What is Magic Eden?
Magic Eden launched in 2021 as a marketplace platform built on the Solana (SOL) Network. Like the popular OpenSea, it is a decentralized application (dApp) built on the Solana blockchain. It has recently closed a Series A round (congrats!) It is a marketplace that allows users to buy, sell, create, and manage non-fungible tokens (NFTs) on the blockchain. These NFTs can be used for various purposes, including digital collectibles (arts, digital comics), gaming assets (blockchain gaming), and more.
Magic Eden has the following desirable features:
- Launchpad: This feature is unique to Magic Eden and allows users to create NFTs in minutes without requiring extensive NFT knowledge or development experience. Currently, the platform only accepts a limited number of projects; however, this will likely change in the future.
- Upcoming Launches: Rather than tediously searching for the next NFT drop from your favorite creator, Magic Eden gives a curated list of the forthcoming launches so you can be in the know.
- Popular Collections: To ensure you are up-to-date on NFT projects that are hot right now, Popular Collections shows the latest and most popular NFT projects on the Solana blockchain. It makes it easy for you to browse, learn about and invest in the latest projects.
How does it Work?
Magic Eden is available for launching new NFTs and trading on the secondary market. While the secondary market remains the more popular feature, recent launches have earned significant attention. This trend suggests that Magic Eden could have a prosperous future as a place where NFTs are initially launched and then subsequently bought and sold.
The Magic Eden Launchpad is the marketplace component designed for minting new NFTs. The platform has been designed as user-friendly, giving creators a simple, effective way to launch their projects. Before minting NFTs on the platform, creators must register with Magic Eden. Currently, only 5% of projects are accepted, ensuring that the Eden marketplace maintains high standards. This level of quality control allows traders to navigate the site with confidence. If an NFT is available for minting on Magic Eden, it must be part of an up-and-coming project. However, as with all NFT projects, there is a high probability of soft rugs or hard rugs potentially. Always do your research and do not randomly buy projects with founders you suspect may be up to no good.
Magic Eden supports NFT launches with additional marketing as well. NFT producers can also communicate in a unique creator community, exchanging ideas and supporting each other’s projects. This level of exchange produces a supportive environment where creators can thrive.
Magic Eden’s secondary marketplace includes many great futures, making the platform a favorite for traders. A special page for popular collections presents options for curious buyers, letting them shop around and get a feel for different types of digital artwork. The Attributes filter allows enthusiasts to search for the specific traits they’re looking for within a given collection. Magic Eden’s stats page is detailed and user-friendly, allowing prospective buyers to analyze their options before purchasing. By consciously improving the user experience, Magic Eden has made itself a dominant player on the Solana blockchain.
Fees, Listing, and Bidding
Magic Eden fees are widely commended for being fair and reasonable. Its marketplace funds operations through a modest 2% transaction fee. Listing tokens on the site is free, and there’s no additional fee for making a bid. Most traders find this a clear set of policies, and the relative affordability of the site has made it a favorite among NFT enthusiasts.
There’s no charge for applying for a listing on Magic Eden. All you have to do is fill out an online application form and wait for a representative to contact you with more information. Notice of acceptance or rejection should come in within two days. Once the application has been approved, the NFT can be bought and sold freely. This initial screening process helps traders maintain confidence in the tokens’ legitimacy.
Magic Eden’s auction feature has benefited buyers and sellers alike. Buyers can use this feature to bid on a token base on their assessment of its value. Holders then receive an alert and can then decide whether to accept or reject the bid. If the bid is rejected, the prospective buyer can raise their offer or move on. When a bid is accepted, the transaction goes through immediately.
Using Magic Eden
Now, let’s look at how you can use the platform. Using the Magic Eden NFT marketplace is like any other NFT marketplace out there; it’s a straightforward process for sellers, but you’ll need to apply to list new tokens.
The first step is to make sure you have a Solana wallet. Magic Eden is built entirely on the Solana blockchain, so you’ll need SOL tokens. The next step is to connect your Solana wallet with the Magic Eden NFT marketplace. You can do this through the Magic Eden Launchpad on the marketplace’s website.
When you’ve successfully connected your Solana wallet, you can access and take advantage of the marketplace’s many features. Not only can you mint new tokens or buy existing ones, but you can also conduct your research, search for specific traits and look for entertainment with Eden Games. You can then make regular bids or try to purchase tokens through auctions while enjoying the reasonable Magic Eden fees.
With the growth of digital assets, the number of NFT marketplace has tripled since 2020. As Solana takes its place among the world’s most popular blockchains, the Magic Eden NFT marketplace figures to rapidly improve its standing. Popular NFTs like Okay Bears, Degods or Primates could be just the beginning of an emerging trend. For anyone interested in a upcoming NFT marketplace, Magic Eden is clearly worthy of our attention.