Magic Eden has developed a notable presence in the NFT market, evolving from a platform primarily focused on Solana to one that operates across multiple blockchains. As it adapts and grows, Magic Eden has introduced features and developments that could be significant for users engaged in the space. This updated guide examines Magic Eden’s trajectory in the NFT ecosystem and how its recent changes may influence trading approaches.
Magic Eden is a decentralized application that operates as a marketplace for non-fungible tokens NFTs. It initially gained recognition within the digital asset community as a leading marketplace on the Solana blockchain, known for its user-friendly interface and lower transaction costs.
As the platform expanded, it embraced a multi-chain approach, supporting various blockchains to cater to a broader user base. At the time of writing, it supported NFTs on Solana, Ethereum, Polygon, and Bitcoin Ordinals.
Magic Eden’s platform enables artists, creators, and collectors to buy, sell, and trade NFTs securely, with features that aim to streamline the user experience while maintaining high standards of security and decentralization.
As for Ethereum NFTs, the platform’s activity is paused until the launch of the new marketplace in collaboration with Yuga Labs.
Buying NFTs on Magic Eden is notably user-friendly. The first step is to identify the NFT you’re interested in, considering its floor price, average sale price, and trading volumes—key indicators of the collection’s current performance and potential future value.
Once you’ve chosen an NFT, Magic Eden offers two options: ‘Buy Now’ for immediate purchase at the listed price, or ‘Make an Offer’ to bid and wait. The platform also supports purchasing multiple NFTs from either the same collection or various collections in one go.
Additionally, you can allocate funds in your Magic Eden Bidding Wallet to place bids on multiple NFTs simultaneously, enabling you to secure the best deals without locking all your capital into one bid.
On Magic Eden, Solana NFT creators experienced a policy shift with optional royalties introduced in October 2022, allowing buyers to decide on the royalty percentage. Despite the potential for a 0-100% range, Magic Eden’s Open Creator Protocol, launched in December 2022, empowers creators, ensuring their works can enforce full royalties.
For Ethereum and Polygon, the platform honors the set royalties of all collections; the concept of optional royalties doesn’t apply. Bitcoin Ordinals currently do not have royalty support due to technical constraints.
With the upcoming Ethereum marketplace in late 2023, however, developed with Yuga Labs, a robust royalty system will be implemented to uphold creators’ rights.
Yuga Labs, known for their influential Bored Ape Yacht Club collection, has entered into a strategic partnership with Magic Eden to create a new Ethereum NFT marketplace – launching in 2023.
This collaboration may be seen as a significant development in the NFT world, aiming to address the contentious issue of creator royalties.
The new platform is designed to enforce royalty payments, thereby ensuring that artists and creators are compensated for secondary sales of their work.
Magic Eden users now have the chance to participate in the Magic Eden Rewards program, Beta released in October 2023. This loyalty initiative is tailored to bring added value to the user experience, offering rewards and future fee discounts.
By signing into your account and linking your wallets, you can discover your Rewards Level and start accruing Magic Points based on your activity. These points contribute to elevating your status within the program, unlocking greater fee discounts and benefits as you climb the levels.
No, Magic Eden does not have its own crypto token associated with its platform.
However, there is a communal governance aspect known as MagicDAO, which gives members a voice in the platform’s future directions. MagicDAO operates primarily through Discord, allowing for an accessible and interactive community environment. To become a part of this DAO, you must buy a Magic Ticket NFT from the official collection – containing 30,000 tokens.
The Magic Eden team is composed of industry OGs with a diverse range of experiences in crypto, DeFi, consumer internet companies, and management consulting in the San Francisco area.
The four co-founders and friends—Sidney Zhang, Jack Lu, Zhuoxun Yin, and Zhuojie Zhou—united over a shared belief in the untapped potential of NFTs and established Magic Eden in September 2021 to bridge the gaps they perceived in existing marketplaces.
As for plans for the future of Magic Eden, its CEO Jack Lu explained in the Yuga Labs partnership press release:
“Right now, it’s a priority to provide creatives with the support they deserve with creator royalty programs. In collaboration with Yuga Labs, we’re set to develop an Ethereum marketplace that resets the standard for royalty allocation and are hopeful this action will reverberate throughout the ecosystem.â€
Magic Eden stands at the forefront of the evolving NFT landscape, emerging as a dapp of considerable promise and innovation. For enthusiasts, collectors, and traders, now is an opportune moment to keep a close watch on Magic Eden’s progression.
Stay informed and track its on-chain activity via DappRadar, and see how it measures up against other leading NFT marketplaces by checking out the Top NFT Marketplaces Ranking.