It’s no secret that NFTs, or collectible images that once fetched hundreds of thousands of dollars, aren’t buzzy. Monthly trading volume for non-fungible tokens has plummeted from a high of $6 billion in January 2022 to $429 million in March, according to data from Solana blockchain. Magic Eden soon integrated support for non-fungible tokens issued on Ethereum, Polygon, and even Bitcoin, among a handful of other blockchains.
Then, as the NFT market nosedived, Magic Eden launched its own crypto wallet in January 2024, where users could not only store the NFTs they’ve collected but also hold cryptocurrencies they own. “This current strategy that we have is called one platform, all chains, all assets,” Lu said.
