Exodus anticipated users’ desire to want an easy and simple method to access their NFTs as well as use them, and with this new feature Exodus has assured its customer base that they can transfer Solana-based NFTs straight from the browser-based wallets they use, or Solana NFT marketplace to their Exodus app, as well.
Magic Eden is currently the 2nd largest NFT marketplace on the Solana Network, holding a transaction volume of $267.14 million at this point in time, and since its launch earlier in September, per data extracted from DappRadar.com.
Magic Eden’s NFT marketplace allows users to look up particular Solana NFT collections and even search them by price range. It grants collectors the ability to share with their friends their favorite NFTs on social media, and even transfer them from wallet to wallet when using the app.
Solana serves as the main rival to Ethereum when it comes to decentralized finance, and NFT applications. This is due to the Solana developers having prioritized high speed and low transaction costs, even at the expense of security and network uptime on some occasions. SOL, the native coin by Solana, is the 5th largest cryptocurrency by market capitalization, per CoinMarketCap.com.
JP Richardson, Exodus Co-founder, and CEO chatted with Decrypt, telling them about their choice to go with Solana over Ethereum, citing that it was due to the mainstream audience appeal. “And so to think that on OpenSea, people are going to see a price of $40, $50, $60 in gas for maybe a $5 NFT. They’re going to freak out,” he stated. “So, we chose Solana because of the transaction cost and speed. It just made sense to us.”
Magic Eden’s NFT marketplace being added serves as the most current move in the Exodus’ Solana integration. Exodus users were already able to store Solana-based NFTs in the mobile app, as well as earn staking rewards by holding Solana tokens (Sol) on Exodus. Exodus launched in 2015 and right now supports well over 150 assets and integration with Crypto exchange FTX, the owner of which has pushed Solana actively.
Richardson has assured users that there are indeed plans to integrate the NFT with the PC version of Exodus, but stated that the mobile experience for their userbase is the main priority at the moment.