Magic Eden expands its product line with the launch of a self-custody wallet, competing against UniSat and OKX.

The NFT trading platform Magic Eden announced the launch of its own wallet plugin - Magic Eden Wallet, introducing a self-custodial wallet centered around NFTs. It offers features such as NFT portfolio management, rare token management, and will continue to compete with UniSat and OKX.

Magic Eden Wallet: NFT-Centric Wallet

Main Features of Magic Eden Wallet

Magic Eden Wallet provides users with a means to manage NFTs across multiple chains, with almost all functions revolving around NFT services:

• NFT Portfolio Management: Magic Eden Wallet allows users to quickly view and manage their entire NFT portfolio, including price tracking, transaction history records, real-time prices, etc., making it convenient for users to manage NFT investments.
• Integrated Trading Market: Magic Eden Wallet is integrated with its own trading platform, allowing users to place orders, buy, sell, and perform other actions within the wallet plug-in.
• Token Conversion within Wallet: It provides users with token exchange within the wallet, cross-chain transactions, or direct purchases via MoonPay using a credit card, enabling users to quickly obtain funds to purchase NFTs.
• Ordinals Support: It integrates the trading market of Ordinals and BRC-20 tokens, while also supporting the management of rare tokens received by users.

Security and Network Support

Currently, Magic Eden Wallet supports networks such as Ethereum, Solana, Bitcoin, and Polygon.

Regarding wallet security, Magic Eden collaborates with the Exodus Wallet team for development and undergoes audits by Halborn and scans by Blowfish to enhance security.

Magic Eden Wallet is a self-hosted wallet that will support cold wallet connections in the future. It also offers warning functions for scams or high-risk NFTs to reduce the risk of phishing scams.

Magic Eden plans to gradually open-source to enhance transparency and has already completed the open-sourcing of the keychain module.

Magic Eden Growth Strategy

Gradual Improvement of Magic Eden Product Line

In addition to the wallet launched this time, Magic Eden has been continuously introducing new products. These include support for the Bitcoin ecosystem, Ordinals, the BRC-20 market, Ethereum trading markets, and the announcement of an open-source cross-chain protocol and related long-term reward programs.

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With the improvement of various product lines, users in the future will have a reduced likelihood of leaving the platform, maximizing user attention.

Magic Eden has also joined Non-Fungible DAO and will open-source many products, indicating its commitment to driving industry development through its own products.

Main Competitors: UniSat, OKX

Currently, most wallet functionalities are quite similar, and to effectively penetrate the market, further strategies are needed, including the improvement of product lines, brand management, and traffic entry control.

In fact, Magic Eden's strategy is similar to UniSat. Both focus on optimizing their product functions, extending product lines to drive user growth, and positioning themselves as industry promoters through technological leadership, strengthening their brand value to ensure long-term competitiveness.

Why has UniSat delayed the open-sourcing of the indexer code? Is it for industry development or profit considerations?

Meanwhile, OKX has long been deeply involved in Web3 wallet development, supporting many features including an integrated NFT trading market, Ordinals ecosystem, token conversion within the wallet, and also having traffic entry from centralized exchanges, posing a challenge for Magic Eden in the NFT niche market.

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