I hope you are all well and had an excellent week, welcome to CryptoGod-1’s blog on all things crypto. Today I will be looking at the recent rollout of the Magic Eden Wallet from the cross-chain non-fungible token (NFT) platform Magic Eden.
Magic Eden Wallet
The NFT platform Magic Eden have rolled out their Magic Eden Wallet in Beta mode, which will come with a desktop browser extension down the line. A press release on Monday the 27th of November 2023 noted how the wallet will function as a cross-chain self-custody software wallet and will be created in partnership with crypto wallet company Exodus. The announcement noted:
"The new cross-chain self-custody wallet features instant cryptocurrency swaps between Bitcoin, Solana, Ethereum, and Polygon, and is designed to give NFT collectors a faster and more seamless experience when collecting and trading NFTs across multiple chains."
The wallet is designed to give users an easier and more efficient use of a cryptocurrency wallet for both NFTs and tokens, and as part of the Beta testing it will begin with a limited number of users. The desktop browser extension is expected to launch to the general public widely in early 2024. From there the intention is for the platform to reveal more information on the functionality and features early in 2024 when the Beta testing is complete.
The aim of Magic Eden is to become “a game-changer” in the digital wallet world. They noted this aim in their expression as follows:
“The Magic Eden Wallet is the first digital wallet to be integrated directly with an NFT platform, enabling collectors to do more with their NFTs directly from within their wallet. A first-of-its-kind in the industry, Magic Eden takes an NFT-focused approach that emphasizes features and a wallet experience centered around a user’s digital collectibles.”
Along with its ability to connect with multiple chains, the wallet also includes portfolio tracking and management of all NFTs and collectibles across chains without switching between multiple wallets. The wallet will also enable buying and selling with FIAT along with access to decentralized applications (dapps).
Users will be able to send Ordinals and BRC-20 with visibility into full transaction history, including all pending transactions. The website store description notes how payment methods include debit card, bank transfer, and Apple Pay. The wallet will support local currencies in select regions.
The CEO and co-founder of Magic Eden, Jack Lu, noted that there is “too much friction when it comes to collecting NFTs across chains.” The aim at Magic Eden is to create a wallet that means users only need the one wallet instead of multiple ones. He added “We’re excited to start testing our wallet in Beta and bring that NFT-focused thesis to the public market very soon.”
Earlier in November of 2023 Magic Eden announced a collaboration between the Magic Eden Ethereum Marketplace and the creators of the Bored Ape Yacht Club (BAYC), Yuga Labs. It meant Magic Eden became the first major Ethereum marketplace with a contractual obligation to uphold creator royalties.
Back in October 2023 the consortium of major companies OMA3 (the Open Metaverse Alliance for Web3) created a working group to discover the best way to standardize creator royalties on NFT marketplaces. They defended the creator royalties for NFTs and noted that they had the support of Magic Eden, Yuga Labs, Animoca Brands, and the rest of their membership group.
In February of 2023 Magic Eden announced a partnership with Web3 infrastructure company MoonPay. This allowed users to purchase NFTs with ease by following a familiar process of "a few clicks using payment rails familiar to them."
Have a great day,
CryptoGod-1.
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