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 common 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. At the moment, {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 that they had 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 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 commonly favored over others on account of its low price. Listed below are all the costs you must know:
There are ZERO charges for itemizing NFTs.The transaction price is 2%.There aren’t any charges for making or canceling a bidNo further prices for making bids.The creators can set their very own royalties.The minimal supply worth is half of the itemizing worth.
Market Options
Inside the Magic Eden NFT market, you’ll find three major sections—Common collections, Drop calendar, and Watchlist. Whereas the primary options the most well liked and most trending collections, the second provides you the run down on upcoming mints.
Inside the ‘Common Collections’ part, you may filter collections based mostly 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’re on the lookout for. In different phrases, you may filter NFTs in every assortment by their background, garments, eyes, mouth, and different attributes. Alternatively, you may filter the NFTs by standing and worth.
Inside every assortment, there are separate tabs to see any stay auctions, the current market exercise, and the analytics of the gathering. Analytics, specifically, is a great tool because it helps get you updated with the whole lot from current trades to prime holders.
The platform provides a variety 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 feels 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 corresponding to Trustwallet, Phantom, Solflare, or Sollet.
2. Subsequent, get the wanted quantity of SOL from a supported crypto alternate. 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 plenty of crypto wallets you may 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’ll be able to 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 may 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 listing your NFTs on Magic Eden. To begin with, join your pockets and observe 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 simply 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 international 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 provides from different patrons, click on “On the spot Promote” to promote them instantly. The very best worth can be permitted.
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 up to now. Moreover, the core staff’s chemistry has been instrumental within the platform’s success.
The founders of Magic Eden Market
“I feel the success is basically as a result of chemistry of the staff,” Tiffany Huang, Head of Advertising and Content material, instructed 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 Common 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 line with the Dappradar report on July 3, 2024, {the marketplace} has a 24-hour quantity of $3.57 million. Additional, the full quantity is $4.19 billion! Firstly 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
Other than 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 consists of 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 can be serving to Magic Eden develop into the Web3 gaming house, 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 embody: Magic Eden Checklist (a whitelist and viewers concentrating on instrument), Launchpad and Drop Calendar. Moreover, the launchpad may even help ETH NFTs.
The platform can be conducting non-public beta assessments to help the launch of a cross-currency buying and selling product. With this new product, customers would be capable of 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 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 common Solana mission DeGods jumped aboard the Bitcoin prepare, they assisted within the rising recognition of Magic Eden. We are able to see that Magic Eden’s success stems partly from the flexibility to quickly undertake and develop with the NFT house.
Magic Eden Launchpad
Launchpad for seamless minting.
An attention-grabbing function 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 automated distribution system that takes care of all of the technicalities, permitting creators to only concentrate on their paintings. Briefly, the launchpad provides creators full NFT minting help, automated distribution on the platform, and outbound advertising and marketing help. Nonetheless, there’s a rigorous utility course of to simply accept creators on the Launchpad. Actually, it accepts beneath 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 of create tokens on the Bitcoin community with ease. Subsequently, 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 present organised in a devoted Magic Eden Discord channel. In line with the builders, the DAO’s mission is to “work along with our neighborhood to create a stronger Solana NFT ecosystem”. The DAO’s major features embody growing a algorithm to function, constructing a treasury to fund and reward sure actions, and provides voting rights to the members to make vital 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 degree have their very own goals. For instance, OGs’ tasks embody constructing higher instruments for NFT marketplaces, brainstorming thought to strengthen the ecosystem, and championing stronger initiatives. Then again, Normies’ goals are to make buddies, make the house extra inclusive, and be taught to evaluate the standard of initiatives.
Polygon-Based mostly NFTs on Magic Eden
In November 2022, Magic Eden introduced it would help NFTs on the Polygon blockchain. With this, {the marketplace} can be onboarding a bunch of gaming communities, with Polygon backed by Web3 recreation builders together with Atari, Decentraland, and The Sandbox. In line with Yin, the staff selected to help Polygon due to its low transaction charges and EVM compatibility, which makes it preferrred for recreation builders.
“We are able to 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 even launch a launchpad to help Web3 recreation builders utilizing Polygon.
Magic Eden vs OpenSea: Which is Higher?
Presently, Magic Eden is without doubt one of the greatest OpenSea rivals. So, it’s pure to surprise which of the 2 platforms is healthier for buying and selling NFTs. In the end, the best market for you relies on your particular NFT initiatives and your private preferences. Nonetheless, earlier than selecting a market, there are specific elements you must take into account, together with every day and month-to-month buying and selling quantity, supported blockchains and wallets, platform safety, and royalty charges.
Listed below are among the widespread variations between the 2 platforms that may aid you make an knowledgeable choice:
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, corresponding to Phantom and Glow. Magic Eden, then again, is superior on the subject of Solana pockets integrations. Presently, it helps Phantom, Slope, Sollet, Solflare, Clover, Ledger, Solong, and MathWallet.
Transaction charges:
OpenSea prices 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 just lately launched an on-chain royalty enforcement instrument to implement creator charges on new collections. After January 2, 2023, solely initiatives incorporating the instrument will obtain royalties. These initiatives that don’t use the instrument can be set royalties that can be “non-compulsory for collectors to adjust to.”
Magic Eden too has launched an identical instrument, 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-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 corresponding 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 provide totally different perks based mostly on a consumer’s complete factors. Naturally, the upper the tier, the upper the rewards.
To affix this system, customers merely should sign up to {the marketplace} and join their wallets. The platform will resolve the primary loyalty degree of a consumer based mostly 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 revolutionary 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 revolutionary instrument designed to optimize buying and selling experiences. It should combination listings from a number of Solana NFT platforms. So, customers will now be capable of seamlessly navigate and handle listings throughout numerous marketplaces.
Furthermore, they’ll be capable of replace all their listings and have speedy 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” function.
The Scandals
As with many NFT manufacturers, Magic Eden has had its scare of scandal. Firstly, {the marketplace} used improper pictures for some NFTs. These pictures included pornographic content material together with stills from the TV present The Massive Bang Idea. Nonetheless, it will get worse. In line with {the marketplace}, the “unsavory pictures” had been a results of a compromised third-party picture caching service.
There was additionally a difficulty the place unverified NFTs had been exhibiting up as a part of verified NFT collections. As a result of a technical problem, Magic Eden customers purchased unverified NFTs. The supply of the technical problem was confirmed to be a UI problem on account of a brand new function deployment. The Magic Eden staff has verified that the impression was contained to 25 unverified NFTs offered throughout 4 collections. The unverified NFTs randomly popped up on the gathering pages throughout totally different initiatives. Nonetheless, the staff resolved the problem 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 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 possible {the marketplace} goes to stay round.
