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 widespread 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 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 taking part 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. In actual fact, the platform is commonly favored over others on account of its low value. Listed here are all the costs you need to know:
There are ZERO charges for itemizing NFTs.The transaction price is 2%.There are not any charges for making or canceling a bidNo extra fees for making bids.The creators can set their very own royalties.The minimal provide value is half of the itemizing value.
Market Options
Throughout the Magic Eden NFT market, you’ll find three main sections—Widespread 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.
Throughout the ‘Widespread 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 might be 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 value.
Inside every assortment, there are separate tabs to see any dwell 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 high holders.
The platform presents a variety of enticing options.
Moreover, Magic Eden presents 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 high NFT marketplaces.
How Do You Purchase Solana NFTs on Magic Eden?
If Magic Eden seems like the proper alternative for you, listed below are the steps to purchase Solana NFTs on the platform:
1. First issues first—you want a Solana pockets comparable 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 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 proper 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 alternative. Alternatively, you may click on “Make a proposal” to decrease the listed value, if attainable.
Promote NFT on Magic Eden
It’s handy and simple to promote or checklist your NFTs on Magic Eden. Initially, join your pockets and observe these steps:
In your profile menu, select “My objects”You will notice an inventory of your accessible NFTs, that are ordered by assortment. Click on to pick out 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 value or world value to your promoting NFTs within the itemizing menuPlus, you’ll be able to promote and set the value to your NFTs within the “Particulars” button of particular NFTIf your NFTs have acquired presents from different consumers, click on “Instantaneous Promote” to promote them instantly. The best value might be authorized.
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 workforce boasts a wealth of expertise, having labored with tech giants like Uber, Fb, Google, FTX, and Coinbase prior to now. Moreover, the core workforce’s chemistry has been instrumental within the platform’s success.
The founders of Magic Eden Market
“I feel the success is de facto as a result of chemistry of the workforce,” Tiffany Huang, Head of Advertising and marketing 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 Widespread 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 full quantity is $4.19 billion! Initially 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 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 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’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 can even help ETH NFTs.
The platform can also be conducting non-public beta checks 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 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 widespread Solana venture DeGods jumped aboard the Bitcoin practice, 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 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 automated distribution system that takes care of all of the technicalities, permitting creators to only give attention to their art work. In brief, the launchpad presents creators full NFT minting help, automated distribution on the platform, and outbound advertising help. Nonetheless, there’s a rigorous utility course of to simply accept creators on the Launchpad. In actual fact, 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 to create tokens on the Bitcoin community with ease. Subsequently, 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 presently 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 workforce 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 stage 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 initiatives. Then again, Normies’ targets are to make buddies, make the area extra inclusive, and study to evaluate the standard of initiatives.
Polygon-Based mostly NFTs on Magic Eden
In November 2022, Magic Eden introduced it should help NFTs on the Polygon blockchain. With this, {the marketplace} might 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 workforce selected to help Polygon due to its low transaction charges and EVM compatibility, which makes it supreme 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 help Web3 recreation builders utilizing Polygon.
Magic Eden vs OpenSea: Which is Higher?
Presently, Magic Eden is without doubt 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 will depend on your particular NFT initiatives and your private preferences. Nonetheless, earlier than selecting a market, there are particular elements you need 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 among the frequent variations between the 2 platforms that can make it easier 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, comparable to Phantom and Glow. Magic Eden, then again, is superior relating to Solana pockets integrations. Presently, 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 just 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 might be set royalties that might be “non-compulsory for collectors to adjust to.”
Magic Eden too has launched an analogous 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-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 comparable 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 supply completely different perks based mostly on a person’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 stage of a person 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 modern options. Named the “Chapter II Initiative,” this evolution highlights a better emphasis on Solana. Moreover, Magic Eden is introducing a devoted NFT aggregator for the Solana blockchain! The Magic Eden Solana Aggregator is an modern 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 may be capable to replace all their listings and have fast 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 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 photos for some NFTs. These photos included pornographic content material together with stills from the TV present The Massive Bang Idea. Nonetheless, it will get worse. In keeping with {the marketplace}, the “unsavory photos” had been a results of a compromised third-party picture caching service.
There was additionally a problem the place unverified NFTs had been exhibiting up as a part of verified NFT collections. Attributable to a technical subject, Magic Eden customers purchased unverified NFTs. The supply of the technical subject was confirmed to be a UI subject on account of a brand new characteristic deployment. The Magic Eden workforce has verified that the influence was contained to 25 unverified NFTs offered throughout 4 collections. The unverified NFTs randomly popped up on the gathering pages throughout completely different initiatives. Nonetheless, the workforce resolved the problem in a brief turnaround time.
Magic Eden Market: Remaining Ideas
All issues thought-about, 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 sexy 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.
