The cross-chain non-fungible token (NFT) platform Magic Eden has recently launched its Magic Eden Wallet in Beta, and is planning to release the desktop browser extension soon. Developed in collaboration with crypto wallet company Exodus, this self-custody software wallet aims to provide NFT collectors with a faster and more seamless experience when collecting and trading NFTs across multiple chains, according to a press release.
The Magic Eden Wallet offers instant cryptocurrency swaps between Bitcoin, Solana, Ethereum, and Polygon, allowing users to easily navigate different blockchain networks. In addition to its cross-chain capabilities, the wallet also offers features such as portfolio tracking and management of all NFTs and collectibles, eliminating the need for multiple wallets. Users can also buy and sell with fiat and access decentralized applications (dapps). The wallet provides full transaction history, including pending transactions, for better transparency and control.
The platform plans to provide more information on the functionality and features of the wallet early next year, after the completion of Beta testing. Magic Eden believes that its wallet has the potential to revolutionize the digital wallet world and streamline the NFT collecting process.
Creator Royalties and Collaborations
Jack Lu, CEO and Co-Founder of Magic Eden, emphasized the need to reduce friction in the process of collecting NFTs across different chains. The team aims to make the Magic Eden Wallet the only wallet users need, simplifying the NFT collecting experience for enthusiasts. Lu stated, “We’re excited to start testing our wallet in Beta and bring that NFT-focused thesis to the public market very soon.”
In November, Magic Eden announced a partnership with Yuga Labs, the creator of the popular Bored Ape Yacht Club collection, for the Magic Eden Ethereum Marketplace. This collaboration ensured the protection of creator royalties, making it the first major Ethereum marketplace with a contractual obligation to uphold creator royalties. The consortium OMA3, formed to standardize creator royalties on NFT marketplaces, expressed support for this initiative and welcomed Magic Eden as part of their membership.
Furthermore, Magic Eden previously partnered with Web3 infrastructure company MoonPay to simplify the process of purchasing NFTs. The collaboration enabled users to effortlessly buy NFTs using familiar payment methods, making the experience more accessible to users.
With over $3 billion in transactional volume facilitated to date, Magic Eden continues to be a prominent player in the NFT space. The Magic Eden Wallet is expected to contribute significantly to the growth and adoption of NFTs by providing a user-friendly and inclusive platform for collectors.
