Magic Eden, the non-fungible token (NFT) marketplace, has announced a $1 million fund for NFT creators in partnership with Polygon. The platform aims to discover and boost the “next generation” of collectible “founders and creators.”
Magic Eden and Polygon Support Potential Web3 Creators
Magic Eden revealed that founders will gain access to resources upon meeting the criteria, as well as the collaborative strength of Polygon and Magic Eden’s Web 3.0 network. Additionally, it will offer marketing support, mentorship, and future grants to expand projects.
However, Magic Eden emphasized that they will only accept “highly creative” projects with original ideas, project feasibility, team diversity, their roadmaps, their social media and Discord community, ensuring their commercial viability. Once selected, projects will receive guidance on the following steps:
- Team (collaboration and workforce strength).
- Whitepaper (the project’s comprehensive vision).
- Investment (business models and wealth creation).
- Artwork (project creativity and artistic essence).
- Collaborations (synergy and partnership).
- Marketing plan (innovative strategies).
Magic Eden and Polygon’s fund to boost NFT creators comes at a crucial time, as the market has been bearish in recent months. CoinGecko data shows that all NFT collections and projects are averaging losses between 7% and 20%, with their daily gains not exceeding 0.1%.
Few collections have a significant market capitalization: Bored Ape Yacht Club (BAYC) with 233,953 ETH, CryptoPunks with 473,616 ETH, and Mutant Ape Yacht Club with 88,147 ETH. However, the 3,182 NFT projects listed in the ranking are in losses and have seen no growth or are at 0.0% for months, with market capitalizations ranging from 0.006 (BenjaminWhite) or Mike Tyson NFT ranked 3108 with a value of 51.10 ETH.
Magic Eden Continues to Support the NFT Market
In the first quarter of the year, Magic Eden began supporting Bitcoin Ordinals. This method allows minting NFTs and storing any other arbitrary information on the main Bitcoin (BTC) blockchain.
In conclusion, Magic Eden encouraged the developer community to participate, despite the market’s unfavorable conditions:
“The bear market has been tough for everyone. That’s why we encourage builders in the ecosystem to find and support the best and brightest project founders who will drive the next wave of NFT adoption.”