- Expanded Features in Mobile App
- Significant Growth in Users and Revenue
- Future Plans and Strategy
Magic Eden's mobile app was officially launched on Thursday. It now supports NFT trading and crypto swaps, including Bitcoin, Ethereum, Solana, Polygon, and Base.
Expanded Features in Mobile App
According to Bloomberg, this move is aimed at dramatically expanding the platform's capabilities, allowing users to trade NFTs and swap leading cryptocurrencies such as Bitcoin, Ethereum, and Solana. People can exchange digital assets across five major blockchains: Bitcoin, Ethereum, Solana, Polygon, and Base.
Significant Growth in Users and Revenue
According to CEO Jack Lu, adopting new token formats such as Runes and Ordinals made Magic Eden stand out from most NFT markets. This was a driver of performance for the platform—the best in any year so far—with monthly trading users up 200% and revenue leaping 639% over 2023. Sales, however, have significantly declined since May. For example, the floor price of the CryptoPunks series has already fallen 48% over the past 90 days, and the Bored Ape Yacht Club floor price by 34%.
Future Plans and Strategy
In response to market shifts, Jack Lu reassured that the Magic Eden mobile app would stay committed to its investments in NFTs while growing new business areas to bring further stability. On the other side, Matt Szenics, director of the ME Foundation, declared that ME tokens can be accessed through Magic Eden's mobile and desktop wallets. The exact details of issuing and distributing the tokens have yet to be decided, but they are considering airdrops to active traders.
Thus, Magic Eden continues to expand its capabilities despite current market challenges. The platform shows significant growth in users and revenue, and plans further development to strengthen its market position.
