What is Magic Eden (ME)? Multi-chain NFT Marketplace overview on Solana

1. What is Magic Eden?

Magic Eden (ME) is a multi-chain NFT marketplace project starting from Solana . The name of the NFTFi project Magic Eden carries the meaning of unlimited possibilities. After only 1 month of launch, the project has captured 15% market share of total NFT trading volume on Solana. Currently, ME accounts for 90% of NFT trading volume on Solana's secondary market.

1.1. Transaction fees

Listing fee: 0%
Transaction fee: 2%
Loyalties (fees paid to creators): customizable: 100%, 50%

1.2. Payment methods

Pay with SOL, ETH, MATIC tokens

1.3. Chain is integrating

Solana, Ethereum , & Polygon

2. Main features

Marketplace

Collections on Marketplace will be classified into: Popular collections, upcoming mint calendar NFTs, auctioned NFTs so users can choose what they want to search for. Users can also filter by chain: ETH, Polygon, Solana or by hour and day as desired.

By clicking on collections on Magic Eden, users can fully track information such as floor price, total supply, number of NFTs listed, and social networks of that project. In addition, general information will be divided into: items, collection offers, activities, statistical data, and notifications for users to conveniently follow.

Insights

Here, users can search for general information about collections and save favorite collections and NFTs

Listing

Creators can allow users to post their BST whitelist on Magic Eden. Registration for both creators and users is completely free.

Launchpad

Projects can register for a launchpad that allows users to mint NFTs, but according to many sources, Magic Eden's requirements are quite strict, only about 5% of projects are launched here. This means that projects launched on ME have been thoroughly verified, ensuring the project's reputation and safety for users.

Games

ME shows a strong focus on the Games segment when the project has its own tab listing top game projects. Currently, ME is integrating with 49 types of games on Solana.

Creators

Creators can apply to ME to list, whitelist, launchpad, auctions their collections.

Bonus system

Every 1 SOL traded on Magic Eden will be counted as 5 points. Points will be accumulated to determine the user's level. Every 250 points will be upgraded to a new level. These points will be redeemable for future rewards and reduced fees for users.

Bonus system — *Magic Eden reward system*

3. Talking numbers

24h trading volume: 64K SOL
Total trading volume: 54.6M SOL
Number of monthly users: 22M+
Total collections: 8K+
Number of wallet addresses connected daily: 100K+
Compared to marketplace projects on Solana, Magic Eden accounts for 99% of NFT transaction volume: https://dune.com/queries/482956/914934

4. Investors

Magic Eden has raised $187M at a valuation of $1.6 billion USD. Investors include Alameda Research, Paradigm, Sequoia, Lightspeed, Greylock, Electric Capital, etc.

5. Project team

The core team includes 4 co-founders and a total of nearly 70 employees.

CEO & Co-founder: Jack L. - He was a consultant for Boston Consulting Group and product manager at Google.
Co-founder & CTO: Sidney Zhang - He used to be Co-founder and CTO at Helloblock, a technology startup with Jack L., software engineer at Uber and Facebook technical director.
Co-founder: Zhuoxun Yin - He used to be Head of BD of DYDX and product manager of Coinbase.
Chief Engineer – Zhuojie Zhou Rex: He is a former Engineer at Uber, Checkr and Facebook AI team, creator of Flagr, OpenMock, Open Privacy Vault and DSRHub.

6. Tokenomics

Updating...

7. Conclusion

The project has a large, reputable team and investors and quickly attracted the attention of the community when launched. Magic Eden quickly reached NFT trading volume of $US1.07/week according to Cryptoslam shortly after launching in September 2021. However, trading volume has since decreased and is now only in the top 20 when competitors New players quickly took market share such as Blur, X2Y2, Sudoswap, with the strategy of airdrop tokens for users. In the battle of marketplaces, ME seems to have not found a niche to attract market share and stand out from other marketplaces. Meanwhile, the project has not yet had a token airdrop so it can be monitored further.

Project information