The NFT market might be down, but investors won’t let up. Magic Eden, a prominent NFT marketplace, will work with the Polygon crypto network to develop blockchain games.
The collaboration will enable Magic Eden to work with world-class creators. As a result, its games will make Web3 and the metaverse more accessible to people worldwide.
Meanwhile, Polygon will open the Launchpad on December 2022, offering a testing environment for web3-focused projects.
Important terms for discussing Magic Eden
Photo Credit: www.forbes.com
We will have to discuss a few terms to understand this issue better. Non-fungible tokens (NFTs) record the ownership of physical and digital goods via blockchain networks.
Blockchain games use these computer networks to help players turn in-game items into cryptocurrencies like Bitcoin.
Then, gamers could turn those coins into fiat or real money. Moreover, artists can turn their work into NFT to earn each time someone exchanges it.
That compensation is also known as royalties. Meanwhile, Web 3.0 or Web3 refers to the next “version of the internet.”
It will use artificial intelligence to serve people better online and in real life. Also, the metaverse refers to the concept of merging real life with virtual reality.
Companies around the world say that the metaverse could become a trillion-dollar industry. That could explain why Magic Eden and other businesses want to adapt early.
How will Magic Eden improve with Polygon?
Photo Credit: www.coindesk.com
The NFT marketplace’s website says collaborating with Polygon will help bring more brands and people to NFTs. It has already brought the following projects and companies:
- Sandbox
- Skyweaver
- Atari
- Midnight Society
- Metalcore
- Wildcard
- Zed Run
- BORA by Kakao Games
- IntellaX
- Boomland
- Block Games
- Planet Mojo
- Taunt Battleworld
Magic Eden has a crypto launchpad with Solana (SOL). Thanks to the recent project, it will have a new Polygon Launchpad on December 2022.
The platform will enable Magic Eden’s partners to advance their projects. Later, it will launch a new NFT marketplace that uses Polygon’s native crypto token, MATIC.
It promises to respect creator royalties and provide more ways for those people to earn money. Soon, Magic Eden will offer additional Polygon support for NFTs.
These include an audience targeting tool called Magic Eden List, Drop Calendar, and improved analytics.
Magic Eden exec says modern NFT gaming is similar to the “early days of mobile gaming.”
Photo Credit: techpufy.com
NFT gaming seems to lag behind other options, but Chris Akhavan remains confident about its future.
The chief gaming officer of the NFT marketplace Magic Eden compared its current state to the “early days of mobile gaming.”
“I remember the attitude of traditional gaming companies at the time was that mobile games were stupid, Akhavan recalled.
He said gaming conglomerates thought mobile games as “really small, unimpressive games” that people would not want to play.”
The pre-smartphone days of mobile gaming had simplistic titles like Snake and Bounce. Eventually, the iPhone offered more immersive experiences like Fruit Ninja, but they paled in comparison with console and PC titles.
Akhavan remarked, “For the most part, many of the big traditional gaming companies ignored mobile [games] for the first few years….”
“… that created opportunities for new mobile gaming companies like King, which is now owned by Activision, to create that margin and grow substantially.”
The company believes that the “same journey will happen in Web3.” Akhavan stated, “In the past year, several billion dollars have been invested in new Web3 gaming studios….”
“… they will be leading the charge here in creating the ecosystem and showing the true sides of the opportunity, which will be huge.”
Conclusion
Zhuoxun Yin, the Co-Founder of Magic Eden, said it will bring the company “closer to uniting a broader audience who love NFTs.”
Meanwhile, the Philippines has also been using NFTs to bring more people to its traditional culture. For example, Kandama NFTs promote Ifugao weaves.
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