Solana-based NFT marketplace Magic Eden has announced the launch of its first Semi-Fungible Token (SFT) marketplace, a platform that will allow gamers on the Free-to-Play, Move-to-Earn NFT game Genopets to mint and trade in-game SFTs.
Magic Eden said in an announcement on Wednesday that the SFT marketplace is set to boost the Genopets ecosystem, adding to the growth of Web3 by intersecting Web2 gaming.
“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,” said Tony Zhao, the head of Gaming Investments at Magic Eden venture arm Magic Ventures.
What are SFTs?
Semi Fungible Tokens, or SFTs, are tokens that start off as fungible – say like Bitcoin (BTC) – but then can take on non-fungible properties to function like an NFT. These types of tokens are only just starting to get popular in the crypto space and are mainly helping to bridge Web2 and Web3 in the gaming sector.
GameFi is thus finding SFTs crucial in bringing things such as “stackable” assets into a Web3 gaming environment.
Developers are using SFTs to tap into low minting requirements and in-play transactions. This is what Magic Eden brings to its community, with Solana-minted SFTs sharing a “Mint Account“, allowing for a significant reduction of storage needs and minting fees.
Magic Eden is Solana’s largest NFT marketplace, accounting for the vast majority of the NFT volumes on the blockchain.
The platform is also focused on becoming a key player in Web3 gaming, a goal it hope to achieve via its recently launched Magic Ventures initiative.