Magic Eden Introduces SFT Marketplace and Minting Capabilities for Genopets

By | July 29, 2022

 

Magic Eden, the leading community-centric, NFT marketplace on Solana, introduced the Company’s first Semi-Fungible Token (SFT) marketplace in conjunction with the popular move-to-earn NFT game Genopets. For the first time, members of the Genopets community can mint and trade in-game SFTs vital to their crafting economy, like Crystals and Terraform Seeds, through the Magic Eden marketplace, creating a more efficient gameplay model.

As the go-to destination for the NFT creators and traders on Solana, Magic Eden is expanding into Web3 games by providing essential tooling and blockchain support to NFT gaming projects. Through its partnership with Genopets, Magic Eden will enable a streamlined experience for gamers by powering the minting and trading of SFTs–or digital assets that can be minted in quantities greater than one. The marketplace is also supported by Serum’s asset agnostic orderbook, which allows protocols to use Serum as their backend matching engine for any type of financial product.

SFTs are the newest addition to the GameFi space that will bring familiar Web2 gaming mechanisms like “stackable” assets onto the blockchain. In Web3 games, NFTs have become a core technology that allows game developers and players to store in-game assets (like accessories, weapons, characters, clothing, etc.) on the blockchain. For certain in-game assets that are not 1:1 and can be redeemed in greater quantities, SFTs become a useful way to “stack” like-for-like assets in the player’s inventory. For creators developing games on the blockchain, SFTs lower the amount of resources needed for players to efficiently mint and transact during gameplay. SFTs minted on Solana share a “Mint Account”, which results in less storage used per asset and lower minting fees.

Crystals and Terraform Seeds are among the first Genopets SFTs that will be listed on Magic Eden’s marketplace. Within the game, Crystals are base layer materials used for crafting other items and players will be able to use multiple quantities of them at a time. Terraform Seeds allow players to make aesthetic customization and performance upgrades to evolve their Genopets’ habitats. Traditionally, if a player sells ten Water Crystals to craft a new item or sells a number of Terraform Seeds, they would be required to sell each NFT individually. SFTs allow players to sell all ten Crystals or Terraform Seeds simultaneously and experience more efficient gameplay via one-click trading features.

“We are excited to partner with Genopets to power their new SFT marketplace which will bring familiar Web2 trading mechanics to players looking to build and grow their in-game assets. In support of NFT gaming developers, we’re confident that our SFT tooling will allow projects to make further in-roads with creating high-concept, playable games on the blockchain,” said Tony Zhao, Head of Gaming Investments for Magic Ventures, a venture arm of Magic Eden that will focus on investing in Web3 games.

Albert Chen, CEO and Co-Founder of Genopets, said: “We’re thrilled to work with Magic Eden to continue pioneering the future of Web3 games by being one of the first games on Solana to roll-out efficient token technology and game mechanics that enable players to meaningfully create and transact value.”

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