NFT Marketplace Magic Eden Adds Support For The New ApeChain Network

On Oct 22, 2024

The ApeChain, a new Layer-3 blockchain network developed as an Arbitrum Orbit chain by ApeCoin DAO in partnership with the Yuga Labs team, continues to gain massive traction among crypto traders and other stakeholders within the non-fungible token ecosystem. Magic Eden is the latest and the first NFT market platform to add support to its digital assets ecosystem.

Magic Eden Adds Supports For The ApeChain Network

In an October 21 site publication, the Magic Eden, a renowned multi-chain non-fungible token marketplace, confirmed adding support for the ApeChain blockchain network. This integration appeared just a few hours after LayerZero, a cross-chain compatibility protocol designed for efficient and seamless exchange of messages and transactions between different blockchain networks, added support for the new ApeChain as its canonical interoperability provider.

.@MagicEden on APECHAIN. 🦍
Fvckin’ beautiful. ❤️
Day 2. 🫡 pic.twitter.com/wcmgcED9qd
— Trippy (Captain Trippy) 🍌 (@CapetainTrippy) October 21, 2024

Launched in September 2021, Magic Eden is one of the leading multi-chain NFT marketplaces supporting non-fungible tokens on Solana, Ethereum, Polygon, Bitcoin and Arbitrum blockchain networks. Fast forward to 2024, Magic Eden NFT marketplace has rapidly grown to become the most prominent NFT marketplace on the Bitcoin and Solana blockchain networks, where it was initially launched.

Magic Eden enables users to create, buy, sell, and collect NFTs. The NFT marketplace features several products, including a Launchpad, which allows creators to develop and trade digital item collections on the Magic Eden site instead of hosting them on their infrastructure. Magic Eden also has a crypto wallet designed to offer a user-friendly and secure custodial experience in the world of Web3.

What Is ApeChain Blockchain Network?

Launched late last week, ApeChain is a new Layer-3 blockchain developed as an Arbitrum Orbit chain by ApeCoin, a decentralized autonomous organization (DAO) from the digital asset firm Yuga Labs created to govern the Bored Ape Yacht Club, Mutant Ape Yacht Club NFTs. The ApeCoin $APE, the native token of ApeChain, will power this new network. The new ApeChain network will focus on three core areas: content, tools, and distribution.

The new ApeChain operates as an Arbitrum Orbit chain, which allows it to utilize Arbitrum One’s security and infrastructure. By settling on Arbitrum One, which is itself secured by the Ethereum main net, ApeChain benefits from both Arbitrum’s scalability and Ethereum’s robust security and liquidity while maintaining the independence of its own blockchain network.

The ApeChain will integrate Arbitrum’s Stylus feature, enabling developers to build smart contracts using compatible languages like Rust. This integration will broaden the development possibilities beyond Solidity, making this blockchain network more accessible to a broader range of developers. To enhance scalability, ApeChain will also introduce Cluster Chains, which share validators to speed up cross-chain interactions and improve network efficiency.