Magiceden has gained the top 2 in marketplace trading volume, with $139.72 million following dappradar.com. Now, it is extremely popular for Solana, Ethereum, Polygon, Base, Arbitrum, and even Bitcoin NFTs. From Magic Eden sales, to scandals, and royalties, we cover it all.
Key takeaways:
- Magic Eden is Solana’s largest NFT marketplace and allows users to create, buy, sell, and trade tokens or NFTs.
- This marketplace also includes NFT Drop Calendar, Latest Bitcoin NFT Sales, Bitcoin domain names Ordinals, or NFTs new, NFT collections.
- The marketplace has a uniform 2% transaction fee and features the Magic Eden Lauchpad for minting new NFTs.
- Magic Eden originally was designed for Solana, but today they include multi-chains such as Polygon, Base, Ethereum, Bitcoin, and Arbitrum.
What is MagicEden?
MagicEden is a decentralized NFT marketplace and Runes Platform, allows users to create, buy, sell, and discover Ordinals and NFTs, including digital collectibles or gaming assets. Based on trading and transaction volume, Magic Eden is the biggest marketplace in the world, comparing competitors such as OpenSea and Blur.
The NFT marketplace used the funds to expand their offerings, including multi-chain opportunities. Now, MagicEden is home to not only Solana NFTs but also Bitcoin Ordinals, Polygon, Base, Ethereum, and Arbitrum NFTs.
Notably, MagicEden’s transaction fees are considerably lower compared to other marketplaces, with ZERO fee for listing NFTs and 2% transaction fees.
Feature of Magic Eden Marketplace
Here’s is some feature that make Magic Eden become the most popular marketplace:
- Lower transaction fees: Solana NFT Marketplace charges a sleek 2% transaction fee, leaving competitors in the dust. No listing or offer fees, just creators setting their own royalties
- Various NFT Projects: Popular Collection, Drop Calendar, and Biggest Movers in NFTs. While the first features the trending and latest NFT collections (easy to own the Doge Collectible or Doge Open Edition), the second gives you the rundown on upcoming mints.
How to Connect MagicEden Wallet?
To embark the process of buying or selling NFTs on Magic Eden, the first step is connect your Magic Eden wallet. Here’s how you can connect your wallet and get started using this marketplace:
- Click the “Connect Wallet” button right on the Magic Eden home screen.
- Next, select the types of wallet you would like to connect.
- Sign in to your wallet. This will not cost any SOL and won’t allow Magic Eden to make transactions with your wallet.
- Click “Confirm” on the following screen to complete the process.
How to Buy Solana NFTs on MagicEden?
If Magiceden sounds like the perfect choice for you, here are the steps to buy NFTs on the platform:
- Choose a wallet: You need a Solana wallet such as Meta Mask, Phantom, Solflare, or Coin Base that contains the cryptocurrency you wish to spend. If you haven’t done so already, you can connect the Magic Eden wallet.
- Browse NFT Collections: Now that your wallet is connected, it’s time to find the perfect or latest NFT collections you like. You can browse the marketplace for something that piques your interest on the homepage or search for it on the search bar.
- Decide to buy or need an offer: Choose the top NFT collections you want, and click “Buy Now”. Alternatively, you can click “Make an offer” to lower the listed price, if possible.
How to Sell an NFT on MagicEden?
It’s convenient and easy to sell or list your NFTs on Magic Eden. First of all, connect your wallet and follow these steps:
- Choose My Items: In your profile menu, choose “My items”
- Find your NFTs you want to sell: You will see a collection-ordered list of your available NFTs. Click to select the collection that you want to sell
- List your NFTs: Use “List now” button to sell multiple NFTs. Enable the label tag to use the feature. Set a separate price or global price for your selling NFTs in the listing menu.
- Instant Sell: If your NFTs have received offers from other buyers, click “Instant Sell” to sell them immediately. The highest price will be approved.
How to use MagicEden Launchpad?
An interesting feature of the platform is the Magic Eden Launchpad. The launchpad offers creators complete NFT minting support, automatic distribution on the platform, and outbound marketing support. However, there is a rigorous application process to accept creators on the Launchpad.
The following criteria are used to evaluate your Launchpad application:
- Team quality
- Partnerships
- Utility
- Art quality
- Investment to the project
- Social media and community following
Only around 5% of NFT projects are approved for the Launchpad. This makes sure that the collections that do make it are high-quality.
Magic Tickets and DAO
Magic Eden has set up its own DAO, called the MagicDAO, that is currently organised in a dedicated Magic Eden Discord channel. According to the developers, the DAO’s mission is to “work together with our community to create a stronger Solana NFT ecosystem”. The DAO’s primary functions include developing a set of rules to operate, building a treasury to fund and reward certain activities, and give voting rights to the members to make important decisions.
Magic Ticket is a key for users to join MagicDAO, a community of Magic Eden users several conveniences according on their NFT Ticket types. Magic Ticket includes 3 types:
- OG’s (Purple Tickets): A community of participants join Solana NFT Marketplace for a long time.
- Degens (Red Tickets): A community of participants join the marketplace for a few month.
- Normies (Blue Tickets): Community of participants who have just joined Solana NFT Marketplace.
