Magic Eden marketplace is developed for the Solana blockchain, but it has expanded its offering to include support for Ethereum and Polygon. The company was founded on 17th September 2021 and is based in San Francisco, California.
As the most popular and fastest growing platform for NFTs, it allows users to buy, sell and explore digital collections on the Solana blockchain. It has made over $1.6 Billion in total sales volume and has more than 300,000 active users.
It features a variety of NFT collections from pixel and generative art to gaming and metaverse assets. Some of the popular collections on Magic Eden include SMB, Gen2, The Heist Claynosainz, Okay Bears and the famous Fox Federation.
Magic Eden also holds launchpad drops, creator announcements and community events. Recently, it announced that it will expand its platform to support Ethereum and Ethereum based NFTs, making it a true competitor in the NFT market.
Benefits of Magic Eden MarketPlace
Magic Eden has made its popular position due to some of the benefits associated with this marketplace. Some of them are listed below:
1. No fees for listings on offers
Anyone can list NFTs and make offers without paying any fees. The only fee charged is the transaction fee when the sale is made.
2. Low transaction fee
The transaction fee is only 2%, which is lower when compared to other platforms.
3. Easy to use for creating and purchasing
It is both elementary and extremely easy to navigate if one is looking to purchase the NFTs, or want to launch and create their own NFT collection.
4. Launchpad feature
Magic Eden marketplace is a minting platform that also acts as a vetting program. Only 3% of the projects that apply are accepted, ensuring quality and exposure for the creators and collectors.
5. Upcoming drops
Magic Eden tracks and vets the projects it chooses to feature on the platform. You can see a number of releases and their Twitter accounts in the upcoming drop section on the website.
6. Popular collection
It shows the most popular and trending collections on the Solana blockchain, such as SMB Gen3, The Heist, Crynosaurs, Okay Bears, and the famous Fox Federation.
7. Loyalty rewards programs
Magic Eden rewards users for trading on the secondary market with Magic points one receives. This places users in the of the five loyalty tier, with its own benefits and perks.
8. Community focus
Magic Eden marketplace is a community centric platform. It allows users for user input and feedback, and also hosts creator announcements and community events to foster engagement and interaction.
9. Magic ticket Airdrop and DAO
The platform plans to launch its governance token, magic ticket which will be airdropped to users based on their loyalty tier and trading activities. The token will also allow users to participate in the Magic Eden DAO which will have control over the platform’s future development.
Summary
Magic Eden marketplace is the most affordable and easy to use NFT MarketPlace to sell, buy, and trade the unique digital art work. It has a majority of famous collections built on the Solana blockchain.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/06/magic-eden-marketplace-destination-for-nft-creators-on-solana/