Magic Eden is the biggest market of Solana-based NFT. Statistics show that Magic Eden is the sixth-largest marketplace with $704.15 million in sales. To increase the sales of products and services, Magic Eden has raised $27 million from Solana.
We have used the word Solana many times, do you know what is Solana?
Solana is a blockchain technology. Like Ethereum and Binance blockchain, Solana supports smart contracts as well as NFT(non-fungible token). It uses proof-of-stake technology at the back end to verify the transactions on a public ledger.
What makes Solana different?
Solana can process a heavy transaction with a huge speed. In this way, it provides the fastest platform for transaction verification.
Proof of stake technology makes SOLANA different from others. To verify transactions, miners need to stake coins. The one which has staked a large number of coins will get the chance first.
To become the #1 NFT marketplace on the Solana blockchain, Magic Eden has served a huge effort. Solana has done ~$200M in trading to get a valuable position on the Solana blockchain.
Magic Eden claims itself as the biggest NFT marketplace on Solana. It states a transaction volume of 7.5 million SOL in the last 6 months. Magic Eden developers are thinking to develop an application-based platform where users have the options to mint, trade, and borrow NFT.
Magic Eden is the best alternative for people who are tired of the high transaction fees of Ethereum.