How does the Magic Eden Rewards Program work?
The cross chain Magic Eden Rewards Program is built for everyone interacting with the marketplace, with perks such as partner and creator discounts, as well as access to NFT giveaways.
Put simply, users earn “Diamonds” for certain actions, such as buying native listings, listing NFTs, and making collection offers. Naturally, the higher the tier, the higher the rewards.
To join the program, users simply have to sign in to the marketplace and connect Magic Eden wallet. By the way, “diamonds” cannot be traded for cryptocurrencies. This mean that MagicEden took this approach to avoid potential regulatory action from the SEC for offering “unregulated securities.”
Multi-chains on MagicEden
From Solana to Ethereum
In early August 2022, Magiceden announced they would integrate the Ethereum blockchain. The new features include: Magic Eden List (a whitelist and audience targeting tool), Launchpad and Drop Calendar. Furthermore, the launchpad will also support ETH NFTs.
The platform is also conducting private beta tests to support the launch of a cross-currency trading product. With this new product, users would be able to browse a wide range of SOL and ETH NFTs and make purchases in SOL, ETH or credit card.
Polygon-Based NFTs
In November 2022, Magic Eden announced it will support NFTs on the Polygon blockchain. With this, the marketplace will be onboarding a host of gaming communities, with Polygon backed by Web3 game developers including Atari, Decentraland, and The Sandbox. MagicEden chose to support Polygon because of its low transaction fees and EVM compatibility, which makes it ideal for game developers.
“We can invest, launch collections, power in-game activity and drive user acquisition for developers building on Polygon with Magic Eden”. The platform will also release a launchpad to support Web3 game developers using Polygon.
Bitcoin Ordinals on MagicEden Marketplace
With the hype around Ordinals Bitcoin as a new frontier for trading digital collectibles, Magic Eden joined the trend. Introduced in January of 2023, Ordinals allow content to be inscribed on individual satoshis. To clarify, satoshis are the smallest unit of Bitcoin. In March of 2023, Magic Eden Marketplace began trading inspirations, and after just a week accounted for more than half of the Ordinals trading volume.
As popular Solana project DeGods jumped aboard the Bitcoin train, they assisted in the rising popularity of Magic Eden. We can see that Magic Eden’s success stems partly from the ability to rapidly adopt and grow with the NFT space.
Final Thoughts
All things considered, the Magic Eden NFT marketplace has tremendously grown to become a significant OpenSea competitor. Its plethora of features, combined with an easy-to-use interface, make it an attractive choice for creators and collectors alike. With its considerably lower listing prices—no listing fee and a 2% transaction fee—it’s likely the marketplace is going to stick around.
FAQs
MagicEden vs OpenSea: Which is Better?
Currently, Magiceden is one of the biggest OpenSea competitors. So, it’s natural to wonder which of the two platforms is better for trading NFTs. Ultimately, the right marketplace for you depends on your specific NFT projects and your personal preferences.
Here are some of the common differences between the two platforms that will help you make an informed decision:
- Wallet support: OpenSea supports a host of crypto wallets for Ethereum NFTs, including Coinbase, Dapper, MetaMask, and more. Magic Eden, on the other hand, is superior when it comes to Solana wallet integrations. Today, both marketplaces support multiple wallets, but Magic Eden supports more Solana wallets, while OpeaSea supports more wallets overall.
- Transaction fees: OpenSea charges 2.5% of the sale price as transaction fees for both Solana and Ethereum NFTs. As opposed, Magic Eden’s transaction fees are slightly lower at 2%.
- Market Volume: OpeaSea was once regarded as the biggest NFT marketplace globally, whereas Magic Eden is now leading NFT marketplace by trading volume.
Who Created MagicEden Marketplace?
Magiceden NFT marketplace was founded by CTO Sidney Zhang, CEO Jack Lu, COO Zhuoxun Yin, and Chief Engineer Zhuojie Zhou. The founding team boasts a wealth of experience, having worked with tech giants like Uber, Facebook, Google, FTX, and Coinbase in the past. Additionally, the core team’s chemistry has been instrumental in the platform’s success.
“I think the success is really due to the chemistry of the team,” Tiffany Huang, Head of Marketing and Content, told 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.”
Is MagicEden Safe?
Magic Eden is safe and secure NFT Marketplace. The marketplace regularly goes through audits from third-party security firms like Halborn to ensure that there are no vulnerabilities.
Are there NFT Games on MagicEden?
Apart from this, Magic Eden has a dedicated section for NFT games. Indeed, the marketplace holds 90% of the in-game secondary market trading of Solana. In addition, it has collaborated with many popular NFT game projects, such as Star Altas or Aurory.
Moreover, in December 2022, Magic Eden hired Chris Akhavan, former chief business officer of the blockchain gaming company, Forte, as its chief gaming officer. The hire came in an effort to build its Web3 gaming strategy. He was helping Magic Eden expand into the Web3 gaming space, all the while supporting game developers to integrate NFTs into their games.
Are transaction on Magic Eden taxed?
Like other crypto-assets, NFTs are taxed the same way. In other words, you might have to pay income and capital gains tax on the NFTs you buy and sell on MagicEden.
