In addition to Solana, the platform also supports a variety of alternative blockchains like Polygon, Ethereum, and Bitcoin, effectively broadening its user base. The team values community feedback, implementing suggested ideas and requests since its inception in 2021, in a bid to build a highly liquid and functional trading platform.
Collections, Trading, and the Launchpad
Magic Eden endeavors to provide market access to only high-quality collections, hence spends considerable time scrutinizing various projects. While some are rejected, many receive an official stamp of approval, certifying their authenticity, strong interest, and stellar reputation. However, the marketplace strongly advises users to conduct independent research and not rely solely on the technical team, particularly concerning NFTs issued through the launchpad.
Popular Collections (ETH). Source: Magic Eden's Official Website.
To initiate trading on the platform, users must link any of the supported non-custodial wallets (Phantom, MetaMask, Coinbase) and select a collection of their interest. Currently, commission fees average around 1.5%, plus royalties set by the creators. Although buyers can opt out of paying royalties in some instances, they might lose out on certain NFT benefits.
Trading Interface. Source: Magic Eden's Official Website.
Broadly speaking, the marketplace operates similarly to most of its counterparts, boasting large trading volumes, advanced settings, and several unique features (such as card payments, auctions, automatic market makers). The launchpad doesn't deviate much from the standard concept either: it restricts access via a whitelist from official teams. However, despite the developers' assertions of a low project approval rate (3%) for initial offering, the number of released collections is fairly high.
Loyalty Program
Magic Eden offers an extensive bonus system, which enables users to reduce commissions and earn long-term benefits by completing quests to accumulate a certain amount of virtual gems. Moreover, active trading can help boost a user's level.
Magic Eden's Loyalty Program. Source: Official Magic Eden Website.
Virtual diamonds are rewarded for various activities such as listing and selling NFTs, creating liquidity, filling out the profile, and daily rewards. Although these diamonds currently hold no direct value, developers plan to launch a rewards store in the near future. This store will offer whitelist slots and other ecosystem bonuses, making it worthwhile to accumulate these gems and increase the multiplier of earned diamonds based on your loyalty rating.
This rating is calculated based on Magic Eden's listing statistics and stakes in comparison to other marketplaces over the past six months, potentially doubling your diamond earnings. To enjoy up to 45% discounts on commissions, users need to achieve specific monthly trading volumes across all linked wallets.
Wrapping Up
Magic Eden is genuinely captivating for collectors, particularly those drawn to the Solana blockchain. It offers numerous advantages, but these benefits are fully harnessed only by users who consistently participate in the loyalty program. Aside from this, the marketplace doesn't markedly differ from its competitors.
