Magic Eden Unveils New Features to Streamline NFT Trading on Polygon Network

Published: November 08, 2023 at 4:02 am Updated: November 08, 2023 at 4:02 am

Edited and fact-checked:
November 08, 2023 at 4:02 am

In Brief

NFT platform Magic Eden has rolled out three new features to improve NFT trading on the Polygon Proof of Stake (PoS) blockchain.

US-based NFT platform, Magic Eden, has rolled out three new features to improve NFT trading on the Polygon Proof of Stake (PoS) blockchain, to simplify user experiences and usher in a new era of NFT trading.

“NFT Traders need to know what is going on with a collection in real-time, with the analytics to support it,” Magic Eden’s co-founder and CEO, Jack Lu told Metaverse Post. “Additionally, we truly take pride in creating a UI/UX that is tailored to a long-time trader and the first-time buyer.”

“We selected a group of 35 users to test this before today’s release, and the feedback has been great from all groups,” he added.

The first feature, namely the NFT aggregation tool centralizes information from various Polygon PoS marketplaces, ensuring that traders have access to real-time market information to make well-informed decisions in the face of the rapidly evolving NFT market dynamics.

“Aggregation allows users across Magic Eden to view all listings, sales, and more in real-time without having to check various platforms. Users won’t need to shop around and see fractions of what’s available in the market. They can come to ME and trust they will see all the supplies that are available across the broader market under one great experience,” said Magic Eden’s Jack Lu.

Protecting NFT Creators’ Interests Via Royalty Enforcement

Further, the company has undertaken an initiative to protect the interests of NFT creators through royalty enforcement.

It has implemented royalty enforcement on its Polygon PoS marketplace via a payment processor as a way to protect creator fees. At the same time, Magic Eden’s Polygon API will be made publicly available for the first time, giving projects open access to integrate with their marketplace features.

Commenting on this initiative, Lu said, “We are actively working with creators to ensure that their royalty information is implemented and baked into the contract itself. We currently have built our platform on top of a Payment Processor over the likes of SeaPort.”

“We at Magic Eden understand that without the creators Web3 wouldn’t exist, we’re just happy to be on the right side of history,” Lu added.

With the release of Polygon API to the public, the firm has opened the door for external projects and developers to integrate with Magic Eden’s marketplace features.

This development signifies a shift in the NFT landscape and offers flexibility and creative engagement opportunities. Gaming projects and various ventures seeking to harness the power of NFTs stand to benefit from this access.

Recognizing the importance of user experience, Magic Eden has revamped its collection and profile pages. The updated user interface offers a sleek, faster design, complete with streamlined statistics and additional insights. Users can take advantage of advanced filters, a real-time activity window, and improved sorting options, making navigation more intuitive.

In the coming weeks, Magic Eden intends to introduce two additional features – “collection offers” and “multi-bidding” – to empower collectors to place and monitor multiple bids on specific NFTs or entire collections within the Polygon PoS network, promising an even more dynamic and competitive trading environment.

Commenting on these features, Liu, said, “They provide the option for collectors to place and see multiple bids on specific NFTs or across an entire collection, thereby making their offers more informed, ultimately increasing their likelihood of success in purchasing any or multiple NFTs.”

“This has been a long-time ask of users within our platform, we believe the more that we rely on our users’ feedback – the more we will succeed,” Liu added.

Polygon Labs’ co-founder Jordi Baylina, said, “There is a bright and thriving community on Polygon, and we are thrilled to see Magic Eden grow their presence on the chain and continue to push for innovation, improvements, and openness. These are meaningful updates, and we look forward to welcoming new traders and creators to the Polygon community.”

Magic Eden’s latest features are set to streamline NFT trading on the Polygon network, protect creators’ interests, enhance user experiences, and facilitate growth within the Polygon NFT ecosystem.

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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar’s expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.