NFT Marketplace Magic Eden Expands Push Outside of NFTs

Magic Eden, one of the largest marketplaces for nonfungible tokens, is diversifying into categories such as trading, as demand for the digital collectibles remains below the peak levels of two years ago.

On Thursday, the project launched its first mobile wallet app, allowing for trading NFTs as well as swapping cryptocurrencies such as Bitcoin, Ether and Solana. The platform will also begin using a token to be issued by a foundation that supports the ME ecosystem.

While NFT sales picked up at the beginning of the year, as Bitcoin hit an all-time high, they have slackened since June. As a ...