With its diverse array of NFTs and vibrant trading environment, incorporating Magic Eden allows our ML models to deliver more precise valuations that accurately reflect the current market dynamics.
What Else Makes Magic Eden Special?
Magic Eden enables and supports the mission of creators' royalties, which is very important to many NFT projects as it keeps them funded to create a better experience for their holders and not only rely on the minting revenue of a collection.
A massive leap occurred when Yuga Labs made several of their collections exclusive to only marketplaces that enable creators' royalties; this includes collections such as Otherside Expanded, Otherside: Vessels, Otherside: Maras, but excludes major collections such as Bored Ape/Mutant Ape Yacht Club and Otherdeed for Otherside.
You can view the collections that Yuga created with royalty filters here.
According to a report by Nansen, in the summer of 2023, Yuga Labs earned a total of $165.5 million in royalties from its portfolio of NFT collections, which includes Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed for Otherside.
By including Magic Eden, we ensure that our analytics reflect the most current market dynamics and trends, enabling better-informed decisions.
Marketplace Support
Our platform proudly supports a comprehensive array of marketplaces, ensuring users can access a vast and diverse range of NFT collections.
Here is a list of all the supported marketplaces:
- Opensea
- Rarible
- LooksRare
- Blur
- X2Y2
- Foundation
- SuperRare
- Larva Labs
- Magic Eden
In Conclusion
As this is a new release, we expect some issues to arise as more people use it and give us feedback. We are going to be watching our Twitter and Discord so that we can address any problems immediately. If you have not already, follow us on Twitter and join our Discord! We'd love to hear your feedback about this release and NFT Valuations. 💜