NiftyNoon: Can Magic Eden Chapter 2 Save it from Solana NFTs?
Magic Eden is hinging the future of its platform on its ambitious “Chapter 2” (May 26, 2023)
Nifty Thought
It seems that Magic Eden has now taken a page out of Blur’s playbook and brought it from Ethereum to Solana. The marketplace’s efforts with compostability (open sourcing its marketplace contract and opening up its API) are exciting, it is really the platform’s aggregation and market maker rewards that are most notable. MagicEden will follow in Blur’s (and OpenSea Pro’s) Ethereum footsteps to operate its own Solana marketplace while also aggregating listings from other Solana marketplaces. MagicEden has also mimicked Blur’s activity incentives to keep users on their marketplace, despite this move to aggregation. Like Blur, MagicEden is rewarding bidding and listing on their platform. Unlike Blur, Magic Eden is providing these incentives in real time and rewards the acceptance of bids rather than the placement of them. In other words, someone is earning a future $BLUR airdrop by placing a bid on an Ethereum NFT on Blur. Conversely, someone is immediately earning Solana when their bid on a Solana NFT is accepted on Magic Eden. This nuance is healthy and will likely prevent the artificial market dynamics Blur bid incentives caused with Ethereum early on (i.e. negative bid-ask spreads on heavily bid farmed collections).
While all of these features and improvements are great, Magic Eden is still predominantly a Solana NFT marketplace. After the departure of DeGods and Y00ts off the Solana chain, Solana NFTs have not been able to capture a significant amount of market attention. Magic Eden’s efforts with Ethereum and especially Bitcoin NFTs are strategically clever but it seems that none of these recent announcements impact the platform’s operations on those other chains. For Magic Eden to survive into the next bull market, they will need to build NFT tools on a chain people actually buy NFTs on. That can either be through doubling down on their efforts with more popular chains or figuring out a way to bring excitement back to Solana NFTs.
Highlighted News
Magic Eden announces changes as it transitions to Chapter II:
https://twitter.com/magiceden/status/1661493259552837632?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
@burnttoast teases AR Doodles:
https://twitter.com/burnttoast/status/1661080381137776641?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Blend announces support will be shortly live for Clone X:
https://twitter.com/blur_io/status/1661764175742517248?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Project and Community News
Blur announces new feature as users can now borrow ETH and pay back a loan in small increments over time instead of all at once:
https://twitter.com/blur_io/status/1661491144243707904?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
HAPE social announces Digimental Studio, the parent company of HAPE, has been acquired by Vertex Labs for US$12 Million:
https://twitter.com/hapesocial/status/1661324485537013760?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Binance announces latest product, the Binance NFT Loan:
https://twitter.com/thebinancenft/status/1661713696765165572?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Jack Butcher shares opepen 003 and 004 tomorrow:
https://twitter.com/jackbutcher/status/1661833550402822154?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
NFT Inspect teases Inspect 2.0 Reveal:
https://twitter.com/nftinspect/status/1661381714709471234?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Spirit DAO shares mint details for upcoming launch of 'DAO', the first edition:
https://twitter.com/spiritdao/status/1661896323086581762?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Why @patrickamadon's doppelgänger contract is interesting for artists:
https://twitter.com/radicalnotionse/status/1661932255600848896?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Starcatchers share pepe star image:
https://twitter.com/starcatchersnft/status/1661775454905278468?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Snowfro's Squiggles: The Auction - with 89 participants, over 230 bids, in 2 hours of bidding war:
https://twitter.com/verticalcrypto/status/1661449214189240321?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Quick Stats:
OpenSea ETH Daily Volume: 2,452 ETH (▼ 14.14%)
Blur ETH Daily Volume: 7,717 ETH (▼ 21.96%)
BTC: $26507.97 (▲ 1.2%)
ETH: $1815.60 (▲ 1.74%)
MATIC: $0.90 (▲ 2.0%)
SOL: $19.30 (▼ 0.01%)
NFT Daily Winners:
🧝🏼♀️ DigiDaigaku: 3.79 ETH (▲ 8.66%)
🏳️🌈 Chromie Squiggles: 11.50 ETH (▲ 6.98%)
🧬 Clone X: 3.14 ETH (▲ 2.95%)
🚬 CryptoPunks: 50.59 ETH (▲ 1.38%)
⛩️ Azuki: 14.57 ETH (▲ 1.21%)
🐈⬛ VeeFriends: 2.23 ETH (► 0.00%)
NFT Daily Losers:
🧟 Mutant Ape Yacht Club: 9.54 ETH (▼ 0.05%)
🌈 Doodles: 2.18 ETH (▼ 0.28%)
🦧 Bored Ape Yacht Club: 45.68 ETH (▼ 0.59%)
🥃 Proof Collective: 6.64 ETH (▼ 0.75%)
🐧 Pudgy Penguins: 5.12 ETH (▼ 0.78%)
🦉 Moonbirds: 2.05 ETH (▼ 0.87%)
🥔 Potatoz: 2.79 ETH (▼ 3.79%)
🏴☠️ Captainz: 8.20 ETH (▼ 4.59%)
Notes:
If you find quick daily NFT updates helpful, please feel free to subscribe:
The content on this site is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.
Managed by @AxuETH, @NPapaellinas, @SharkFragile, @SpeedyGonzale87, @SSPxLEO and @xhuewa