Review Magic Eden – Solana’s Leading NFT Marketplace

Magic Eden is a decentralized NFT buying and selling platform that allows users to buy, sell and trade unique digital assets. It is built on the Solana blockchain and allows users to interact with each other in a trustless environment.

What is Magic Eden

Magic Eden is a new NFT platform made for the Solana Network that facilitates the buying, selling, and minting of NFTs. 

There has never been a shortage of creatives around the world. The only problem that remains is finding innovative platforms that can showcase their creations. The emergence of NFTs has brought a new era of opportunities for creatives, but the exorbitant cost and technical know-how required for this venture have proven to be an immense hurdle for most people. 

As a solution, Magic Eden has dealt with these limitations by simplifying the minting process and bringing down the cost of transaction fees, making non-fungible token (NFT) ventures affordable and simple for everyone. Since Magic Eden runs on the Solana blockchain, all fees involved are basically negligible thanks to the network’s high throughput.

Outstanding features

Magic Eden is a new NFT platform made for the Solana Network that facilitates the buying, selling, and minting of NFTs. 

The NFT transactions are very similar to Ethereum, except that users will have a 0% listing fee and only 2% transaction fees, which lowers the entry barriers for new and seasoned NFT buyers and creators. SOL tokens are the medium of payment for fees. 

What is the unique selling point?

With the recent rise in popularity and innovation, new developments in blockchain technology have led to an explosion in software use cases. One such example is Magic Eden, whose goal is to make it easy to purchase or mint NFTs on their platform. These NFTs are later used within Solana’s networked applications (that are built specifically around digital asset ownership).

Magic Eden offers its users a wide range of features, such as:

• Upcoming Launches
• Popular Collections
• Launchpad
• Attributes Filter
• Stats
• Auction
• Community

Upcoming Launches

This feature shows upcoming NFT launches in the coming weeks, so one can easily predict when their favorite launch is around the corner. This erases the need to tediously search for the next big release. Just click on any project, and it will send you straight to its Twitter account.

Popular Collections

Popular collections show what’s hot right now and the projects that are receiving a lot of buzz. If you’re looking to cash in on a crypto fad, this is your place. It’s an easy way to see who’s getting all the hype and what digital assets are sure to be popular.

Launchpad

This feature sets Magic Eden apart from any other NFT platform. The new Launchpad from Magic Eden is a revolutionary way to create and sell your non-fungible tokens. This straightforward technical process will make minting seamless and secure, with full-service support available worldwide.

It has an automatic distribution system on its platform which means there’s no need for any technical work – just upload your files, or create them in advance, and you’re good to go. Launchpad takes care of everything else automatically so that you have time to focus on what matters most: your creativity.

Attributes Filter

Unlike any other platform, this new filtering system makes it easier for you to choose the NFT that suits your taste. Magic Eden’s attributes filter gives you the power to use a wide range of discriminators to help you find the exact NFTs you’re looking for, from the background, clothes, earrings, eyes, and many more.

Stats

The total supply, category, and overall value of your digital asset is instantly available on Magic Eden. This helps to gauge which NFTs are more valuable and at what quantity they’re worthwhile, providing a nice overview of all your current assets in their network.

It shows volume percentage and floor price, making it easier for you to determine which assets are more popular versus those that aren’t. It’s like a stock market overview of digital assets within the platform.

Auction

This is a great feature that allows customers to get their preferred NFT right away without waiting for the seller to lower the price. On top of that, it also provides users with minimal sell fees as well as commission bonuses for those who participate in auctions regularly and successfully bid on many types of items.

Community

The platform takes into account community feedback and suggestions, which means it’s constantly improving thanks to its users. The more people use it and give their input, the better Magic Eden becomes, along with all the other features and services integrated within this new marketplace.

It’s truly active participation at its finest; one that’s necessary for any thriving ecosystem. You can join their Discord here.

