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Magic Eden NFT Marketplace Review 2023
Luis Clark
- URL: https://magiceden.io
- Year Founded: 2021
- Blockchain: Solana and Ethereum
- No. of NFT Collections: 8,000+
- Fees: 2%
- Payment Method: MoonPay (credit/debit card, Apple Pay, and Google Pay), Solana blockchain, Bitcoin, Polygon, and Ethereum
Magic Eden Review: Our Opinion
The Magic Eden marketplace is an excellent choice for NFT enthusiasts or beginners who are just finding their way in the NFT marketplace space as NFT creators or collectors and require a user-friendly interface and features for soft-landing. Between its fiat currency and multi-blockchain support, the Magic Eden NFT marketplace offers a familiar entry point for complete newbies.
An Overview of Magic Eden
Founded by 4 friends (Sidney Zhang, Jack Lu, Zhuoxun Yin, and Zhuojie Zhou) in 2021, Magic Eden is a decentralized peer-to-peer NFT marketplace that allows users to mint, buy, and sell NFTs on its NFT platform.
Currently, the Magic Eden NFT marketplace hosts over 220,000,000 unique visitors monthly, supports more than 100,000 wallets, and offers 8,000+ NFT collections.
It is also one of the leading NFT marketplaces by trading volume as it facilitates more than $1.9 billion in secondary trade volume.
The Magic Eden is also more than a basic NFT marketplace that features the Magic Eden creator hub and allows users to buy and sell NFTs. It features a host of other services including:
Launchpad: An exclusive minting Magic Eden platform that allows handpicked creators to mint digital assets.
White-label NFT Marketplaces: This service allows users to partner with the Magic Eden platform to create a unique NFT marketplace powered by Magic Eden. Some popular examples include Raydium’s NFT marketplace, Exodus’s NFT marketplace, and Okay Bears’ Bear NFT marketplace.
NFT Games: Over 90% of all NFT gaming trade volume occurs on the Magic Eden NFT market. Magic Eden also has partnerships with several gaming projects to launch Magic Eden blockchain gaming NFTs on the Solana blockchain, Ethereum, and Polygon.
The Magic Eden team is made up of crypto and Web3 enthusiasts and experts and consists of over 70+ employees. Magic Eden is also backed by some of the leading Web3 companies including Sequoia, Solana Ventures, Coinbase Ventures, Lightspeed, and Greyspeed.
Pros
- User-friendly interface
- Supports NFT minting
- Low trading fees
Cons
- Lack of exclusivity
- May be affected by Opensea/Solana deal
- The mobile app is limited
Key Features of Magic Eden
Magic Eden Launchpad
The Magic Eden Launchpad is a product and a service that helps creators on the platform to successfully mint their NFT collections. The Launchpad website allows users to access and interact with an independent smart contract protocol that supports the creating NFTs to the blockchain.
Magic Eden Launchpad also cultivates and supports the Web3 NFT community through the help it offers to creators who wish to launch their collections and the avenue it creates for the Web3 community to discover collections.
The Launchpad supports different categories of NFT collections including art, games, photography, profile pictures, etc.
Magic Eden Launchpad is currently only accepting a small number of projects. Creators who wish to mint on the Launchpad are first required to apply to join the program.
The application is reviewed by the team to see if the NFT collection meets the standards of Launchpad. Some of the requirements for eligibility for Launchpad include the following:
The NFT collection should have a manifesto or a roadmap that should give realistic and honest details about what the creator wants to do and how they plan to execute it.
The creator must be honest and clear. This includes being honest about who forms part of the team and the level of experience they have.
Collections must aim for originality and creativity. And collections that explore original ideas to develop fun and interesting ideas for web3 development stand more chance of approval than those that don’t.
Collections can not be an investment vehicle or offer equity or debt. Launchpad forbids collections deemed to be investment vehicles whether directly or through a third-party regulator.
