SNEAK PEEK
- The largest NFT marketplace by transactions Magic Eden, stands as Twitter’s most important collaborator on the project.
- Users can advertise NFTs for sale on Magic Eden using Tweet Tiles.
- Tweet Tiles collaboration between OpenSea and Twitter was planned. Although agreements were not decided upon.
Magic Eden, Rarible, Dapper Labs, and Jump. trade were just a few of the NFT markets on the list of partners when Twitter launched its Tweet Tiles NFT trial program. There was a notable absence of OpenSea, which many people believe to be the industry standard.
People can now advertise NFTs for sale thanks to the new feature which was initially only accessible to a restricted test group. In order to facilitate the purchase of the digital asset by interested parties, posted NFTs that are listed on marketplaces with agreements with Twitter also have a click-through button.
The fact that Magic Eden is the biggest vendor of NFTs tied to the Solana blockchain makes Twitter’s cooperation with the marketplace potentially significant for a further reason. Transactions on the Ethereum blockchain are mostly facilitated by OpenSea.
According to Tiffany Huang, Magic Eden’s head of content and marketing, Solana NFTs have long felt like Ethereum’s younger sibling. For both Solana and us, this is excellent news.
He also said that there are lower fees when buying and selling on Solana, people trade more on the chain since it enables them to.
According to a person familiar with the situation, OpenSea and Twitter explored collaborating on the social media company’s new program but were unable to come to an agreement. Because of the deadlock between OpenSea and Elon Musk’s newly acquired business, Magic Eden has become one of the most important marketplaces to partner with Twitter.
By overall trade volume, OpenSea has been the most significant NFT marketplace. The corporation is worth more than $13 billion. Earlier collaborations between Twitter and OpenSea on incorporating digital assets into the Twitter experience resulted in the present feature that lets users use NFTs as a hexagonal profile image.
Magic Eden recently surpassed OpenSea to take the title of largest marketplace by number of monthly transactions.
According to Logan Holling, (who oversees the company’s strategic alliances), the huge quantities that Magic Eden is handling should help Twitter’s new NFT approach. “By facilitating more transactions, you increase the likelihood that users will tweet these Tweet Tiles.”
