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 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 status’ 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 develop their choices, together with multi-chain alternatives. Now, Magic Eden is dwelling to not solely Solana NFTs, but additionally 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. In reality, the platform is commonly favored over others resulting from its low price. Listed here are all the costs you need to know:
- There are ZERO charges for itemizing NFTs.
- The transaction price is 2%.
- There aren’t any charges for making or canceling a bid
- No extra fees for making bids.
- The creators can set their very own royalties.
- The minimal supply value is half of the itemizing value.
Market Options
Inside the Magic Eden NFT market, yow will discover three main sections—Fashionable 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.
Inside the ‘Popular 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 can assist you select the precise NFT you’re on the lookout for. 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 value.
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 every part from latest trades to prime holders.
The platform gives a variety of enticing options.
Moreover, Magic Eden gives a separate Insights part the place yow will discover the most recent NFT statistics. Furthermore, they go one step additional to provide the ‘Marketplaces Breakdown’. Basically, yow will discover 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 proper alternative for you, listed here 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 ‘Connect Wallet’ on the top-right nook of the web site. There’re loads of crypto wallets you’ll be able to 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 seek out the proper NFT assortment for you. You may browse {the marketplace} for one thing that piques your curiosity.
5. Lastly, click on “Buy Now” to purchase the NFT of your alternative. Alternatively, you’ll be able to click on “Make an offer” to decrease the listed value, if potential.
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 observe these steps:
- In your profile menu, select “My items”
- You will note a listing of your out there NFTs, that are ordered by assortment. Click on to pick the gathering that you just need to promote
- Use “Bulk Listing” to promote a number of NFTs. Allow the label tag to make use of the function
- Set a separate value or world value on your promoting NFTs within the itemizing menu
- Plus, you’ll be able to promote and set the value on your NFTs within the “Details” button of particular NFT
- In case your NFTs have obtained gives from different consumers, click on “Instant Sell” to promote them instantly. The very best value might 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 group boasts a wealth of expertise, having labored with tech giants like Uber, Fb, Google, FTX, and Coinbase prior to now. Moreover, the core group’s chemistry has been instrumental within the platform’s success.
The founders of Magic Eden Market
“I think the success is really due to the chemistry of the team,” Tiffany Huang, Head of Advertising and Content material, instructed NFTevening in an interview. “We’re nobodies. Like none of us is famous. We’re a bunch of 30, 31-year-olds. And it’s very egalitarian.”
How Fashionable 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. Based on 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! Originally 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
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 might 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 might combine the Ethereum blockchain. The brand new options embody: Magic Eden Listing (a whitelist and viewers concentrating on software), Launchpad and Drop Calendar. Moreover, the launchpad can even help ETH NFTs.
The platform can also 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 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 pattern. 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 practice, they assisted within the rising reputation of Magic Eden. We are able to 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 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 computerized distribution system that takes care of all of the technicalities, permitting creators to simply deal with their paintings. In brief, the launchpad gives creators full NFT minting help, computerized distribution on the platform, and outbound advertising help. Nonetheless, there’s a rigorous utility course of to simply accept creators on the Launchpad. In reality, it accepts below 5% of purposes.
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 in regards to 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. Based on the builders, the DAO’s mission is to “work together with our community to create a stronger Solana NFT ecosystem”. The DAO’s main capabilities embody growing a algorithm to function, constructing a treasury to fund and reward sure actions, and provides voting rights to the members to make essential choices.
To facilitate this, the group 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 17
- Degens – Those that first transacted on {the marketplace} between Oct 18 – Dec 18
- Normies – 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. Alternatively, Normies’ goals 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 would help NFTs on the Polygon blockchain. With this, {the marketplace} might be onboarding a number of gaming communities, with Polygon backed by Web3 recreation builders together with Atari, Decentraland, and The Sandbox. Based on Yin, the group selected to help Polygon due to its low transaction charges and EVM compatibility, which makes it supreme for recreation builders.
“We can invest, launch collections, power in-game activity and drive user acquisition for developers building on Polygon with Magic Eden,” Yin mentioned on the time. The platform can even launch a launchpad to help Web3 recreation builders utilizing Polygon.
Magic Eden vs OpenSea: Which is Higher?
At present, Magic Eden is among the largest OpenSea rivals. So, it’s pure to surprise which of the 2 platforms is best 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 components you need to contemplate, together with day by 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 may allow you to make an knowledgeable determination:
Pockets help:
OpenSea helps a number 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, 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 fees 2.5% of the sale value 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 not too long ago 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 might be set royalties that might be “optional for collectors to comply with.”
Magic Eden too has launched an identical 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 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 Points” 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 complete factors. Naturally, the upper the tier, the upper the rewards.
To hitch this system, customers merely need to check in to {the marketplace} and join their wallets. The platform will resolve 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 change, 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 software designed to optimize buying and selling experiences. It’ll combination listings from a number of Solana NFT platforms. So, customers will now be capable to seamlessly navigate and handle listings throughout varied marketplaces.
Furthermore, they are going to be capable to replace all their listings and have rapid 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” function.
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. Based on {the marketplace}, the “unsavory images” have been a results of a compromised third-party picture caching service.
There was additionally a difficulty the place unverified NFTs have been exhibiting up as a part of verified NFT collections. Because of a technical challenge, Magic Eden customers purchased unverified NFTs. The supply of the technical challenge was confirmed to be a UI challenge resulting from a brand new function deployment. The Magic Eden group has verified that the affect 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 group resolved the difficulty in a brief turnaround time.
Magic Eden Market: Closing Ideas
All issues thought-about, the Magic Eden NFT market has tremendously grown to grow to be a major OpenSea competitor. Its plethora of options, mixed with an easy-to-use interface, make it a gorgeous alternative 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.
