Magic Eden CEO: ‘Very natural’ to expand from Solana to Ethereum NFT

Magic Eden CEO: ‘Very natural’ to expand from Solana to Ethereum NFT

In short

  • Magic Eden co-founder and CEO Jack Lu appeared on Decrypt’s gm podcast.
  • He talked about the market’s recent foray into the Ethereum space after starting exclusively with Solana NFT.

Magic Eden, leading Salt flats The NFT market continued its course expanding to Ethereum today by providing support for several large collections, incl Bored Ape Yacht Club, Pudgy Penguinsand The other side. Additional projects will be added in the days ahead.

“Magic Ethen” was announced in August as the first step in the multi-chain evolution of Magic Eden, first revealed in June when the firm announced a $130 million increase at an estimate of $1.6 billion. Instead of launching its own native Ethereum technology, Magic Eden aggregates listings from other marketplaces and integrates them into its platform.

Jack Lu, co-founder and CEO of Magic Eden, appeared in the last episode Decrypt‘s gm podcast. The wide-ranging interview covers a number of topics, including Magic Eden’s rapid rise—it launched just one year ago this month—amidst a volatile broader NFT market, plus the value Lu sees in NFTs in various use cases.

According to Lu, going multi-chain has been Magic Eden’s plan from the beginning, dating back to its earliest investor pitch decks. However, the company decided to start with Solana, which he said was “seen as a frontier ecosystem” last year. Magic Eden quickly leapfrogged the small, existing Solana markets and became a dominant player in that market.

When it came time to announce Ethereum support in August, Lu admitted that the Magic Eden team was “concerned” by the reaction from its passionately SOL-focused audience. However, he doesn’t believe the markets are as divided as they might seem on the surface.

“There’s actually a very high degree of user overlap between the two ecosystems,” Lu told gm co-hosts Daniel Roberts and Stephen Graves. “It’s not so mutually exclusive tribal. At first, that’s what I thought too—it’s just SOL, just ETH. But actually, as we dug [in] more to learn about it, in fact, many SOL users came from Ethereum.”

Lu said that many early Solana NFT users actually came to the platform after first experimenting on Ethereum. While there are still examples of tribalism among notable collectors in both spaces, there are also NFT figures who have played in both spaces.

“For us to move from SOL to ETH, it was actually very natural,” Lu said. “A lot of those users said, ‘Oh yeah, well, I have MetaMask [wallet] I already know something about the landscape. It is logical that the Solana marketplace also wants to move to Ethereum.’”

As for why Magic Eden expanded to Ethereum, there is an obvious answer: it is the largest ecosystem in terms of total trading volume and holds most of the highest value projects. There are probably also many users who have only ever collected Ethereum NFTs. But Lu also pointed to “things we’ve admired for a long time” in the Ethereum space.

“There are some very important user motivations,” he explained. “There are incredible NFT communities, NFT collections, and NFT creators and culture in the Ethereum ecosystem.”

Lu said that in expanding into more NFT ecosystems – with Ethereum the first of potentially many additions to come – both Magic Eden and the wider Solana NFT space can learn from Ethereum’s NFT culture and even “pass some of those learnings over”.

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