Collections that involve prohibited content are not allowed on Launchpad. Prohibited content is content that is illegal, dangerous, an investment vehicle, or inconsistent with the respectful, safe, and compliant space created for collectors on Magic Eden. This includes discriminatory, intolerant, or prejudicial material, as well as political fundraising, financial vehicles, and NSFW materials like strong nudity or pornography.
As already stated, you will need to apply to join the Launchpad. If you do not receive a response within a few weeks of the submission of your application, it means your application was rejected.
Due to the high volume of applications submitted, the Magic Eden team is unable to send a reply to every applicant. Only successful applicants are contacted.
The platform, however, allows users to reapply if their first application was unsuccessful.
Magic Eden Diamonds
Magic Eden Diamonds are the reward currency of the Magic Eden ecosystem. Diamonds are used to reward community members for different actions that show their commitment to the platform.
Instead of just rewarding users for their transaction/trading volume, Magic Eden also rewards users who show commitment to the platform through other activities.
There are currently 3 ways to earn Diamonds on Magic Eden:
Listing: Users who list NFTs for sale on Magic Eden’s NFT marketplace earn Diamonds when the NFT is sold. However, diamonds are only rewarded for maker actions. Users who accept bids on their listings automatically become takers and are not eligible for Diamonds.
Bidding: Makers who create liquidity by placing an order are rewarded with Diamonds when their bids are accepted.
Profile Completion: Users who complete their magic Eden profile by filling in their username earn Diamond.
Users are rewarded with Diamonds based on their loyalty score. Loyalty scores are used to determine the multiplier of Diamonds earned. Loyalty is checked every 24 hours and the user’s activity over the last 6 months is considered when calculating the loyalty score. Diamonds are not limited to a monthly cycle, they will remain constant month-to-month.
Asides from Diamonds, active accounts on Magic Eden are also rewarded with Magic Tickets. Magic Tickets give holders access to MagicDAO.
Types of NFTs You Can Buy and Sell
The Magic Eden marketplace offers some popular collections on 4 different blockchains including Polygon, Solana blockchain, Ethereum blockchain, and Bitcoin ordinals.
On the NFT platform, some of the supported Bitcoin ordinals include The Humanoids, DeGods, Pepes of Ordinals, OG Cartridge, Ordz Rush, and Ordinal Bears.
Other popular NFTs on Magic Eden include Bored Ape Yacht Club, Azuki, Mutant Ape Yacht Club, and much more.
Supported Blockchain
Magic Eden marketplace is a multi-blockchain marketplace. It supports the following blockchains: Ethereum, Polygon, Bitcoin, and the Solana Blockchain.
Supported Wallets
Magic Eden supports several wallets that are compatible with the supported blockchains. Supported Wallets include MetaMask, Math Wallet, Clover, Phantom Wallet, Solflare, Torus, Glow Wallet, WalletConnect, Slope, Solong, Ledger, etc.
NFT Minting
Magic Eden supports NFT minting. However, not all creators are eligible for minting.
You’ll need to apply for the Magic Eden Launchpad to be eligible for minting NFTs on the platform.
The Magic Eden launchpad is a product offered by the platform to aid creators in minting NFTs without having to acquire technical know-how.
Currently, Magic Eden is only accepting a couple of projects on the Launchpad program. The Magic Eden platform states that only 3% of applicants pass through for minting access.
So the first step for creators who want to mint in Magic Eden is to apply to the Launchpad program.
Once your application has been approved you can then proceed to the minting process.
To begin the minting process you’ll need to type in your search bar the particular blockchain you intend to mint plus Magic Eden
For instance, if you intend to mint a polygon NFT. Type in your Google search bar “polygon.magiceden.io“.
Alternatively, you can go to magiceden.io/launchpad and choose your preferred blockchain for minting.
Once on the page scroll down and click or tap the pink “Go to Launchpad” button.
Next, connect a supported non-custodial wallet such as the MetaMask or via WalletConnect to the Magic Eden platform by clicking or tapping the Connect a Polygon Wallet button.
