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First-of-its-Kind NFT-Centric Wallet by Magic Eden Set to Transform Digital Collecting – NFTs Making a Comeback

The cross-chain non-fungible token (NFT) platform, Magic Eden, has introduced its Magic Eden Wallet in Beta, with a desktop browser extension set to follow.

As per the press release, this is a cross-chain self-custody software wallet developed in collaboration with the crypto wallet company Exodus. The wallet is specifically “designed to give NFT collectors a faster and more seamless experience when collecting and trading NFTs across multiple chains,” according to the company.

The wallet features instant cryptocurrency swaps between Bitcoin, Solana, Ethereum, and Polygon.

The company noted,

“The Beta test will begin with a limited number of users and the desktop browser extension is expected to launch to the general public widely in early 2024.”

Further details regarding functionality and features are expected to be unveiled early next year following the completion of the Beta testing phase.

‘First-Of-Its-Kind’

Magic Eden emphasized that its wallet aims to be a “game-changer” in the digital wallet landscape.

“The Magic Eden Wallet is the first digital wallet to be integrated directly with an NFT platform, enabling collectors to do more with their NFTs directly from within their wallet. A first-of-its-kind in the industry, Magic Eden takes an NFT-focused approach that emphasizes features and a wallet experience centered around a user’s digital collectibles.”

In addition to its simultaneous connection to multiple chains, the wallet includes features such as portfolio tracking and management of all NFTs and collectibles across chains without the need to switch between multiple wallets. It also facilitates buying and selling with fiat and provides access to decentralized applications (dapps).

Users of the Magic Eden Wallet can manage and send Ordinals and BRC-20 tokens, with visibility into the full transaction history, including pending transactions.

The wallet offers various payment methods, including debit card, bank transfer, and Apple Pay, and supports localized currency in select regions.

Jack Lu, CEO and Co-Founder of Magic Eden, expressed that there is “too much friction when it comes to collecting NFTs across chains.” The team’s goal is to make this wallet the only one users need. Lu stated, “We’re excited to start testing our wallet in Beta and bring that NFT-focused thesis to the public market very soon.”

In November, Magic Eden revealed a collaboration with Yuga Labs on the Magic Eden Ethereum Marketplace, particularly for the popular Bored Ape Yacht Club collection. The marketplace aimed to be the first major Ethereum marketplace with a contractual commitment to uphold creator royalties.

A month earlier, the Open Metaverse Alliance for Web3 (OMA3) consortium established a working group to explore standardizing creator royalties on NFT marketplaces. The group expressed its support for the defense of NFT creator royalties, including backing for Magic Eden, Yuga Labs, Animoca Brands, and other members.

In February, Magic Eden joined forces with Web3 infrastructure company MoonPay, facilitating users to easily purchase NFTs with familiar payment methods.

The press release highlighted that Magic Eden has facilitated over $3 billion in transactional volume to date.

The cross-chain NFT platform, Magic Eden, has introduced its Magic Eden Wallet in Beta, with a desktop browser extension to be released later. Developed in collaboration with crypto wallet company Exodus, this self-custody software wallet is designed to enhance the experience for NFT collectors, offering faster and more seamless operations when collecting and trading NFTs across multiple chains. The wallet includes instant cryptocurrency swaps between Bitcoin, Solana, Ethereum, and Polygon.

The Beta testing phase for the Magic Eden Wallet will commence with a limited number of users, and the desktop browser extension is anticipated to be made widely available to the public in early 2024, as stated by the company. Further details regarding the functionality and features of the wallet will be disclosed early next year following the completion of the Beta testing.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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