Key Points:
Magic Eden mobile app now supports NFT trading and cryptocurrency swaps across Bitcoin, Ethereum, Solana, Polygon, and Base.
Monthly trading users surged 200%, and revenue soared 639% this year despite recent sales declines.
Magic Eden explores staking tokens and introduces ME tokens for enhanced user rewards and resilience.
Magic Eden mobile app officially released its first mobile wallet application on Thursday.
Magic Eden Mobile App Now Supports NFTs and Crypto Swaps
According to Bloomberg, the move aimed at dramatically expanding the platform allowed customers to trade in NFT and swap leading cryptocurrencies such as Bitcoin, Ethereum, and Solana. People could exchange digital assets across five major blockchains: Bitcoin, Ethereum, Solana, Polygon, and Base.
Magic Eden mobile app will also include tokens issued by the foundation backing the ME ecosystem as another upsell in its growing offerings. It is eyeing future expansions into staking tokens that could yield further returns for holders in the near future. This would be strategic diversification to underpin the platform’s resilience against shifting cryptocurrency markets.
Read more: Magic Eden’s Coinbase Account Used to Bear “Significant” Dust Fees
Remarkable Growth Despite Recent Sales Declines
According to its CEO, Jack Lu, adopting new token formats such as Runes and Ordinals made Magic Eden outstanding compared to most NFT markets. This was a driver of performance for the platform—the best in any year so far—with monthly trading users up 200% and revenue leaping 639% over 2023. Sales, however, are way off their highs since May. According to data from Dune, the sale of NFTs surged in the early part of the year with record highs in Bitcoin but has been cooling off for quite a while since June. For example, the floor price of the CryptoPunks series has already fallen 48% over the past 90 days, and the Bored Ape Yacht Club floor price by 34%.
In response to the market shifts, Jack Lu reassured us that the Magic Eden mobile app would stay committed to its investments in NFTs while growing new business areas to bring further stability. On the other side, Matt Szenics, director of the ME Foundation, declared that ME tokens can be accessed through Magic Eden’s mobile and desktop wallets. The exact details of issuing and distributing the tokens have yet to be decided, but they are considering airdrops to active traders.
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