The Magic Ticket Airdrop and DAO

According to the developers of the Solana-based Magic Eden NFT marketplace, a DAO is in the making and the fundamentals behind the change. The team detailed that it started distributing thousands of NFTs to active wallets. Magic Eden (ME) developers created three levels of “Magic Tickets,” which includes

• OGs – people who first transacted on ME from Sep 17 – Oct 17,
• Degens – people who first transacted on ME between Oct 18 – Dec 18,
• Normies – people who first transacted on ME Dec 19 onwards.

The Magic DAO has three fundamentals which include:

• A mission and set of rules to which will operate
• Funding and treasury that can be used to fund and reward certain activities
• Voting rights to establish operation rules and make key decisions

Magic Eden is a popular NFT market and 24-hour statistics indicate it’s the 12th largest market by NFT sales volume, according to dappradar.com. Metrics further show the Solana-based NFT marketplace Magic Eden is the sixth largest, in terms of all-time sales volume with $704.15 million.

“Magic DAO’s purpose is to work together with our community to create a stronger Solana NFT ecosystem,” the team’s blog post on Tuesday details. “Of course, we have a vested interest in the health of Magic Eden as a platform. However, we think that as a platform, we have the opportunity to make the ecosystem better.”

While giving 4,000 NFT to active wallets, Magic Eden’s team also noted it was airdropping NFTs on Tuesday and on Wednesday, February 23 as well. “This will conclude our first drop. By the nature of what we’ve described, we do not have a final # for a set quantity,” the Magic Eden team’s blog post discloses. Soon, or in the “next two weeks,” Magic Eden will have a dedicated treasury wallet to fund initiatives.

About Magic Ticket Airdrop & MagicDAO Roadmap – Blog Magic Eden

Magic Eden Pricing 

As mentioned earlier, Magic Eden’s costs of transaction fees are minuscule compared to others in the same niche. You just need a Solana compatible wallet, such as Phantom, to buy or sell NFTs in Magic Eden. Here are the fees listed in their platform:

• $0 Listing Fee
• 2% Transaction Fees
• Royalty % differs per creator
• $0 Offers Fee
• Minimum offer price is 50% of the listing price

Who Should Use Magic Eden?

Both collectors and creators are going to love this platform, since it’s a marketplace made to benefit both parties. It doesn’t matter if you want multiple assets or simply to sell one item – Magic Eden is the perfect place for anyone looking to make deals within their community.

However, digital asset creators should definitely take advantage of this platform because of its Launchpad. Aside from its easy integration, it has its own custom minting authority, which makes it a lot simpler for item creators to mint their very own NFTs.

Plus, there’s no need to set up your own infrastructure – everything is done within the platform, from creating the design to sharing it with others. Non-technical people can get started quickly and with ease.

Roadmap

About Magic Ticket Airdrop & MagicDAO Roadmap – Blog Magic Eden

 Magic Eden Raises $27M in Series A

Magic Eden, an NFT marketplace on the Solana blockchain, has raised $27 million in a Series A funding round led by Paradigm along with Sequoia and Solana Ventures. “The Hash” hosts discuss the growth of the Solana ecosystem as a competitor to Ethereum and the increasing trading volume of NFTs.

https://twitter.com/ZhuoxunYin/status/1503359875224674307?s=20&t=YNB9QVcixCU-QjNMszwFvQ

Conclusion

Magic Eden’s mission is to simplify the minting process of digital assets. Still, it ensures that all entries undergo quality standards to preserve the credibility and quality of the NFT marketplace. Its absolute screening method guarantees high-quality NFTs that will benefit the community of Magic Eden. NFT collections inside the platform are growing daily, with its cost-effective transaction fees, resulting in progressed trading activity and a well-established community.

Find more information about: Magic Eden

Website: https://magiceden.io/

Twitter: https://twitter.com/MagicEden_NFT

Discord: https://discord.com/invite/magiceden

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Issac

Coincu Ventures