Morning Minute | Magic Eden Wants to Win Cross-Chain NFTs

Morning Minute | Magic Eden Wants to Win Cross-Chain NFTs

TylerD's Market Summary

Magic Eden is fighting hard in the NFT marketplace wars, and Frank DeGods just introduced a monster roadmap update. Catch up below.

💸 Magic Eden Introduces Cross-Chain Wallet

Blur may have stolen the headlines in the marketplace wars over the past week, but Magic Eden isn't going down without a fight.

And they've made a major new step towards becoming the primary multi-chain NFT marketplace.

Yesterday, Magic Eden officially launched its cross-chain NFT and crypto wallet for Bitcoin, Ethereum, Solana, and Polygon.

What Happened?

Magic Eden is broadening its scope with a new cross-chain crypto wallet.

It's supporting major blockchains like Bitcoin, Ethereum, Solana, and Polygon to start, and it's currently in closed beta as a browser extension only.

CEO Jack Lu highlights Magic Eden's dedication to a multi-chain ecosystem, addressing the difficulties of managing multiple wallets.

From Jack:

“We believe in a multi-chain world for NFTs. Up until today, for a user to really experience all the different products and features and great content that we have on every chain, they effectively have to download three wallets.” 

And they're looking to solve that with this new wallet.

The wallet is self-custodial, giving users full control over their assets and aligning with Web3's decentralized principles.

It simplifies asset management by enabling direct cross-chain token swaps.

Further, the wallet will incorporate MoonPay for fiat-to-crypto conversions and offer features like Bitcoin Ordinals support and portfolio tracking across chains, moving towards Magic Eden's goal of a more integrated, user-friendly crypto world.

Why It Matters

Magic Eden is clearly choosing where it wants to compete in the NFT marketplace arena.

Blur has a stranglehold on ETH NFT volume - so why compete there?

Instead, they're attempting to solve the fragmentation problem of NFTs on different blockchains.

To date, users have had to navigate to multiple marketplaces and use multiple different wallets and different currencies to buy NFTs on Bitcoin, ETH and Solana.

This new wallet solves most of that issue. And if they start listing ETH NFTs as well, they may completely solve it.

Magic Eden is already the go-to marketplace for most BTC and SOL NFT trading. And now users are going to be able to easily swap between currencies to go after hot new NFTs across these chains.

It's a win for NFT traders, and a win for Magic Eden.

If you want to participate, join the wait list by downloading the Chrome extension and registering your email.

Frank "Clarifies" DeGods Future

It's time for another DeGods roadmap update, and this one is arguably the most signficant update from any PFP team, ever.

Frank DeGods started sharing updates as promised at 3:33 pm PST yesterday evening and continued them for several hours, live posting on X.

Once the "dust" had settled, we had a laundry list of updates.

TLDR:

  • New art for DeGods (v3.33)
  • 1/1 DeGods for any female holder (scrapping DeGoddesses)
  • New art for y00ts dubbed "y00ts 2: the cost of perfection"
  • The end of Points Parlor, with a 100 y00ts prize pool finale
  • Transitioning the BTC DeGods project from community run to being run by the core team (BTC y00ts potential for future)
  • de[xyz]: the combination of the DeGods, y00ts, BTC DeGods, and DUST community into one broader community
  • Introduction of President roles for DeGods and y00ts, focused on more community input
  • de[id]: an identity system meant to create a reputation layer, combining on-chain and off-chain history
  • Ability to deposit $DUST to one's de[id] from any blockchain
  • de[network]: a filterable directory of holders, inspired by a Y-Combinator network tool
  • de[groups]: directory of group chats, built on Telegram and monetized with $DUST
  • de[starter]: an internal accelerator encouraging building with NFT IP, starting with merch
  • de[license]: the official IP license for DeGods and y00ts
  • de[ToX]; a new app featuring curated X content from DeGods and y00ts creators
  • deBASEL, a lineup of events at Miami Art Basel with partner Kraken
  • de[city]: creating local chapters with token-gated group chats and calendars, starting in NYC, LA, Miami, London and Singapore

It's a massive update and is still being digested.

Clearly Frank is leaning into tech, bringing the community together and also empowering members.

These are some pretty cool products and hard to FUD for true community members.

Better communication and networking tools, better content creation, a startup accelerator, a new IP system - what else do folks want?

We will see what else comes and how Frank ties this all together.

And of course - how the market responds...

🚚 What else is happening in NFTs?

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

  • Trading volume came in at $24.97M on Monday, though the leaderboard was mostly red
  • AOI Echo of Intensity (+82%), Creepz (+24%) and Themes and Variations (+24%) led notable top movers
  • Themes and Variations soared on Monday to an 5.6 ETH floor, while Seedphrase picked up an "N", "F", and "T" triptych for a combined 44.5 ETH (including a 22 ETH ATH sale on the T)
  • Gordon Goner went on a Cyber Monday buying spree, adding a Winds of Yawanawa, Sugartown Ora, Trademark, Nina's Super Cool World, Obsessions by Fewo and a Super Yeti
  • Art Blocks celebrated its 3rd birthday & anniversary of its Chromie Squiggles mint, memorialized by the "Elevate Heart" mint from Snowfro's brother
  • Pudgy Penguins partnered with Walmart for a Cyber Monday deal, selling a "Celebrity Box" for $25
  • Mad Lads soared 34 SOL to a 124 SOL floor on speculation that the NFTs would be eligible for the highly anticipated Jito airdrop; several other top SOL NFTs jumped as well

🌎 Around Crypto and Web3

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

  • The crypto market was up slightly on the day; BTC +0.6% at $37,210; ETH even at $2,020; SOL +1.8% at $56
  • $BLUR rebounded 10% off local bottom, back to $0.53
  • Animoca invested in Farcana, a UAE-based team arena shooter game, which anticipates a full game release and token launch next year
  • LooksRare updated its reward system with a new contract and $200,000 in ETH seeding for early adopters, as it kickstarts its new deflationary era (+7% to $0.115)

🚀 NFT Total Volume

  • BAYC (3,649 ETH, 29.6 ETH Floor)
  • DeGods (2,817 ETH, 3.48 ETH)
  • Azuki (841 ETH, 6.03 ETH)
  • MAYC (641 ETH, 5.68 ETH)
  • Pudgy Penguins (576 ETH, 6.2 ETH)

📈 NFT Floor Price Increase

  • AOI Engine - Echo of Intensity (80%, 0.07 ETH Floor)
  • Super Cool World (62%, 0.38 ETH)
  • Kitaro World (48%, 0.13 ETH)
  • Themes and Variations (24%, 5.6 ETH)
  • Creepz by Overlord (24%, 2.47 ETH)

🗓 Upcoming NFT Mints and Reveals

Today is a slower day of drops after a busy Monday.

Daniel Calderon Arenas' Elevate Hearts goes to public sale today, priced at 0.04 ETH. The Squiggle DAO has only minted 159 so far, so 800+ will likely be available.

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

  • OrdiBots (10:00 a.m. ET)
  • Jan Robert Leegte - Mountains and Drop Shadows (1:00  p.m. ET)
  • Daniel Calderon Arenas "Elevate Heart" (2:00 p.m. ET)
  • Illuvium - Beta 3 Relevease (3:00 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 tyler.warner@luckytrader.com.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.