- Magic Eden is a Solana-based NFT marketplace giant that claims to host about 8,000 NFT collections and $1.9 billion worth of secondary trading volume.
- Its main product is anNFT marketplace, which holds a 90% market share for secondary trading volume on certain blockchains and a majority share on others.
- Magic Eden also supports in-game NFT items. In fact, 90% of all NFT gaming secondary trading volume occurs on Magic Eden.
In 2022, BitPinas provided a guide about Solana’s NFT marketplace Magic Eden.
Recently, it has introduced a new rewards program. It also tied up with Non-Fungible DAO, hinting for an $NFT airdrop.
In this article, we take a deep dive into the features of the NFT marketplace giant, the reason behind its new rewards program, and how to qualify for this airdrop.
(Also read: (Read more: Ultimate Guide to Solana Airdrops 2023 – 2024 and 10 Potential Crypto Airdrops to Watch Out For in 2024))
Table of Contents
Magic Eden Introduction
Launched in 2021, Magic Eden (https://magiceden.io/) is a DeFi platform that claims to host about 8,000 NFT collections and $1.9 billion worth of secondary trading volume. It also reports having 22,000,000 unique monthly visitors and 100,000 daily wallet connections.
It is available as a website and an application that can be downloaded through the Google Play Store and the iOS App Store.
Its main product is a secondary NFT marketplace, which holds a 90% market share for secondary trading volume on certain blockchains and a majority share on others. According to its developers, the Magic Eden marketplace “offers creators the greatest liquidity.”
Next to its known products is Launchpad, an exclusive minting platform. Its website states that to be able to keep the integrity of the Launchpad, it has only accepted 3% of all the applications and “features only the best projects.”
Magic Eden also promotes Launchpad as the one with the greatest exposure and widest reach on web3, the greatest potential for secondary trading volume post-mint, and a hassle-free mint with dedicated development support.
Lastly, Magic Eden also supports in-game NFT items. In fact, 90% of all NFT gaming secondary trading volume occurs on Magic Eden, as per its team:
“We are passionate about supporting game creators and their communities. We’ve partnered with top gaming projects to launch Magic Eden Games, a place for games to call home on Solana & Beyond.”
Magic Eden Rewards Program
Since its launch, Magic Eden has introduced its rewards program. On its available public document, it has published a Rewards Manifesto article that explains that the program seeks to “create a sustainable rewards program that gives back to everyone that contributes to the NFT community.”
The first airdrop activity on the platform was in February 2022, when it gave away a Retroactive Diamond Drop to users. Those with listings and pools on Magic Eden also received bonus points during that time.
“Magic Eden Rewards plays a pivotal role in our mission to create the best end-to-end experience in web3,” Magic Eden wrote.
“From our marketplace to the upcoming Magic Eden Wallet, spanning multiple chains, this rewards program is an integral part of our commitment to universal digital ownership. It amplifies our efforts to make Magic Eden the ultimate platform for NFT enthusiasts.”
New Rewards Program
However, its team admitted that while its long-running rewards program laid the foundation for Magic Eden’s goal of promoting digital ownership, being the best provider of an end-to-end experience on the web3 has not been provided by Magic Eden.
“This prompted the development of a new, more encompassing Magic Eden Rewards. This relaunch aims to engage and reward all users, existing and new, aligning with our commitment to universal digital ownership,” the announcement read.
To join Magic Eden Rewards Program:
To earn the “Diamond Bonus,” users must maintain a 100% loyalty score. To maintain a 100% loyalty score, users must:
- Concentrate all their NFT listings and the collection offers on Magic Eden.
- Utilize Magic Eden’s exclusive delist/relist tool, available in the Rewards hub, to transfer their NFT listings and pools from other platforms to Magic Eden.
- Note: If the loyalty score is below 100%, hit the “Boost” button to activate the tool.
Moreover, the correlation between a Diamond Bonus, a Loyalty Score, and a Diamond is explained as:
“For example, when purchasing an NFT, let’s say you earn 20 base diamonds. With 100% Loyalty, you gain a +100% bonus, and an additional +50% for buying from an eligible collection that has a temporary Diamond bonus. This results in a total of 150% Diamond Bonus for every Diamond-earning action.”
20 base Diamonds + (1.5 × 20 bonus) = 50 total Diamonds for the purchase
Note that these Diamonds are used for fee discounts and token accruals. Thus, though Magic Eden’s airdrop activity does not give away free tokens or other digital collectibles, it is giving away discounted fees within the platform that will be beneficial for Magic Eden users.
Magic Eden and Non-Fungible DAO
As a secondary marketplace giant, Magic Eden is known for holding the majority of trades for NFTs.
Recently, it has announced its partnership with Non-Fungible DAO, a decentralized group that claims to “develop and drive adoption of the protocols that will power the future of NFT commerce.”
“Decentralization is essential to the global adoption of NFTs. Magic Eden will be open-sourcing and contributing all of its NFT trading and minting protocols to Non-Fungible DAO,” Magic Eden wrote on Twitter.
The partnership is expected to make Magic Eden an open-source protocol and achieve its goal of decentralizing its platform while empowering the NFT community.
Alongside the partnership is also a hint to give away $NFT tokens to Magic Eden users. $NFT is the token that powers Non-Fungible DAO.
According to Magic Eden General Manager Tiffany Huang, Non-Fungible DAO will distribute $NFT to not just users of Magic Eden, but also to other protocols within the Non-Fungible DAO ecosystem.
However, as of this writing, there are no other details released about the $NFT airdrop including its distribution date.
This article is published on BitPinas: Magic Eden Rewards Program and $NFT Airdrop Guide
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