Institutions may have different rates on their own websites than those posted on. Bankrate cannot guaranty the accuracy or availability of any rates shown above. 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.Īd Disclosure: The rate information is obtained by Bankrate from the listed institutions. '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. SFTs allow players to sell all ten Crystals or Terraform Seeds simultaneously and experience more efficient gameplay via one-click trading features.

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. Terraform Seeds allow players to make aesthetic customization and performance upgrades to evolve their Genopets' habitats. 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. SFTs minted on Solana share a 'Mint Account', which results in less storage used per asset and lower minting fees.Ĭrystals and Terraform Seeds are among the first Genopets SFTs that will be listed on Magic Eden's marketplace. For creators developing games on the blockchain, SFTs lower the amount of resources needed for players to efficiently mint and transact during gameplay. 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. 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. SFTs are the newest addition to the GameFi space that will bring familiar Web2 gaming mechanisms like 'stackable' assets onto the blockchain. 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. 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. 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.Īs 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.

NEW YORK, J/PRNewswire/ - Magic Eden ('the Company'), the leading community-centric, NFT marketplace on Solana, today introduced the Company's first Semi-Fungible Token (SFT) marketplace in conjunction with the popular move-to-earn NFT game Genopets. The Genopets community can now trade in-game Semi-Fungible Tokens through Magic Eden's marketplace

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