As of July 2024, Magic Eden has gained the highest 2 in market buying and selling quantity, with $139.72 million following dappradar.com. Now, this can be very in style for Solana, Ethereum, Polygon, Base and even Bitcoin NFT! From Magic Eden gross sales, to scandals, and royalties, we cowl all of it. So, let’s dive in: What’s Magic Eden NFT Market, and how are you going to use the platform?
What’s Magic Eden NFT Market?
Magic Eden is a decentralised NFT market. It permits customers to create, purchase, promote, and commerce NFTs, together with digital collectibles and gaming property. {The marketplace} started as a Solana NFT platform, and reached ‘unicorn standing’ in early February of 2023. Right now, {the marketplace} closed a $130 million Sequence B fund, with Electrical Capital and Greylock, Lightspeed Enterprise Companions, Paradigm, and Sequoia Capital collaborating within the spherical. This spherical got here solely three months after they’d raised $27 million throughout Sequence A. With this new funding, Magic Eden’s valuation hit $1.6 billion!
The NFT market used the funds to broaden their choices, together with multi-chain alternatives. Now, Magic Eden is residence to not solely Solana NFTs, but in addition Bitcoin, Polygon, Base, and Ethereum NFTs.
Magic Eden is the main market for Solana NFTs.
What are the Charges on Magic Eden?
Notably, Magic Eden’s transaction charges are significantly decrease in comparison with different marketplaces. Actually, the platform is usually favored over others as a result of its low value. Listed below are all the costs it is best to know:
There are ZERO charges for itemizing NFTs.The transaction price is 2%.There aren’t any charges for making or canceling a bidNo extra expenses for making bids.The creators can set their very own royalties.The minimal provide worth is half of the itemizing worth.
Market Options
Throughout the Magic Eden NFT market, you’ll find three main sections—In style collections, Drop calendar, and Watchlist. Whereas the primary options the most popular and most trending collections, the second provides you the run down on upcoming mints.
Throughout the ‘In style Collections’ part, you’ll be able to filter collections primarily based on the previous 1 hour, 6 hours, 24 hours, 7 days, or 30 days of buying and selling quantity.
As one of many largest NFT marketplaces, Magic Eden has an attribute filter choice that will help you select the precise NFT you might be in search of. In different phrases, you’ll be able to filter NFTs in every assortment by their background, garments, eyes, mouth, and different attributes. Alternatively, you’ll be able to filter the NFTs by standing and worth.
Inside every assortment, there are separate tabs to see any reside auctions, the latest market exercise, and the analytics of the gathering. Analytics, specifically, is a useful gizmo because it helps get you updated with all the pieces from latest trades to prime holders.
The platform provides a spread of enticing options.
Moreover, Magic Eden provides a separate Insights part the place you’ll find the most recent NFT statistics. Furthermore, they go one step additional to provide the ‘Marketplaces Breakdown’. Primarily, you’ll find the most recent buying and selling quantity, transactions, in addition to the variety of lively wallets, on a bunch of prime NFT marketplaces.
How Do You Purchase Solana NFTs on Magic Eden?
If Magic Eden seems like the right selection for you, listed here are the steps to purchase Solana NFTs on the platform:
1. First issues first—you want a Solana pockets equivalent to Trustwallet, Phantom, Solflare, or Sollet.
2. Subsequent, get the wanted quantity of SOL from a supported crypto trade. Then, ship the SOL to your pockets.
3. As soon as your pockets is prepared with sufficient SOL, join it to Magic Eden. For this, click on ‘Join Pockets’ on the top-right nook of the web site. There’re loads of crypto wallets you’ll be able to join with. Comply with the prompts to attach yours.
Join your crypto pockets to Magic Eden. Supply: Magic Eden
4. Now that your pockets is related, it’s time to search out the right NFT assortment for you. You possibly can browse {the marketplace} for one thing that piques your curiosity.
