Less than a month after Raydium’s Dropzone first NFT project launch, the protocol chose Magic Eden as the fastest-growing marketplace in a new partnership.
Another Push for Solana Based NFTs
Raydium announced an exclusive new partnership with Magic Eden on Oct. 13 marking the next phase of NFTs on the protocol.
The move is set to revitalize Magic Eden’s already positive start in the market and will likely herald more important and effective exposure for Raydium and its offerings.
“Raydium’s partnership with Magic Eden will feature a dual-pronged marketing approach and increase the reach of the Solana-native NFT marketplace. We envision this cross-platform partnership will make NFTs more accessible to users in the ecosystem, increase NFT demand and bolster NFT liquidity,” elaborated Raydium on their official Medium blog.
Less than two weeks after Magic Eden’s launch on Sep. 18, the 24-hour trading volume hit a high of over 50,000 SOL, i.e. $7.5 million. The website has over 200,000 visitors each day. Now within a month of the launch, the total trading volume on the platform surpassed 350,000 SOL, i.e. over $52.8 million making the protocol one of the top marketplaces on the network.
This is yet another boost for the rapidly expanding NFT ecosystem on Solana. As previously reported by Solana News, FTX.US., the U.S. arm of the cryptocurrency exchange FTX stepped into the NFT domain with the full-fledged launch of their NFT marketplace based on the Solana blockchain network. Such prominent players stepping into the NFT market in the Solana ecosystem are a testament to the adoption and user proposition that the network offers.
At the time of writing, the market capitalization of NFT collections on Solana stands at $864 million, according to data from Solanalysis.
Raydium is an automated market maker (AMM) that is built on the Solana blockchain and utilizes the central limit order book (CLOB) of the decentralized exchange, Serum to offer fast trades, deep liquidity, and yield earning products to their users. RAY is the native token of the protocol that is used for farming liquidity pools and staking.
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Source : solana.news