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.
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.
Notably, MagicEden’s transaction fees are considerably lower compared to other marketplaces, with ZERO fee for listing NFTs and 2% transaction fees.
Here’s is some feature that make Magic Eden become the most popular marketplace:
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:
It’s convenient and easy to sell or list your NFTs on Magic Eden. First of all, connect your wallet and follow these steps:
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.
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 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:
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.”
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.
“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.
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.
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.
Here are some of the common differences between the two platforms that will help you make an informed decision:
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.”
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.
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.
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.
