Magic Eden and Genopets Release the First-Ever SFT Platform with Like-for-Like Trading Mechanics
The leading Solana-powered NFT platform Magic Eden is rolling out a new concept of a semi-fungible token (SFT) marketplace in collaboration with Genopets, the move-to-earn NFT game.
A semi-fungible token allows Genopets gamers to trade like-for-like in-game assets in batches, while NFT offers trading one-of-one items, which leads to multiple unnecessary transactions (and fees) in an attempt to trade several in-game pieces at once.
The partnership will become beneficial for the Genopets crafting economy, allowing users to process Crystals and Terraform Seeds via the Magic Eden marketplace in the form of SFTs.
“Crystals are base layer materials used for crafting other items, while Terraform Seeds allow players to make aesthetic customization and performance upgrades to evolve their Genopets’ habitats,” Genopets users explain.
The new SFT marketplace uses Serum’s agnostic orderbook to match assets and facilitate transactions. This will make it possible to transfer some web2 gaming mechanics principles like “stacking” to the blockchain. In a few words, players will be able to stack their characters, clothing, weapons, and other alike products together to trade them as one SFT.
“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,” Albert Chen, CEO, and Co-Founder of Genopets commented on the partnership and SFTs.
Are you ready to test the web2 mechanics in web3 gaming? The new SFT marketplace by Magic Eden will empower more top-tier web2 games to transfer their projects to the blockchain, as well as other NFT marketplaces to SFT adoption.
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