Digital marketplace Magic Eden has partnered with blockchain-based payment platform Helio Pay to launch the first multi-chain presale platform that serves global NFT creators.
The platform, Magic Eden Pre-Sales, is expected to make the presale-to-mint process more seamless. Presale is a marketing strategy for investors to purchase an NFT collection before public sales. Magic Eden and Helio claim the project would change the digital art industry.
Many developers use presale to promote their collections before the release date. A presale increases the public’s enthusiasm for a collection, which may lead to higher sales for the creators during public mints. Some projects that gained popularity during presales also saw higher prices in secondary markets.
The multi-network presale platform offered by Magic Eden and Helio allows NFT artists to reach out to more potential customers. The partners develop the new platform across Solana, Ethereum and Polygon to offer optimum functionalities.
Solana, a popular network in the NFT landscape, uses the proof-of-stake mechanism to process transactions. Its benefits include fast transaction processing and low gas fees.
Ethereum is one of the largest networks in the crypto sphere. Users are familiar with its smart contract, which enhances transparency in crypto transactions.
Meanwhile, Polygon offers comparable functionalities to Solana with more opportunities to scale. Magic Eden plans to expand the project to new networks as time progresses.
Magic Eden partnered with Helio because of the payment platform’s track record in powering presales worth more than $15 million for more than 500 digital artists. Helio’s technology offers a simple and streamlined checkout experience for buyers. Magic Eden says it can optimize any NFT project.
Users can access the platform via the Magic Eden Creator Hub starting June 29, 2023. NFT creators introduce their presale offerings via the Pay-Links menu, which they can customize to fit their needs. This platform accommodates payments in several tokens, including SOL, MATIC and ETH.
Besides launching a new presale platform, Magic Eden has introduced several other projects to fuel its expansion. One of the marketplace’s more recent projects is the introduction of the BRC-20 capability on its secondary platform and creator launchpad.
This capability allows NFT creators to launch their BRC-20 drops that users can mint on the platform. Magic Eden provides marketing support and an improved user interface for creators who launch BRC-20 collections. Users can also trade BRC-20 tokens on secondary markets.
Magic Eden founder and COO Zhuoxun Yin said his platform’s BRC-20 expansion differed from others. The marketplace caters to JPEG fans and a group of meme coins developed on Bitcoin.
“Since Bitcoin Ordinals and BRC-20 began gaining traction earlier this year, we noticed that the user experience was lacking as the two technologies are broken up and lack fluidity,” said Yin.
“With the introduction of BRC-20 on our platform, we hope to seamlessly merge the two – standard Bitcoin ordinals and BRC-20 – to simplify the experience for ecosystem participants.”
Zhuoxun Yin, Magic Eden founder and COO
The NFT marketplace saw an opportunity to incorporate those tokens on its platform due to its fast growth. Since its introduction, the market capitalization of BRC-20 has grown to around $261 million. The first BRC-20 tokens developed by Domo are valued at about $155 million, per CoinGecko’s data.
ORDI is the largest token in the BRC-20 group. The token traded at $28.51 at its peak, but the price has fallen to around $7.44. Data from June 28, 2023, revealed that the token saw almost $20 million worth of daily trading volume. Analysts say the inclusion of BRC-20 shows Magic Eden’s plan to expand as a crypto marketplace instead of only serving the NFT community.
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