• 17 July, 2024

Magic Eden’s Emmy Wallet Aims to Introduce Cross-chain Functionality in NFT Trading

Popular NFT marketplace Magic Eden has recognized a crucial requirement within the NFT sector and responded with the creation of Emmy, a multi-chain, self-custodial wallet. The creation of this wallet stems from the necessity for a “singular” application that enables users to “seamlessly manage and collect NFTs across major chains,” as mentioned in a statement by Magic Eden. Emmy’s development is seen as a direct response to the increasing call for a more cohesive and user-friendly approach, aiming to bridge the gap in the NFT sector.

The Emmy wallet is compatible with four major blockchains: Solana, Bitcoin, Polygon, and Ethereum. The beta version of Emmy, initially launched in November 2023, marked a significant step towards a more integrated NFT ecosystem. This launch is seen as a strategic move by Magic Eden to cement its position in the competitive NFT marketplace, competing with other giants like OpenSea.

Initially, access to Emmy was limited, with early testers having to join a waiting list. This move allowed users to download an extension and register their email for exclusive access. Developed in collaboration with Exodus, Emmy’s self-custodial feature puts users firmly in control of their digital assets. The wallet promises a user-friendly experience, enabling instant cross-chain swaps, efficient NFT portfolio management, and the ability to trade NFTs directly from the wallet.

Magic Eden’s latest initiative includes an incentivization program aimed at early adopters of Emmy. This program features limited-time in-wallet mints of select NFT projects, such as Claynosaurz, Degenerate Ape Academy, and BoDoggos. Scheduled to run throughout February, this scheme mirrors Magic Eden’s ongoing efforts to reward its community of collectors and creators. The “Retroactive Diamond Drop,” set to begin on February 2nd, is a nod to those who have been part of Magic Eden’s journey since its inception in 2021.

Originally focusing on Solana NFTs, Magic Eden expanded to support Polygon NFTs in November 2022 and added Bitcoin and Ethereum in March 2023. Despite being overtaken by Tensor in daily trading volume for Solana NFTs last year, Magic Eden remains a significant player. According to The Block’s data dashboard, it is the second-largest marketplace for Bitcoin Ordinals NFTs in terms of daily trading volume.

Amidst this backdrop, Magic Eden recently announced its decision to open-source its protocol code. Furthermore, it granted governance rights to the Non-Fungible DAO, a newly formed entity to which it contributes.

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