5. Lastly, click on “Purchase Now” to purchase the NFT of your selection. Alternatively, you’ll be able to click on “Make a suggestion” to decrease the listed worth, if attainable.
Promote NFT on Magic Eden
It’s handy and straightforward to promote or checklist your NFTs on Magic Eden. To begin with, join your pockets and comply with these steps:
In your profile menu, select “My objects”You will note an inventory of your out there NFTs, that are ordered by assortment. Click on to pick the gathering that you just wish to sellUse “Bulk Itemizing” to promote a number of NFTs. Allow the label tag to make use of the featureSet a separate worth or world worth on your promoting NFTs within the itemizing menuPlus, you’ll be able to promote and set the worth on your NFTs within the “Particulars” button of particular NFTIf your NFTs have obtained provides from different consumers, click on “Immediate Promote” to promote them instantly. The very best worth will probably be authorised.
Who Created Magic Eden Market?
Magic Eden NFT market was based by CTO Sidney Zhang, CEO Jack Lu, COO Zhuoxun Yin, and Chief Engineer Zhuojie Zhou. The founding crew boasts a wealth of expertise, having labored with tech giants like Uber, Fb, Google, FTX, and Coinbase prior to now. Moreover, the core crew’s chemistry has been instrumental within the platform’s success.
The founders of Magic Eden Market
“I feel the success is actually because of the chemistry of the crew,” Tiffany Huang, Head of Advertising and marketing and Content material, advised NFTevening in an interview. “We’re nobodies. Like none of us is legendary. We’re a bunch of 30, 31-year-olds. And it’s very egalitarian.”
How In style is Magic Eden Market?
Because the main NFT market on Solana, it enjoys over 90% of the market share for secondary Solana NFT gross sales. In keeping with the Dappradar report on July 3, 2024, {the marketplace} has a 24-hour quantity of $3.57 million. Additional, the overall quantity is $4.19 billion! At the start of July, Magic Eden emerged because the top-leading market for buying and selling quantity in 3 important NFT ecosystems: Bitcoin, Etherium, and Solana.
Magic Eden Video games
Aside from this, Magic Eden has a devoted part for Solana video games. Certainly, {the marketplace} holds 90% of the in-game secondary market buying and selling of Solana. As well as, it has collaborated with gaming tasks to launch over 35 Eden Video games. This contains MechaFightClub, SkateX, DeFi Pirates, and Mini Royale Nations.
Furthermore, in December 2022, Magic Eden employed Chris Akhavan, former chief enterprise officer of the blockchain gaming firm, Forte, as its chief gaming officer. The rent got here in an effort to construct its Web3 gaming technique. He will probably be serving to Magic Eden broaden into the Web3 gaming area, all of the whereas supporting recreation builders to combine NFTs into their video games.
From Solana to Ethereum
In early August 2022, Magic Eden introduced they might combine the Ethereum blockchain. The brand new options embrace: Magic Eden Record (a whitelist and viewers concentrating on device), Launchpad and Drop Calendar. Moreover, the launchpad may also assist ETH NFTs.
The platform can also be conducting personal beta checks to assist the launch of a cross-currency buying and selling product. With this new product, customers would have the ability to browse a variety of SOL and ETH NFTs and make purchases in SOL, ETH or bank card.
Bitcoin Ordinals on Magic Eden Market
With the hype round Ordinals putting Bitcoin as a brand new frontier for buying and selling digital collectibles, Magic Eden joined the pattern. Launched in January of 2023, Ordinals permit content material to be inscribed on particular person satoshis. To make clear, satoshis are the smallest unit of Bitcoin. In March of 2023, Magic Eden Market started buying and selling inspirations, and after only a week accounted for greater than half of the Ordinals buying and selling quantity. As in style Solana venture DeGods jumped aboard the Bitcoin prepare, they assisted within the rising reputation of Magic Eden. We will see that Magic Eden’s success stems partly from the power to quickly undertake and develop with the NFT area.
