Solana-based NFT market Magic Eden has introduced the launch of its first Semi-Fungible Token (SFT) market, a platform that can permit avid gamers on the Free-to-Play, Transfer-to-Earn NFT sport Genopets to mint and commerce in-game SFTs.
Magic Eden stated in an announcement on Wednesday that the SFT market is about to spice up the Genopets ecosystem, including to the expansion of Web3 by intersecting Web2 gaming.
“We’re excited to associate with Genopets to energy their new SFT market which can deliver acquainted Web2 buying and selling mechanics to gamers seeking to construct and develop their in-game belongings,” stated Tony Zhao, the top of Gaming Investments at Magic Eden enterprise arm Magic Ventures.
What are SFTs?
Semi Fungible Tokens, or SFTs, are tokens that begin off as fungible – say like Bitcoin (BTC) – however then can tackle non-fungible properties to operate like an NFT. A lot of these tokens are solely simply beginning to get widespread within the crypto area and are primarily serving to to bridge Web2 and Web3 within the gaming sector.
GameFi is thus discovering SFTs essential in bringing issues reminiscent of “stackable” belongings right into a Web3 gaming setting.
Builders are utilizing SFTs to faucet into low minting necessities and in-play transactions. That is what Magic Eden brings to its group, with Solana-minted SFTs sharing a “Mint Account“, permitting for a major discount of storage wants and minting charges.
Magic Eden is Solana’s largest NFT market, accounting for the overwhelming majority of the NFT volumes on the blockchain.
The platform can be targeted on changing into a key participant in Web3 gaming, a objective it hope to realize by way of its lately launched Magic Ventures initiative.