Magic Edens integrates with LayerZero

LayerZero Labs has announced that Magic Edens has integrated with its native protocol. The idea is to leverage a cross-chain infrastructure solution. Magic Edens will utilize the Gas Station and ONFT Standard via this integration.

Gas Station by LayerZero enables users to purchase non-fungible tokens with the token of their choice. This mitigates the requirement for a bridge or a decentralized exchange. Gas Station functions by using gas abstraction to facilitate the swap of gas tokens.

The concept of ONFT, or Omni-Chain Non-Fungible Tokens, is available to creators and traders alike. While creators can launch directly from the protocol, traders will have the facility to trade digital assets across all the supported chains. The list will be expanded in the coming days.

Jack Lu, the Chief Executive Officer and Co-Founder of Magic Eden, has said that they are attempting to drive increased accessibility to the NFT ecosystem. Jack has also addressed the addition of the functions of LayerZero to the platform of Magic Eden.

The community has responded positively to this development. Some of them have said that the concept of NFT is actually dying a slow death, and it is only a step like an airdrop or another innovation that can revive it. It is hard to agree to such a statement, considering there is a difference between a concept that is dying and a concept that is settling on different platforms in a way that one sees as an integral part of formation plus development.

Nevertheless, the community is optimistic about the future, which is based on Multichain and LayerZero, making it happen for the ecosystem.

Other members have simply asked LayerZero to drop a token and get done with the development already. Magic Eden is fresh from announcing tokenized digital collectibles. It has partnered with Collector to make available a total of 100 tokenized Pokemon cards. These will be released in a single pack on October 18, 2023.

Magic Eden has said that it is a new way to collect items on the platform.

All the cards that go live on the platform will be redeemable and backed by physical availability. The top cards have already been divided into:

  • 2000 Pokemon Gym Challenge First Edition Holo Blaine’s Charizard number 2
  • 2006 Pokemon Ex Crystal Guardians Holo Charizard number 4
  • 2007 Pokemon Ex Power Keepers – Gold Star number 100 Flareon Holo
  • 2018 Pokemon Japanese SM Promo – Munch A Retrospective number 209 Rowlet

The development for LayerZero comes days after it went live on opBNB, an EVM-compatible L2 blockchain that has been built in the ecosystem of BNB Chain on OP Stack. It allows developers to launch their applications on opBNB and over 40 different chains. Projects that have integrated the upgrade can unlock the functionality. Existing projects will have to complete the integration before they can access opBNB functionality.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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