Magic Eden Launchpad
Launchpad for seamless minting.
An fascinating characteristic of the platform is the Magic Eden Launchpad. Put merely, that is an unique minting launchpad that helps creators seamlessly and securely mint their NFTs. It has an computerized distribution system that takes care of all of the technicalities, permitting creators to simply deal with their art work. Briefly, the launchpad provides creators full NFT minting assist, computerized distribution on the platform, and outbound advertising assist. Nevertheless, there’s a rigorous utility course of to simply accept creators on the Launchpad. Actually, it accepts underneath 5% of functions.
Bitcoin Launchpad
One other creator launchpad from Magic Eden Market is the Bitcoin launchpad. This helps creators to inscribe their Bitcoin-based NFT collections for Ordinals. So, with the brand new platform, creators will have the ability to create tokens on the Bitcoin community with ease. Due to this fact, creators don’t want to fret concerning the technical particulars of Taproot and inscriptions. In the end, the transfer is a part of {the marketplace}’s efforts to make NFTs extra accessible to everybody.
Magic Tickets and DAO
Magic Eden has arrange its personal DAO, referred to as the MagicDAO, that’s at the moment organised in a devoted Magic Eden Discord channel. In keeping with the builders, the DAO’s mission is to “work along with our neighborhood to create a stronger Solana NFT ecosystem”. The DAO’s main capabilities embrace creating a algorithm to function, constructing a treasury to fund and reward sure actions, and provides voting rights to the members to make necessary choices.
To facilitate this, the crew began airdropping NFTs, referred to as Magic Tickets, to all lively wallets early 2022. These Magic Tickets are available in three ranges:
OGs – Those that first transacted on {the marketplace} between Sep 17 – Oct 17Degens – Those that first transacted on {the marketplace} between Oct 18 – Dec 18Normies – individuals who first transacted on {the marketplace} from Dec 19 onwards
The Magic Tickets can be found in three ranges. Credit score: Magic Eden
Members of every degree have their very own targets. For instance, OGs’ tasks embrace constructing higher instruments for NFT marketplaces, brainstorming thought to strengthen the ecosystem, and championing stronger tasks. However, Normies’ targets are to make mates, make the area extra inclusive, and be taught to evaluate the standard of tasks.
Polygon-Based mostly NFTs on Magic Eden
In November 2022, Magic Eden introduced it’s going to assist NFTs on the Polygon blockchain. With this, {the marketplace} will probably be onboarding a bunch of gaming communities, with Polygon backed by Web3 recreation builders together with Atari, Decentraland, and The Sandbox. In keeping with Yin, the crew selected to assist Polygon due to its low transaction charges and EVM compatibility, which makes it preferrred for recreation builders.
“We will make investments, launch collections, energy in-game exercise and drive consumer acquisition for builders constructing on Polygon with Magic Eden,” Yin mentioned on the time. The platform may also launch a launchpad to assist Web3 recreation builders utilizing Polygon.
Magic Eden vs OpenSea: Which is Higher?
Presently, Magic Eden is among the largest OpenSea opponents. So, it’s pure to surprise which of the 2 platforms is best for buying and selling NFTs. In the end, the correct market for you will depend on your particular NFT tasks and your private preferences. Nonetheless, earlier than selecting a market, there are specific components it is best to think about, together with each day and month-to-month buying and selling quantity, supported blockchains and wallets, platform safety, and royalty charges.
Listed below are among the frequent variations between the 2 platforms that may allow you to make an knowledgeable resolution:
Pockets assist:
OpenSea helps a bunch of crypto wallets for Ethereum NFTs, together with Coinbase, Dapper, MetaMask, and extra. Nevertheless, it helps solely a handful of Solana wallets, equivalent to Phantom and Glow. Magic Eden, alternatively, is superior in the case of Solana pockets integrations. Presently, it helps Phantom, Slope, Sollet, Solflare, Clover, Ledger, Solong, and MathWallet.
