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 fashionable 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 belongings. {The marketplace} started as a Solana NFT platform, and reached ‘unicorn standing’ in early February of 2023. Presently, {the marketplace} closed a $130 million Collection 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 Collection A. With this new funding, Magic Eden’s valuation hit $1.6 billion!
The NFT market used the funds to develop their choices, together with multi-chain alternatives. Now, Magic Eden is dwelling 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 because of its low price. Listed here are all the costs it is best to know:
There are ZERO charges for itemizing NFTs.The transaction payment is 2%.There aren’t any charges for making or canceling a bidNo extra costs for making bids.The creators can set their very own royalties.The minimal supply worth is half of the itemizing worth.
Market Options
Throughout the Magic Eden NFT market, you’ll find three main sections—Well-liked collections, Drop calendar, and Watchlist. Whereas the primary options the most well liked and most trending collections, the second offers you the run down on upcoming mints.
Throughout the ‘Well-liked Collections’ part, you possibly can 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 can assist you select the precise NFT you might be in search of. In different phrases, you possibly can filter NFTs in every assortment by their background, garments, eyes, mouth, and different attributes. Alternatively, you possibly can 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, particularly, is a useful gizmo because it helps get you updated with the whole lot from latest trades to prime holders.
The platform affords a spread of engaging options.
Moreover, Magic Eden affords a separate Insights part the place you’ll find the newest NFT statistics. Furthermore, they go one step additional to provide the ‘Marketplaces Breakdown’. Primarily, you’ll find the newest 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 below are the steps to purchase Solana NFTs on the platform:
1. First issues first—you want a Solana pockets similar 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 quite a lot of crypto wallets you possibly can join with. Observe 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 may 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 possibly can click on “Make a proposal” to decrease the listed worth, if potential.
Promote NFT on Magic Eden
It’s handy and simple to promote or checklist your NFTs on Magic Eden. Initially, join your pockets and comply with these steps:
In your profile menu, select “My gadgets”You will notice an inventory of your obtainable 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 value on your NFTs within the “Particulars” button of particular NFTIf your NFTs have acquired affords from different consumers, click on “Prompt Promote” to promote them instantly. The best worth will likely be accepted.
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 staff boasts a wealth of expertise, having labored with tech giants like Uber, Fb, Google, FTX, and Coinbase prior to now. Moreover, the core staff’s chemistry has been instrumental within the platform’s success.
The founders of Magic Eden Market
“I believe the success is absolutely because of the chemistry of the staff,” Tiffany Huang, Head of Advertising and Content material, advised NFTevening in an interview. “We’re nobodies. Like none of us is known. We’re a bunch of 30, 31-year-olds. And it’s very egalitarian.”
How Well-liked 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! In the beginning of July, Magic Eden emerged because the top-leading market for buying and selling quantity in 3 vital 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 initiatives 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 likely be serving to Magic Eden develop 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’d combine the Ethereum blockchain. The brand new options embrace: Magic Eden Listing (a whitelist and viewers concentrating on software), Launchpad and Drop Calendar. Moreover, the launchpad will even help ETH NFTs.
The platform can be conducting personal beta assessments to help the launch of a cross-currency buying and selling product. With this new product, customers would be capable 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 inserting Bitcoin as a brand new frontier for buying and selling digital collectibles, Magic Eden joined the development. Launched in January of 2023, Ordinals enable 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 fashionable Solana challenge DeGods jumped aboard the Bitcoin practice, they assisted within the rising recognition of Magic Eden. We will see that Magic Eden’s success stems partly from the flexibility to quickly undertake and develop with the NFT area.
Magic Eden Launchpad
Launchpad for seamless minting.
An attention-grabbing 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 affords creators full NFT minting help, computerized distribution on the platform, and outbound advertising and marketing help. Nonetheless, there’s a rigorous software course of to just accept creators on the Launchpad. Actually, it accepts below 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 be capable 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. Finally, 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 present organised in a devoted Magic Eden Discord channel. In keeping with the builders, the DAO’s mission is to “work along with our group to create a stronger Solana NFT ecosystem”. The DAO’s main features embrace creating a algorithm to function, constructing a treasury to fund and reward sure actions, and provides voting rights to the members to make essential selections.
