There is a popular NFT marketplace called Magic Eden, which is run on Solana blockchain. It provides a platform for trading non-fungible tokens. These are digital assets that are unlike conventional currencies and include items like art works, music pieces and gaming collections. Magic Eden is one of the best NFT marketplaces
Magic Eden Marketplace Advantages And Features
Low Transaction Costs:
Magic Eden boasts of high volume with low transaction costs which make it an attractive choice among NFT enthusiasts.
Cross Chain Functionality:
Magic Eden originally built on the Solana blockchain announced plans to offer Ethereum NFTs this week thus broadening its collector base.
An Optional Royalty Model:
In a controversial move, Magic Eden introduced an optional royalty model as well as waiving its 2% platform fee, all in enhancing users’ convenience and supporting creators.
Starting Off with Magic Eden
To begin using Magic Eden for your transactions you need a Solana-compatible cryptocurrency wallet like Trust Wallet or Exodus Wallet and some SOL (Solana) tokens which will be spent on the transaction fees. Connect your wallet to the platform, browse through different collections that interest you and bid on projects. Magic Edens’ easy-to-use interface allows integration into Solana NFT projects.
What is the crypto of Magic Eden?
Magic Eden supports four major coinages for its operations: Solana (SOL), Ethereum (ETH), Polygon (MATIC) and Bitcoin (BTC). These chains have robust functionalities and are widely used in NFT community.
Is it secure to use Magic Eden?
The real website address for Magic Eden is “magiceden.io.” Every other domain is a scam that might result in loss of all your assets. Always be cautious while doing a Google search on “Magic Eden” as scammers occasionally pay for ads that look like genuine links.
How can I cash out on Magic Eden?
Click on three dots near the bidding wallet, select “Withdraw all to main wallet” to transfer SOL from your bidding wallet to your main wallet.This action will empty your bidding wallet and transfer all bidding-related funds back to your main crypto wallet.
Exploring Collections and Attributes
Magic Eden hosts a diverse range of NFT collections, with Okay Bears currently dominating trading volume and floor prices. Similar to leading platforms like OpenSea, Magic Eden allows users to sort collections based on attributes, such as bear features like hats, fur, and eyewear. Rare attributes often command higher prices within the NFT market community.
Additional Features and Future Plans
- Mobile Accessibility: Magic Eden offers an iOS app for browsing collections, with plans to expand functionality in the future.
- ETH Support: The marketplace intends to introduce support for Ethereum (ETH), with the upcoming Ezu collection enabling minting in both ETH and SOL.
- Magic Tickets and DAO Access: Users can purchase Magic Tickets for access to a decentralized autonomous organization (DAO), facilitating community participation and decision-making.
- Launchpad for Projects: Magic Eden’s launchpad provides a platform for projects to mint NFTs, gaining exposure and visibility within the marketplace.
- White-Label Marketplace: Additionally, Magic Eden offers a white-label marketplace utilized by platforms like Raydium, further extending its reach within the Solana ecosystem.
History and Notable Achievements
Founded in September 2021 by Sidney Zhang, Jack Lu, Zhuoxun Yin, and Zhuojie Zhou, Magic Eden quickly gained traction in the NFT space. A significant milestone was reached in July 2022, with a $130 million Series B funding round, led by prominent investors like Electric Capital and Greylock. Despite challenges, such as the Phantom wallet compromise in August 2022, Magic Eden has maintained its position as a leading NFT marketplace, remaining resilient and innovative amidst industry developments.
By prioritizing user experience, innovation, and community engagement, Magic Eden continues to shape the future of NFT trading, offering a dynamic platform for creators and collectors alike.
Is Magic Eden better than OpenSea?
One of the most interesting factors to look at on these NFT websites is the money involved, namely the cost. Magic Eden charges a transaction fee of 2% for each sale, while OpenSea charges a transaction fee of 2.5%. This is because Solana is a faster & more affordable blockchain than Ethereum so Magic Eden can offer lower transaction fees.
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