Transaction charges:
OpenSea expenses 2.5% of the sale worth as transaction charges for each Solana and Ethereum NFTs. As opposed, Magic Eden’s transaction charges are barely decrease at 2%.
Magic Eden launched the Open Creator Protocol in December.
Royalty charges:
OpenSea enforces creator royalties on all its NFTs. Nevertheless, it just lately launched an on-chain royalty enforcement device to implement creator charges on new collections. After January 2, 2023, solely tasks incorporating the device will obtain royalties. These tasks that don’t use the device will probably be set royalties that will probably be “non-compulsory for collectors to adjust to.”
Magic Eden too has launched an analogous device, referred to as Open Creator Protocol (OCP). New Solana NFT tasks on the platform can use this to implement royalties on their NFTs. Whereas Magic Eden had enforced royalty for all collections, it made it non-compulsory in mid-October.
What’s the Magic Eden Loyalty Rewards Program?
In its continued efforts to reward customers, Magic Eden launched a brand new loyalty rewards program, “Magic Eden Rewards”, in December. Primarily, it rewards customers for interacting with {the marketplace}, with perks equivalent to companion reductions, creator reductions, in addition to, entry to NFT giveaways. So, how precisely does this work?
There are 5 tiers within the loyalty program. Credit score: Magic Eden
Put merely, customers earn “Magic Factors” each time they make secondary transactions on the platform. Extra particularly, each 1 SOL traded equates to five Magic Factors. Moreover, there are 5 loyalty tiers which supply completely different perks primarily based on a consumer’s whole factors. Naturally, the upper the tier, the upper the rewards.
To hitch this system, customers merely should sign up to {the marketplace} and join their wallets. The platform will determine the primary loyalty degree of a consumer primarily based on their exercise in November and December.
Magic Eden Introduces ‘Chapter 2’
The multi-chain NFT market is present process a metamorphosis, launching an array of progressive options. Named the “Chapter II Initiative,” this evolution highlights a larger emphasis on Solana. Moreover, Magic Eden is introducing a devoted NFT aggregator for the Solana blockchain! The Magic Eden Solana Aggregator is an progressive device designed to optimize buying and selling experiences. It is going to combination listings from a number of Solana NFT platforms. So, customers will now have the ability to seamlessly navigate and handle listings throughout varied marketplaces.
Furthermore, they’ll have the ability to replace all their listings and have fast entry to correct, real-time flooring costs and assortment statistics. This enhanced accessibility empowers customers to make knowledgeable choices swiftly.
Lastly, the platform will quickly open-source its market sensible contract. Additionally, {the marketplace} will take away a “co-sign” characteristic.
The Scandals
As with many NFT manufacturers, Magic Eden has had its scare of scandal. Firstly, {the marketplace} used improper photographs for some NFTs. These photographs included pornographic content material together with stills from the TV present The Huge Bang Idea. Nevertheless, it will get worse. In keeping with {the marketplace}, the “unsavory photographs” have been a results of a compromised third-party picture caching service.
There was additionally a problem the place unverified NFTs have been displaying up as a part of verified NFT collections. Because of a technical problem, Magic Eden customers purchased unverified NFTs. The supply of the technical problem was confirmed to be a UI problem as a result of a brand new characteristic deployment. The Magic Eden crew has verified that the affect was contained to 25 unverified NFTs offered throughout 4 collections. The unverified NFTs randomly popped up on the gathering pages throughout completely different tasks. Nonetheless, the crew resolved the problem in a brief turnaround time.
Magic Eden Market: Ultimate Ideas
All issues thought-about, the Magic Eden NFT market has tremendously grown to grow to be a big OpenSea competitor. Its plethora of options, mixed with an easy-to-use interface, make it a pretty selection for creators and collectors alike. With its significantly decrease itemizing costs—no itemizing price and a 2% transaction price—it’s doubtless {the marketplace} goes to stay round.