Select send and make a payment for the process.
Next, click mint and follow the on-screen instructions to finalize.
How to Buy NFT on Magic Eden Marketplace
The first step to buying NFTs on Magic Eden marketplace is to ensure that your wallet is connected to your Magic Eden account.
Magic Eden supports a couple of popular wallets including a WalletConnect, Phantom, MetaMask, and the Coinbase Wallet.
After connecting your wallet by clicking the Connect button you can click the particular NFT you intend to buy from the particular collection.
Once on the item page, click the pink Buy Now button and follow the on-screen prompts within your wallet.
If you’re using the Phantom wallet, for example, you’ll be shown the amount of Solana to be spent and the name of the digital assets or assets you’ll receive.
Next, click the Approve button in your wallet.
After clicking the Approve button, you will see a message that will confirm the success of your purchase.
That’s all! You’ve successfully purchased an NFT on Magic Eden.
Fees
Magic Eden takes a flat 2% transaction fee to trade NFTs on the platform. It also adds royalties for all items purchased. Royalties charged are dependent on the creator.
However, users can view the percentage charged by the creator before making a purchase.
Payment Methods
Magic Eden supports 5 payment methods: Ethereum, Solana, Polygon (MATIC), Bitcoin, and MoonPay.
The MoonPay integration allows users to buy NFTs using their credit/debit cards, Apple Pay, or Google Pay.
When compared to a lot of other NFT marketplaces, Magic Eden offers one of the most easy-to-use payment methods available.
Security
Just like other NFT marketplaces, Magic Eden NFT Marketplace has a variety of security measures in place to ensure that both creators and collectors on the platform are protected from scams.
For the Launchpad, Magic Eden vets projects based on their quality and safety signals. Only projects that pass the requirement are allowed on Launchpad.
That said, users are still advised to use the Launchpad at their discretion.
Collectors are also encouraged to do their research before engaging with any creator or collection as Magic Eden is not responsible for the outcomes and actions of creators in the marketplace.
To help users identify genuine collections, Magic Eden gives badges to collections listed on the NFT marketplace.
The badge, however, is not a sign of endorsement or a recommendation from Magic Eden.
The badge signifies the following:
Authenticity: This means that based on Magic Eden’s assessment, the collection is legitimate and authentic. This means that it is not a duplicate, copy, or unauthorized appropriation of another collection’s asset.
Significance: To apply for badging on the Magic Eden marketplace, a collection should be backed by notable and publicly recognized artists or NFT project founders. It must have crossed a total sales volume bar of 5,000 SOL (this puts it in the top 5% of collections listed on the marketplace) and should have met the Launchpad criteria.
Being in Good Standing: A badged collection is proof that the collection has not flouted any of the marketplace guidelines. It is also proof that the collection has not been found guilty of questionable practices like using bots to grow its social media following, artificially inflating sales volume, and market manipulation.
To further boost the security of the marketplace, Magic Eden uses AI and machine learning technology to identify and weed out copymints and collections that contain offensive, vulgar, violent, and hateful content.
Customer Service
Magic Eden offers customer support via Live Chat.
The platform also has a help center with different categories of support articles that can help users understand the platform and troubleshoot common problems encountered while using the platform.
Final Thoughts
Magic Eden is arguably one of the leading user-friendly NFT platforms available. It also offers a low transaction fee when compared to other options.
However, its biggest setback is its complex minting platform, which is extremely tough to be approved for.
FAQ
Most frequent questions and answers
Yes, Magic Eden is a legitimate NFT marketplace and has been in existence since September 2021. It also has one of the largest secondary trade volume numbers in the industry.
Magic Eden’s biggest con is its complex minting process that only allows a select few to mint on an approval basis.
There are no listing fees on Magic Eden.
No, minting on Magic Eden is not free. Approved creators will need to pay the requested amount before minting.
We always try to provide the most accurate information available, and make sure our team follow through.
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