Solana-based marketplace, Magic Eden, has unveiled a $1 million fund to support creators building non-fungible token (NFT) projects on the Polygon blockchain. The announcement comes amid efforts to increase the presence of high-profile NFTs on the Polygon network.
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Magic Eden x Polygon
In a recent tweet, Magic Eden said that selected applicants would receive financial support and access to the company’s mentorship program, marketing assistance, technical support, and grant dollars. The goal is to fund groundbreaking ideas for NFT projects on Polygon.
According to a statement from the company:
“The bear market has been rough for everyone, (…) That’s why we’re encouraging builders in the ecosystem to find and support the best and brightest project founders who will spark the next wave of NFT adoption.”
Uniqueness, scalability, and challenging the status quo
The criteria for selecting the projects to receive funding will focus on three main areas – uniqueness, scalability, and the potential to “challenge the status quo of the NFT landscape.” Magic Eden’s initiative is expected to spur innovation and diversification in the NFT space, which has become an important facet of the digital economy.
Although Magic Eden was originally founded on Solana, it is now a multichain marketplace making significant strides to expand its presence on Polygon. In November 2022, the marketplace took the first step towards integrating with Polygon by adding support for Polygon NFTs. Just a month later, the company went a step further, enabling Polygon NFT minting and trading capabilities specifically tailored for gaming.
The Polygon blockchain has increasingly become a hub for web3 gaming and other decentralized applications. By offering financial support and resources to creators on Polygon, Magic Eden aims to solidify its position in this growing ecosystem and encourage the development of high-quality, blue-chip NFT collections.