Quick take:
- Magic Eden has collaborated with the Solana-based NFT aggregator platform Coral Cube.
- The partnership is part of the NFT marketplace’s expansion strategy.
- Coral Cube offers one of the fastest trading experiences on Solana.
Magic Eden has announced a partnership with Solana-based NFT aggregator platform Coral Cube. Magic’s latest announcement is part of its strategy to expand its ecosystem offerings.
An NFT is a digital representation of artwork, video clips, music tracks, JPEGs, or collectibles stored on the blockchain.
Announcing the partnership via Twitter Magic Eden tweeted:
The NFT aggregator space has been undergoing consolidation over the last few months with OpenSea acquiring GEM in April, while UniSwap nabbed Genie in June.
NFT aggregators are platforms that curate the best NFTs based on a variety of filtering mechanisms. They are specifically designed for traders, rather than collectors.
Magic Eden said Coral Cube will benefit from the NFT marketplace’s rapid expansion helping it to scale its growth and become the largest NFT aggregator platform in the market.
Magic Eden has been expanding its ecosystem of product offerings with the aim of taking on the world’s largest NFT marketplace, OpenSea.
In July, the platform collaborated with Genopets to launch the first SFT marketplace for in-game items, before announcing its expansion to the Ethereum blockchain in August.
Although Coral Cube is a 0% royalty platform, Magic Eden clarified that it will not be dropping to 0% royalties after one Twitter user questioned the logic of merging with a 0% royalty marketplace.
Magic Eden reached unicorn status in June after raising $130 million in a Series B round co-led by Electric Capital and Greylock Partners at a valuation of $1.6 billion. The platform has been experiencing a significant rise in NFT transaction volume over the last few months since expanding its ecosystem to the Ethereum blockchain.
In September, it recorded its highest-ever number of daily transactions surpassing 1.5 million.
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