Magic Eden Presents $1 Million Fund to Boost NFT Projects on Polygon

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Magic Eden, a prominent Solana-based marketplace, has taken a significant step to enhance the NFT landscape on the Polygon blockchain. Besides, it has funds of $1 million that aim to support creators who are dedicated to crafting innovative NFT projects.

Quick Takes:

  • Magic Eden launches $1 million in funds to elevate NFT projects on the Polygon network.
  • The funding will have three major criteria for selecting projects.
  • The funding aims to encourage exceptional ideas in the NFT marketplace.
The official announcement by the blockchain giant

Magic Eden Collaborates with Polygon

In a recent tweet, Magic Eden announced its visionary collaboration with Polygon.   Furthermore, the collaboration will offer a range of compelling opportunities for creators. The partnership guarantees selected applicants financial backing and invaluable access to Magic Eden’s mentorship program. 

However, the ultimate objective is to financially nurture the concepts of the NFT projects specially designed for the Polygon network. Also, this move comes as part of a broader initiative to boost the presence of influential NFTs within the Polygon ecosystem.

According to the company’s statement, they believe the market has been rough and therefore it is important to encourage artists. 

The Criteria for Magic Eden’s Funding

The selection of projects to receive funding will be based on three crucial factors. To begin with, the project must have uniqueness, scalability, and the potential to change the conventional dynamics of the NFT domain. 

What’s more, Magic Eden’s bold move will foster innovation and diversification within the NFT space. With its roots firmly planted in Solana, Magic Eden has transitioned into a multichain marketplace. Forgoing ahead, the company is looking to expand its presence on the Polygon blockchain. 

Back in November 2022, the marketplace initiated its expansion by integrating support for Polygon NFTs. In addition, the company introduced the ability to mint and trade Polygon NFTs. Further, the Polygon blockchain has emerged as a thriving hub for Web3 gaming and various other decentralized applications. 

Now, its strategic move to extend financial support and resources to creators shows commitment to the domain. Finally, Magic Eden is growing its position in the NFT ecosystem with high-quality and Blue-chip NFT collections

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