Solana Sunday: Magic Eden Partners up with Solana.FM
On July 1st, Solana.FM announced on Twitter and LinkedIn that they would be partnering with the Magic Eden marketplace which is the premiere NFT marketplace on the Solana Network.
The announcement comes at a time when the Sol token has dropped significantly in price, showing us that the Solana ecosystem is still active and unfettered by the major downward trends in crypto.
What is Solana.FM
Solana.FM is a block explorer similar to Solana Explorer - the primary block explorer used by the Solana network. Solana.FM’s explorer brings additional information to users with their dashboard that is still in beta. There is also an option to connect a wallet which provides users with the ability to benefit from the Magic Eden Partnership.
These explorers are important for every blockchain because they allow users to view all transactions that are made on a blockchain. Without explorers, there would be no other way to view the blocks in a network.
New Features
The announcement says that there will be a host of features from Magic Eden that will be applied to Solana.FM so that users will be able to interact with the NFT markets through the block explorer.
Buying NFTs
NFT Auctions and bidding
Listing NFTs for sale
What is Magic Eden
Magic Eden is the primary marketplace for NFTs on the Solana network and also has a huge presence in the entire NFT ecosystem. As the largest marketplace on the Solana network, they are in close contact with many of the biggest NFT collections available such as DeGods, Okay Bears, and Solana Monkey Business.
Further, many of the NFT traders on the Solana network are also active on the Ethereum network. Following the Opensea partnership with Solana, the activity around many Sol-based projects boomed causing their tokens to rise in value as their communities got bigger.
Unique Features of Magic Eden
Magic Eden also has a large number of additional features that many other marketplaces across all blockchains don’t provide.
Launch Pad
The launchpad is a section of the market which allows small projects to gain traction and attention from traders. By providing this spotlight, many smaller teams can grow their communities without excessive marketing and networking from other collections.
Eden Games
GameFi has become one of the primary factors to help NFT thrive as a product. However, many of the games being promised by NFT projects don’t come to fruition. Fortunately, the game section on Magic Eden provides a platform for these games that are developed to be accessible.
Insights
The insights tab on Magic Eden allows users to see metrics about different marketplaces. Users are able to view key information about different NFTs and where they are sold, allowing traders to incorporate important information into their trading strategies. This will improve with the new Solana.FM partnership.
Progress through the dip
While the Solana network has taken a serious dip from above $200 per Sol to under $40 this year, the network is still proving to be quite active for traders interested in their NFTs. Projects are routinely being swept up, showing that there is a demand.
This partnership between Solana.FM and Magic Eden is a step in the right direction for everyone involved. By continuing to push the envelope, it’s clear that teams working on the Solana network are not afraid of the dip.
Read our article here to learn more about the massive yacht party that Magic Eden held for their community during NFT.NYC
