NFT marketplace Magic Eden extends backing for BeraChain and ApeChain ecosystems.
Magic Eden Expands Support to Nine Blockchains, Adds ApeChain and Monad
Magic Eden, the leading NFT marketplace, has announced the addition of two new blockchains to its platform: ApeChain and Monad. This brings the total number of supported blockchains to nine, including Ethereum, Bitcoin Ordinals, Solana, Polygon, Arbitrum, and BeraChain.
With the addition of ApeChain, Magic Eden is now supporting the layer-1 blockchain developed by Yuga Labs and powered by ApeCoin. The mainnet of ApeChain launched on Sunday, and since then, it has seen over 360,000 transactions and 1,204 deployed contracts. The launch of ApeChain's mainnet also boosted the price of ApeCoin to its highest level since April.
The addition of Monad network is a significant step for Magic Eden, as it is currently integrated with Monad as a supported blockchain on their multi-chain NFT marketplace platform. The integration is already available at the testnet level and features prominently as part of Magic Eden’s cross-chain support, allowing NFT creation, trading, and management on Monad NFTs via Magic Eden.
Monad's NFT ecosystem is actively growing, featuring new projects such as Lil Chogstar, Monadverse, Monadians, and Spiky Nads. The Monad testnet launched recently, attracting developer and user engagement, further supported by Magic Eden’s ability to offer cross-chain NFT trading and minting, including on Monad’s testnet environment.
Magic Eden plans to have ten supported blockchains by the end of the year, with Monad being one of them. The marketplace is also preparing to add support for layer-1 blockchain Monad once it launches its mainnet.
In terms of transaction volume, Solana continues to dominate the marketplace with over 72% of sales, followed closely by Bitcoin with 42%. Ethereum has dropped to third place, with just over 15% in October. Polygon, on the other hand, has less than 1% transaction volume on Magic Eden in October. The number of buyers on Magic Eden for Polygon is not specified.
On the funding front, BeraChain secured $100 million in a Series B funding round announced in April. The blockchain has three main tokens in its ecosystem: BEX, BGT, and HONEY.
As of this writing, the ApeCoin token has retracted to $1.31, falling more than 15% in the past 24 hours.
- The addition of ApeChain, a blockchain developed by Yuga Labs and powered by ApeCoin, to Magic Eden's platform marks a significant entry of news in the technology sector, as it now supports the layer-1 blockchain for NFT trading and management.
- With plans to add support for layer-1 blockchain Monad once it launches its mainnet, Magic Eden is gearing up to expand its NFT marketplace support to ten blockchains by the end of the year, furthering its presence in the technology-driven digital art market.
