What Is The Magic Eden NFT Marketplace?

As the best NFT marketplace to purchase Solana NFTs, Magic Eden has made a name for itself. In fact, it is currently very well-liked for Ethereum NFTs as well. Both blockchains are now employing one of 2022’s most well-liked NFT exchanges. So let’s get started by discussing Magic Eden NFT marketplace and platform usage.

What is Magic Eden NFT Marketplace?

A decentralised NFT market is called Magic Eden. Users can use it to develop, acquire, exchange, and trade NFTs, such as video game assets and digital collectibles. Although it used to be the most well-known NFT store on the Solana network, you can now also buy Ethereum NFTs there.

When was Magic Eden created and by Who?

The CEO Jack Lu, COO Zhuoxun Yin, CTO Sidney Zhang, and Chief Engineer Zhuojie Zhou founded the Magic Eden NFT marketplace. With prior experience working with tech behemoths like Uber, Facebook, Google, FTX, and Coinbase, the founding team can brag of a depth of knowledge. The success of the platform has also been significantly influenced by the chemistry of the core team.

The founders of Magic Eden Marketplace

In a recent interview with NFTevening, Tiffany Huang, Head of Marketing and Content, said, “I think the success is primarily down to the camaraderie of the team.” “We are nothing. Like none of us are well-known. We’re all between the ages of 30 and 31. It also values equality greatly.

Is Magic Eden Popular?

Over 90% of the market share for secondary Solana NFT sales are held by it as the top NFT marketplace. The astounding total trading volume for Magic Eden was $1.44 billion. Probably thanks to their Series A round of investment, Magic Eden was able to compete with companies like OpenSea.

What are the Fees on Magic Eden?

Notably, compared to other markets, Magic Eden’s transaction fees are far lower. In fact, the platform’s inexpensive price makes it frequently preferred over rivals. These are all the prices you need to be aware of:

  • NFTs are listed without charge.
  • There is a 2% transaction fee.
  • There are no additional fees for placing a bid.
  • The royalties are up to the creators.
  • Half of the listing price is the required minimum offer.

Marketplace Features

There are four main categories in the Magic Eden NFT marketplace: new collections, popular collections, drop calendar, and auctions. The second displays the hottest and most popular collections, while the first displays the most recent NFT collections to appear on the site.

You can filter collections in the ‘Popular Collections’ section depending on the trade volume during the previous 24 hours, 7 days, or 30 days.

Magic Eden offers an attributes filter option to assist you find the precise NFT you’re seeking for, just like the majority of NFT marketplaces. In other words, you can sort NFTs in each collection based on their appearance, including their skin tone, clothing, eyes, and mouth. As an alternative, you can sort the NFTs by price and status.

There are distinct tabs for each collection’s analytics, current market activity, and any live auctions that have taken place. The analytics feature in particular is helpful because it keeps you informed about recent trades and top holdings.

The most recent NFT statistics can also be seen in a separate Insights section provided by Magic Eden. Additionally, they take it a step further by providing you with the “Marketplaces Breakdown.” In essence, a number of the largest NFT marketplaces list the most recent trade volume, transactions, and active wallet count.

How Do You Buy Solana NFTs on Magic Eden?

To purchase Solana NFTs on the platform if Magic Eden sounds like the best option for you, follow these steps:

  1. You need a Solana wallet, such as the Phantom, Solflare, or Sollet, first and foremost.
  2. Get the required quantity of SOL from a supported cryptocurrency exchange next. The best choices are FTX, Binance, and Coinbase. Send the SOL to your wallet after that
  3. Connect your wallet to Magic Eden once it has enough SOL. Click “Select Wallet” in the website’s top-right corner to do this. Observe the instructions to connect your wallet.
  4. Find the ideal NFT collection for you now that your wallet is connected. You can look around the marketplace to find something that interests you.
  5. Finally, click “Buy Now” to buy the NFT of your choice. Alternatively, you can click “Make an offer” to lower the listed price, if possible. 

Magic Eden Games

In addition, Magic Eden features a section specifically for Solana games. In fact, 90% of the Solana secondary market activity in-game takes place on the market. Additionally, it has worked with gaming initiatives to introduce over 35 Eden Games. This includes Mini Royale Nations, SkateX, DeFi Pirates, and Everseed.

From Solana to Ethereum

Magic Eden declared they would incorporate the Ethereum blockchain in the beginning of August 2022. Launchpad, Drop Calendar, and Magic Eden List (a tool for audience targeting and building whitelists) are among the new features. Additionally, ETH NFTs will be supported by the launchpad.

To support the introduction of a cross-currency trading offering, the platform is additionally running private beta tests. Users would be able to explore a variety of SOL and ETH NFTs and make purchases using SOL, ETH, or credit cards with this new offering.

Magic Eden Launchpad

The Magic Eden Launchpad is one of the platform’s intriguing features. Simply put, this is a unique minting launchpad that aids developers in securely and conveniently minting their NFTs. It has an automatic distribution mechanism that handles all the details so that authors may concentrate solely on their artwork. The launchpad provides authors with full NFT minting support, automatic platform distribution, and outbound marketing support, to put it briefly. The Launchpad does have a strict application process for creators, though. In actuality, it only accepts 5% of applications.

Magic Tickets and DAO

Magic Eden has established its own DAO, known as the MagicDAO, which is now set up in a channel on the Magic Eden Discord server. The goal of the DAO, according to its creators, is to “work with our community to build a stronger Solana NFT ecosystem.” The main responsibilities of the DAO are to create a set of operating guidelines, establish a treasury to finance and reward specific activities, and grant members voting rights so they can influence major decisions.

The team began airdropping NFTs, known as Magic Tickets, to all active wallets in early 2022 in order to make this possible. There are three levels to these Magic Tickets:

  • OGs – those who made their initial purchases on the market between September 17 and October 17
  • Degens – Those who made their first purchase between October 18 and December 18
  • Normies – those who began doing business on the marketplace after December 19

Each level’s participants each have their own goals. For instance, OGs’ duties include creating better NFT marketplace tools, coming up with ideas to improve the ecosystem, and supporting stronger initiatives. Conversely, Normies’ goals are to establish friends, broaden the community, and acquire project evaluation skills.

All things considered, the Magic Eden NFT market has significantly expanded to compete with OpenSea. It appeals to both artists and collectors because of its wealth of features and user-friendly design. The marketplace is probably going to survive thanks to its significantly cheaper listing prices—no listing charge and a 2% transaction fee—and reduced listing costs overall.

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