Morning Minute | Magic Eden Aims To Be 1-Stop-Shop for Digital Assets

TylerD's Market Summary

💡 Magic Eden Introduces MAGIC & Plans For The Future

Magic Eden is hot.

For the first time in their history, they have beat out OpenSea for the most users over the past 1 year. 

They're beating out Blur by overall trading volume over the past 6 months.

And now their CEO is sharing new plans for the future which should generate even more traction ahead of and beyond their $ME token launch.

What Happened?

Magic Eden co-founder and CEO Jack Lu announced the core principles driving Magic Eden forward as they look to become a one-stop-shop for all kinds of crypto assets.

His vision revolves around the MAGIC principles:

• Make crypto easier for everyone: Magic Eden will create user-friendly, mobile-native experiences with simplified onboarding and familiar UI, removing complexity for new users.
• All assets, all chains, 1 app: By the end of the year, Magic Eden will support trading across 10 chains, allowing users to trade various assets from NFTs to tokens, all in one app.
• Grow the space: The platform will be a normie-friendly, mobile app to help bring mainstream users into crypto, supported by $ME token rewards to incentivize engagement.
• In it for the long term: Magic Eden’s founders are committed to the long term, with locked tokens and reward programs for continuous platform users.
• Community transparency: Regular community calls will be hosted to keep users involved and gather feedback as Magic Eden builds the platform in public.

What Are They Saying?

Jack Lu commented:

"We are in it for the long term... founders will lock their tokens until at least 18 months after TGE."

They added, “Our job is to deliver the most elite trading platform onchain," stressing transparency and community involvement.

Why It Matters

It's been no secret that Magic Eden has risen the ranks in the NFT marketplace wars.

But this update from Jack shows they want to be bigger than just NFTs - they want to be the house for all digital asset trading.

They are certainly beating their competitors right now in cross-chain experience, as it's easier to monitor and trade assets across ETH, Solana and Bitcoin on Magic Eden than anywhere else right now.

They can likely maintain that advantage expanding to other chains as well.

Which should bode well for their upcoming $ME token launch.

Magic Eden has a clear plan for the future - now it's down to execution.

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Ethereum led NFT trading volume with $4.6M on the day; Solana was next with $2.4M, and then Bitcoin with $1.9M
• ETH NFT leaders were mostly red; Punks +3% at 27.7 ETH, Pudgy even at 9.4, BAYC -8% at 12.1, Azuki -1% to 5.18
• Killabears (+32%) and Honey Jar (+20%) led notable top movers
• BTC NFT leaders were mostly red; NodeMonkes -2% at 0.139 BTC, Puppets -2% at 0.157 BTC, OMB -1% at 0.182, Quantum Cats -3% at 0.233
• The Runes leaders were mostly red; DOG -5% at $495M mc, PUPS -21% at $112M, RSIC -1% at $83M mc, BDC -4% to $86M
• Solana NFT leaders were mostly red with Mad Lads -3% at 44 SOL, SMB -2% at 18.7, DeGods -2% at 15.2 and RCs -2% at 29
• Bored Apes and Mutants received "shadow" tokens of their NFTs on ApeChain, tied to their ETH counterparties (but not sellable on their own)
• Magic Eden launched ApeChain NFT trading along with a free mint
• Pudgy Penguins teased another major new retail partner following Walmart and Target
• Cool Cats unveiled new crossbody bags as their latest physical drop
• Killabears expanded into the metaplex and Mutant MPL 404 ecosystem

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token, protocol and airdrop news from the day:

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are down 1-3% but SOL is outperforming; BTC -2% at $67,300; ETH -3% at $2,640, SOL +1% at $168; APTOS was a top alt mover up 8%
• Memecoin majors were mostly red; DOGE -1%, SHIBA -3%, PEPE -2%, WIF -4%, BONK -1%, POPCAT +6%, and MOG -8%
• Avalanche introduced the "Avalanche Card" allowing users to spend against USDC, sAVAX, and more
• Ripple's founder Chris Larsen donated $10M in XRP to the Kamala Harris campaign, a move that goes against most of crypto X consensus
• The Minneapolis Fed President shared negative sentiment towards crypto in a town hall in Wiscoonsin, saying it is "almost never" used outside of illicit activities
• Chainlink has partnered with financial giants like Swift and Franklin Templeton to automate and standardize corporate actions data, using AI and blockchain to reduce operational inefficiencies and cut costs

🚀 Memecoin Movers 

• $JANET (+900,000% to $15M market cap, ETH)
• $FUN (+15,000% to $10M market cap, SOL)
• $SHEGEN (+2,600% to $10M market cap, SOL)
• $SHOGGOTH (+340% to $34M market cap, SOL)
• $ACT (+100% to $380M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

• Fijis (240%, 0.11 ETH Floor)
• 0xmons (100%, 1.25 ETH)
• KILLABEARS (32%, 0.34 ETH)
• Honey Jar (23%, 0.11 ETH)
• Bond Bears (19%, 34 ETH)

🗓 Upcoming Mints and Events

Today is another busy day of mints and events.

The highlights are the Scroll token launch, Mazin doing the Verse drop and Lifeofc doing a drop on Shape.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• Bitcoin Sneakers (8:00 a.m. ET)
• Ape Names (10:00 a.m. ET)
• Lifeofc x Shape - Postino (11:00 a.m. ET)
• Scroll - SCR token launch (12:00 p.m. ET)
• Mazin x Verse - Ditherium Gothscapes (1:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.d.warner@gmail.com.