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 well-liked 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 will you 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 that they had 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 increase 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. The truth is, the platform is commonly favored over others attributable to its low value. Listed here are all the costs it’s 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 fees for making bids.The creators can set their very own royalties.The minimal provide worth is half of the itemizing worth.
Market Options
Inside the Magic Eden NFT market, you could find three major sections—Well-liked 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 ‘Well-liked Collections’ part, you may 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 possibility 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 dwell auctions, the current market exercise, and the analytics of the gathering. Analytics, specifically, is a great tool because it helps get you updated with every little thing from current trades to high holders.
The platform gives a spread of engaging options.
Moreover, Magic Eden gives a separate Insights part the place you could find the newest NFT statistics. Furthermore, they go one step additional to provide the ‘Marketplaces Breakdown’. Basically, you could find the newest buying and selling quantity, transactions, in addition to the variety of lively wallets, on a bunch of high NFT marketplaces.
How Do You Purchase Solana NFTs on Magic Eden?
If Magic Eden feels like the right alternative for you, listed below are the steps to purchase Solana NFTs on the platform:
1. First issues first—you want a Solana pockets resembling 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 a whole lot 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 linked, it’s time to seek 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 alternative. Alternatively, you may click on “Make a suggestion” to decrease the listed worth, if potential.
Promote NFT on Magic Eden
It’s handy and straightforward to promote or listing your NFTs on Magic Eden. To start with, join your pockets and observe these steps:
In your profile menu, select “My gadgets”You will notice a listing of your obtainable NFTs, that are ordered by assortment. Click on to pick out the gathering that you simply need 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 in your promoting NFTs within the itemizing menuPlus, you’ll be able to promote and set the worth in your NFTs within the “Particulars” button of particular NFTIf your NFTs have acquired gives from different patrons, click on “Instantaneous Promote” to promote them instantly. The very best worth will likely be accredited.
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 actually because of the chemistry of the staff,” Tiffany Huang, Head of Advertising and marketing and Content material, instructed 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 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 accordance with the Dappradar report on July 3, 2024, {the marketplace} has a 24-hour quantity of $3.57 million. Additional, the entire quantity is $4.19 billion! At first 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 will likely be serving to Magic Eden increase 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’d combine the Ethereum blockchain. The brand new options embrace: Magic Eden Listing (a whitelist and viewers focusing on instrument), Launchpad and Drop Calendar. Moreover, the launchpad can even assist ETH NFTs.
The platform can be conducting non-public beta checks to assist 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 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 well-liked 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 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 automated distribution system that takes care of all of the technicalities, permitting creators to only give attention to their paintings. In brief, the launchpad gives creators full NFT minting assist, automated distribution on the platform, and outbound advertising assist. Nonetheless, there’s a rigorous utility course of to just accept creators on the Launchpad. The truth is, 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 be capable of 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 presently organised in a devoted Magic Eden Discord channel. In accordance with the builders, the DAO’s mission is to “work along with our group to create a stronger Solana NFT ecosystem”. The DAO’s major 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 necessary choices.
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 targets. For instance, OGs’ obligations embrace constructing higher instruments for NFT marketplaces, brainstorming concept to strengthen the ecosystem, and championing stronger initiatives. Alternatively, Normies’ targets are to make buddies, make the house extra inclusive, and study to evaluate the standard of initiatives.
Polygon-Primarily based 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 likely be onboarding a bunch of gaming communities, with Polygon backed by Web3 recreation builders together with Atari, Decentraland, and The Sandbox. In accordance with Yin, the staff selected to assist Polygon due to its low transaction charges and EVM compatibility, which makes it ultimate for recreation builders.
“We are able to make investments, launch collections, energy in-game exercise and drive person acquisition for builders constructing on Polygon with Magic Eden,” Yin stated on the time. The platform can even launch a launchpad to assist Web3 recreation builders utilizing Polygon.
Magic Eden vs OpenSea: Which is Higher?
At present, Magic Eden is likely one of the largest OpenSea opponents. So, it’s pure to marvel which of the 2 platforms is healthier for buying and selling NFTs. In the end, the best market for you is dependent upon your particular NFT initiatives and your private preferences. Nonetheless, earlier than selecting a market, there are particular components it’s best to 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 here are a number of the widespread variations between the 2 platforms that can provide help to make an knowledgeable determination:
Pockets assist:
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, resembling Phantom and Glow. Magic Eden, however, is superior relating to Solana pockets integrations. At present, it helps Phantom, Slope, Sollet, Solflare, Clover, Ledger, Solong, and MathWallet.
Transaction charges:
OpenSea fees 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 will likely be set royalties that will likely be “optionally available 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 optionally available 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. Basically, it rewards customers for interacting with {the marketplace}, with perks resembling 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 person’s whole factors. Naturally, the upper the tier, the upper the rewards.
To hitch this system, customers merely must check in to {the marketplace} and join their wallets. The platform will determine the primary loyalty degree of a person primarily based on their exercise in November and December.
Magic Eden Introduces ‘Chapter 2’
The multi-chain NFT market is present process a change, launching an array of modern 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 modern instrument designed to optimize buying and selling experiences. It’ll mixture listings from a number of Solana NFT platforms. So, customers will now be capable of seamlessly navigate and handle listings throughout varied marketplaces.
Furthermore, they’ll be capable of replace all their listings and have quick entry to correct, real-time ground costs and assortment statistics. This enhanced accessibility empowers customers to make knowledgeable choices 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 photos for some NFTs. These photos included pornographic content material together with stills from the TV present The Large Bang Idea. Nonetheless, it will get worse. In accordance with {the marketplace}, the “unsavory photos” have been a results of a compromised third-party picture caching service.
There was additionally a difficulty the place unverified NFTs have been displaying up as a part of verified NFT collections. As a result of a technical challenge, Magic Eden customers purchased unverified NFTs. The supply of the technical challenge was confirmed to be a UI challenge attributable to a brand new characteristic deployment. The Magic Eden staff has verified that the impression was contained to 25 unverified NFTs bought throughout 4 collections. The unverified NFTs randomly popped up on the gathering pages throughout completely different initiatives. Nonetheless, the staff resolved the problem in a brief turnaround time.
Magic Eden Market: Last Ideas
All issues thought-about, the Magic Eden NFT market has tremendously grown to turn into a big OpenSea competitor. Its plethora of options, mixed with an easy-to-use interface, make it a beautiful alternative for creators and collectors alike. With its significantly decrease itemizing costs—no itemizing price and a 2% transaction price—it’s probably {the marketplace} goes to stay round.
