Quick take:
- Magic Eden has teamed up with Genopets to launch the first semi-fungible token (SFT) marketplace.
- Members of the move-to-earn game will be able to mint and trade SFTs like Crystals and Terraform Seeds within the Magic Eden marketplace.
- SFTs allow gamers to trade in-game items in like-for-like batches rather than the one-for-one trading in NFTs.
Magic Eden has launched the first semi-fungible token (SFT) marketplace with Genopets. The Solana-based platform’s new marketplace will allow Genopets users to mint and trade in-game items.
A semi-fungible token allows users to trade like-for-like in-game assets in batches. On the contrary, non-fungible tokens (NFTs) are traded as one-for-one items, which can result in multiple, and unnecessary transactions when players are looking to trade a bunch of in-game assets.
This partnership will allow Genopets users to mint and trade in-game SFTs vital to their crafting economy, like Crystals and Terraform Seeds within the Magic Eden marketplace. And according to the announcement, the ability to trade items in batches will create a more efficient gameplay model.
Magic Eden is the largest NFT marketplace based on the Solana network. The platform accounts for 90% of NFTs traded on the proof-of-stake blockchain. Having established itself as the number one platform for NFT creators and traders on Solana, Magic Eden has now taken the next step in the Web3 race, foraying into gaming.
The company recently launched Magic Ventures, a new unit that will focus on NFT gaming. It also Tony Zhao as Head of Gaming Investments. Earlier in June, Magic Eden raised $130 million at a valuation of $1.6 billion.
Magic Eden’s SFT marketplace also leverages Serum’s asset agnostic orderbook as its backend matching engine to facilitate financial transactions. The platform will help bring some popular web2 in-game mechanisms like “stacking” to the blockchain.
While NFTs allow gamers to trade individual assets like clothing, weapons, and characters, SFTs will allow them to stack similar products together and sell them as one.
The first Genopets items featured on the FT marketplace are Crystals and Terraform Seeds.
According to the game’s description of the two items, “Crystals are base layer materials used for crafting other items, while Terraform Seeds allow players to make aesthetic customization and performance upgrades to evolve their Genopets’ habitats.”
Commenting on Genopets’ new partnership and SFTs, Albert Chen, CEO and Co-Founder of Genopets said: “We’re thrilled to work with Magic Eden to continue pioneering the future of Web3 games by being one of the first games on Solana to roll out efficient token technology and game mechanics that enable players to meaningfully create and transact value.”
On the other hand, Tony Zhao, Head of Gaming Investments for Magic Ventures, a venture arm of Magic Eden that will focus on investing in Web3 games commented:
“We are excited to partner with Genopets to power their new SFT marketplace which will bring familiar Web2 trading mechanics to players looking to build and grow their in-game assets. In support of NFT gaming developers, we’re confident that our SFT tooling will allow projects to make further in-roads with creating high-concept, playable games on the blockchain.”
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