To facilitate this, the staff began airdropping NFTs, referred to as Magic Tickets, to all lively wallets early 2022. These Magic Tickets are available 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 stage have their very own targets. For instance, OGs’ tasks embrace constructing higher instruments for NFT marketplaces, brainstorming concept to strengthen the ecosystem, and championing stronger initiatives. However, Normies’ targets are to make buddies, make the area extra inclusive, and study to evaluate the standard of initiatives.
Polygon-Primarily based NFTs on Magic Eden
In November 2022, Magic Eden introduced it’ll help NFTs on the Polygon blockchain. With this, {the marketplace} will likely 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 staff selected to help Polygon due to its low transaction charges and EVM compatibility, which makes it very best 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 will even launch a launchpad to help Web3 recreation builders utilizing Polygon.
Magic Eden vs OpenSea: Which is Higher?
At present, Magic Eden is likely one of the greatest OpenSea rivals. So, it’s pure to surprise which of the 2 platforms is best for buying and selling NFTs. Finally, the best market for you relies on your particular NFT initiatives and your private preferences. Nonetheless, earlier than selecting a market, there are particular 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 here are among the widespread variations between the 2 platforms that can provide help to make an knowledgeable determination:
Pockets help:
OpenSea helps a bunch of crypto wallets for Ethereum NFTs, together with Coinbase, Dapper, MetaMask, and extra. Nonetheless, it helps solely a handful of Solana wallets, similar to Phantom and Glow. Magic Eden, then again, is superior on the subject of Solana pockets integrations. At present, it helps Phantom, Slope, Sollet, Solflare, Clover, Ledger, Solong, and MathWallet.
Transaction charges:
OpenSea costs 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. Nonetheless, it lately launched an on-chain royalty enforcement software to implement creator charges on new collections. After January 2, 2023, solely initiatives incorporating the software will obtain royalties. These initiatives that don’t use the software will likely be set royalties that will likely be “non-obligatory for collectors to adjust to.”
Magic Eden too has launched the same software, referred to as Open Creator Protocol (OCP). New Solana NFT initiatives 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-obligatory 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 similar to accomplice 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 provide totally different perks primarily based on a consumer’s complete factors. Naturally, the upper the tier, the upper the rewards.
To hitch this system, customers merely must register to {the marketplace} and join their wallets. The platform will resolve the primary loyalty stage 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 higher emphasis on Solana. Moreover, Magic Eden is introducing a devoted NFT aggregator for the Solana blockchain! The Magic Eden Solana Aggregator is an progressive software designed to optimize buying and selling experiences. It would combination listings from a number of Solana NFT platforms. So, customers will now be capable to seamlessly navigate and handle listings throughout numerous marketplaces.
Furthermore, they’ll be capable to replace all their listings and have instant entry to correct, real-time ground costs and assortment statistics. This enhanced accessibility empowers customers to make knowledgeable selections swiftly.
Lastly, the platform will quickly open-source its market good 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 Large Bang Concept. Nonetheless, it will get worse. In keeping with {the marketplace}, the “unsavory photographs” had been a results of a compromised third-party picture caching service.
There was additionally a difficulty the place unverified NFTs had been displaying up as a part of verified NFT collections. On account of a technical concern, Magic Eden customers purchased unverified NFTs. The supply of the technical concern was confirmed to be a UI concern because of a brand new characteristic deployment. The Magic Eden staff has verified that the influence was contained to 25 unverified NFTs bought throughout 4 collections. The unverified NFTs randomly popped up on the gathering pages throughout totally different initiatives. Nonetheless, the staff resolved the difficulty in a brief turnaround time.
Magic Eden Market: Last Ideas
All issues thought of, the Magic Eden NFT market has tremendously grown to develop into a major OpenSea competitor. Its plethora of options, mixed with an easy-to-use interface, make it a sexy selection for creators and collectors alike. With its significantly decrease itemizing costs—no itemizing payment and a 2% transaction payment—it’s seemingly {the marketplace} goes to stay round.
