• Magic Eden is launching a multi-chain wallet browser extension to simplify NFT storage and management.
• The wallet will support NFTs on Bitcoin, Solana, Ethereum, and Polygon blockchains.
• The move comes amid a significant decline in NFT sales and interest in the sector.

Detailed News:

Magic Eden, a leading NFT marketplace, is launching a multi-chain crypto wallet browser extension to revive interest in digital collectibles following a significant slowdown in the sector. The wallet, currently in closed beta, will support the storage of NFTs based on Bitcoin, Solana, Ethereum, and Polygon.

Magic Eden CEO and Co-Founder Jack Lu explained that the need for multiple wallets for different blockchains had discouraged users from engaging with NFTs, leading to the platform's decision to create a unified solution. The wallet will enable instant transfer of cryptocurrencies between blockchains and easy collection of NFTs across supported blockchains.

The launch of the multi-chain wallet comes at a time when NFT sales have dropped drastically compared to their peak in September 2021. In September 2021, NFT sales reached $881 million (roughly Rs. 7,344 crore), but by November of this year, sales had plummeted to $10.85 million (roughly Rs. 90 crore).

In addition to the broader market slowdown, Magic Eden itself has faced the brunt of the downturn, announcing layoffs in February 2023. The company hopes the new multi-chain wallet will attract users to the platform and contribute to a resurgence of interest in NFTs.