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1. What is Magic Eden?
Magic Eden, a platform facilitating the trading of non-fungible tokens (NFTs) built on the Solana blockchain, has expanded its operations to include multiple blockchain networks such as Polygon, Ethereum, and Bitcoin Ordinals inscriptions.
The company recently secured a significant investment of $130 million in its Series B funding round, led by Electric Capital and Greylock. Additional backing came from Paradigm and Sequoia Capital. This substantial investment follows a previous Series A funding round of $27 million, valuing Magic Eden at $1.6 billion.
2. Instructions for using Magic Eden
2.1. Guide to Buying and Selling NFTs on Magic Eden
Step 1: Access https://magiceden.io/ and connect your wallet address.
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Currently, Magic Eden supports various blockchain networks and is compatible with multiple wallet addresses. Therefore, it is essential to select the correct wallet supporting the desired blockchain for NFT transactions.
Step 2: Explore the Magic Eden homepage.
The Magic Eden homepage provides relevant information about NFT collections, including floor prices, popularity levels, or sale dates.
The user menu contains all options specific to users. From the user menu, you can access your NFTs and collections, modify settings, or manage your connected wallet. Users in certain legal jurisdictions can also deposit funds into their Magic Eden wallet using fiat currency through third-party payment providers.
From the "My Items" page, you can view an overview of all your assets and activities on Magic Eden.
Step 3: Buying and Selling NFTs on Magic Eden.
You can search for your favorite NFT collections on the homepage or type in the search bar. Note that when selecting NFTs for trading, you need to verify if the contract address of the NFT on Magic Eden matches the address announced by the project on their official channels.
Some parameters about NFTs you can check before trading include:
- Attributes, characteristics, and rarity.
- Contract information and previous transactions.
- Transaction fees.
- Loyalty fees (copyright fees for creators).
Additionally, users can purchase any single NFT or buy in bulk by selecting multiple NFTs. Magic Eden offers features such as:
- Instant purchase at the floor price.
- Making offers for desired NFTs.
- Lucky Buy: a lucky draw format allowing users to purchase NFTs at very low prices (around 10% of the floor price).
Note that for successful transactions, you need to have enough payment amount in your wallet address and prepare a transaction fee.
2.2. Guide to Minting NFTs on Launchpad
Magic Eden's Launchpad operates similarly to the mechanism of NFT minting platforms. Creators wishing to release NFTs register with Magic Eden, and if they pass the selection round from the project, they will be released on the Launchpad.
Users can track NFT collections on the Launchpad, add to the "Calendar" to follow the NFT minting schedule, and participate in NFT minting when the opening day arrives.
Additionally, developers can list NFTs on Magic Eden through the Magic Eden Creator platform.
Users list NFTs as follows:
- Access the "Creator" section → Register an email account → Confirm in the email and navigate to the creator's homepage.
- Choose "Create a new collection" and fill in the required information.
- Wait for Magic Eden's response and approval of the NFT listing you just created.
- Choose "Create new announcement" to create a notification for the Magic Eden community to be informed about the newly listed collection.
Furthermore, you can also set up whitelists for the NFT collection you just listed.
2.3. Guide to Participating in Magic Eden Games
Magic Eden Games is a part of the platform dedicated to listing and trading NFTs used in play-to-earn models and other blockchain games.
Access Magic Eden Games at: https://magiceden.io/games You can select popular games from the leaderboard or search for your favorite games in the toolbar. You can purchase NFTs as necessary items to play games here.
3. Guide to Earning Rewards on Magic Eden
Magic Eden employs a reward system called Magic Points to provide users with the opportunity to receive rewards from the platform. Magic Points are earned through various user activities on the Magic Eden platform, including participating in transactions, bids, and NFT listings.
3.1. How to Earn Diamonds?
Listing: By listing an NFT on Magic Eden and successfully selling it, users can earn diamonds. However, if a bid order is accepted, diamonds are not rewarded as the user acts as a taker rather than a maker.
Bidding: Users can earn diamonds by placing bids on NFTs on Magic Eden and having their bid orders accepted by others.
Profile Completion: Completing the Magic Eden profile and providing a username entitles users to receive diamonds.
Daily Tasks: Visiting Magic Eden every 24 hours allows users to claim diamonds from the platform.
3.2. How to Increase Accumulated Diamonds on Magic Eden?
To increase the accumulation of diamonds on Magic Eden, users can focus on building loyalty and increasing Loyalty Points. Higher Loyalty Points result in a multiplier effect, boosting the number of diamonds earned. The Loyalty Points multiplier is determined based on the user's loyalty score as follows:
- 100% loyalty score = 2x multiplier
- 95% to 100% loyalty score = 1.75x multiplier
- 90% to 95% loyalty score = 1.5x multiplier
- 80% to 90% loyalty score = 1.25x multiplier
- Below 80% loyalty score = 1x multiplier
4. Conclusion
In the past, Magic Eden was the leading NFT marketplace on Solana. However, with the project's expansion plans to incorporate multichain functionality, its dominance in the Solana ecosystem has diminished, allowing competitors like Tensor to gain traction. Despite this, Magic Eden remains committed to introducing diverse products to enrich its ecosystem.
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