NFT marketplaces are where people can buy and sell NFTs. And since there has never been a shortage of creatives in the world, NFT marketplaces are bound to remain part of the blockchain ecosystem.
The Solana blockchain has become a good spot for NFT projects seeking to leverage its speed and cheap cost. The NFT sales on Solana have eclipsed $1 billion in all-time total volume and Magic Eden is the leading NFT marketplace on Solana. It is mostly used for minting. Now let’s get into this platform!
What is Magic Eden?
Magic Eden is an NFT platform that facilitates the minting, buying, and selling of NFTs on Solana. NFT marketplaces are usually expensive and requiring of technical knowledge. However, Magic Eden aims to solve this problem by lowering its transaction fees and simplifying the minting process. Due to the Solana blockchain’s enormous throughput, all fees associated with using Magic Eden are almost negligible.
Source: Magic Eden
Here are some of the platform’s features.
- Upcoming Launches: Here’s where you find out and prepare for upcoming projects.
- Popular Collections: For those looking to cause on a crypto fad, then here’s your spot. Here’s where you find out the buzzing projects and where to put your money.
- Launchpad: The launchpad is Magic Eden’s most notable feature. It sets it apart from other marketplaces. It offers creators a good way to sell their NFTs and makes minting seamless. Using the launchpad does not require any technical know-how. Everything seems automated. You only have to upload your file and watch the magic happen.
- Attributes Filter: Here’s where you get to filter the options to the one that suits your needs.
- Stats: This feature makes it simpler for you to compare which assets are more and less popular by showing volume percentage and floor price. It mimics a stock market overview of the platform’s digital assets.
- Auction: This superb feature enables customers to buy their desired NFT quickly rather than waiting for the seller to reduce the price. Additionally, it offers customers low sell costs as well as commission incentives for people who regularly participate in auctions and bid for items.
- Community: Here’s where the NFT site receives suggestions and input from the community. So, joining the platform’s Discord or any other community channel is a good way to give your feedback.
How to Use Magic Eden?
You’ll need a Solana-compatible wallet to use Magic Eden. Trust Wallet or Exodus Wallet is a good choice. Then, you’ll need to ensure that your wallet is filled with sufficient SOL to pay for your NFT and the transaction fee on Solana.
Then, hit the “Connect Wallet” icon on the top right of the site. The good thing is that there is no rigorous account creation procedure. Afterward, click on a collection and bid. Magic Eden features all Solana-based NFTs. So, you’ll surely see something that interests you. Watch this video on how to buy an NFT on Magic Eden:
Additionally, Magic Eden has an iOS app. To trade NFTs, however, you must visit the website through a web browser and connect your web3 wallet as the app only supports browsing.
Magic Eden Fees
The platform has a low-fee system which sets it apart from other competitors. The platform does not charge a fee for listing. However, it charges a 2% transaction fee. And the royalty rate differs for each creator. Additionally, there are no offer fees. Then, half of the listing price is also the minimum offer price. The platform does not charge any additional fees for delisting NFTs from its marketplace.
Magic Eden Vs. Opensea
Magic Eden outperforms OpenSea, on Solana. But Opensea remains the industry’s leader. On Solana, Magic Eden captures 97% to 99% of the daily volume for Solana NFTs. Still, when it comes to daily sales across all blockchains, OpenSea continues to be the biggest marketplace. As of August, Magic Eden traded roughly 55,000 SOL tokens every day, or about $2.1 million, whereas OpenSea traded about $15 million in Ethereum every 24 hours.
Presenting Magic Ethen: the fastest, most feature-packed ETH aggregator. Your first destination to buy NFTs using ETH, SOL, or fiat.
Debuting with a few collections today, can you guess which ones? pic.twitter.com/tSU9f2DdhJ
— Magic Eden 🪄 (@MagicEden) September 20, 2022
Magic Eden Token
Magic Eden deals with SOL, Solana’s native token. So, users make their purchases in SOL. As of this article, SOL trades at $33.30 USD with a 24-hour trading volume of $867,029,734.
Our follow-up series on this marketplace will be out soon. Look out for it. Read the second part here.
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