Some venture capitalists hope that the Ethereum-based OpenSea will soon take a backseat to Magic Eden, a new NFT marketplace on Solana.
Forty-three percent of all NFT purchases take place on OpenSea, with $23.3B in total sales, according to research firm DappRadar. But it is limited by the blockchain it operates on, which is Ethereum.
Venture capital titan Sequoia Capital has set its sights on Magic Eden, a company using the Solana blockchain to authenticate NFTs on its marketplace. Research by Etherscan indicates that Solana is capable of greater transaction throughput and lower transaction costs than Ethereum. However, history tells us that the cheapest or more efficient tool does not always end up superior. “We’ve also seen that most innovative projects choose Ethereum,” said Tim Beiko, a contributor to Ethereum.
Investors optimistic on Magic Eden’s potential
