Everything you need to know about Magic Eden

Before starting, let’s look at what Magic Eden NFT marketplace is and what Solana is. NFTs are Non-Fungible Tokens that give users the right to own their digital assets and safeguard them from being replicated and sold in the digital marketplace. 

Solana is one of the many decentralized exchanges in the market. It is known to be the fastest growing blockchain worldwide, with a rapidly growing ecosystem in cryptocurrency. Its projects range from Decentralized Finance (DeFi) to NFTs. It supports smart contract functionality, and its native cryptocurrency is SOL.

Magic Eden is known to be the biggest NFT marketplace on the Solana blockchain. Traders can buy, sell, and mint tokens on this platform. The platform charges 2% transaction fees and was launched in September 2021.

How does Magic Eden work?

One can create new NFTs and trade on the secondary marketplace using the Magic Eden platform. The Magic Eden launchpad allows traders to mint new NFTs. To mint NFTs on the platform, traders must first register themselves with Magic Eden. 

The platform also supports a creator community where users can support one another’s projects and exchange ideas. The platform also has a stats page that allows traders to compare various options before investing in a particular NFT.

While traders can launch new projects in the marketplace, the acceptance rate is as low as 5%, ensuring that the projects hosted on the platform are high quality.

How to use Magic Eden?

Magic Eden traders need to apply for listing to launch new projects on the platform. Once their application is approved, they can buy and sell NFTs without further conditions. The process of applying is simple. You just need to fill out an online form, and a representative will contact you regarding further details. You will be informed about rejection or approval via mail within two days.

The platform has a transaction fee of 2%, and the process of listing tokens on their site is free. You can bid without any additional charges.

Traders can follow the given steps to have a smooth experience of using the Magic Eden platform:

Step 1: You must have a Solana wallet as the platform is entirely hosted on the Solana blockchain and traders need SOL tokens to trade any digital asset. Various wallets supported by Magic Eden are Sollet, Clover, Slope, Solong, MathWallet, Coin98, Glow, and Solflare.

Step 2: As the next step, you must connect your wallet to the Magic Eden NFT marketplace. 

Step 3: Now, you can access all features of the platform like minting tokens, biding through auctions, etc

Eden Games

Magic Eden hosts several blockchain games like Remnants, Panzerdogs, and Mini Royale. The developers plan to expand their reach by introducing more weapons and unique features to their games.

Features of Magic Eden NFT marketplace

Magic Eden comes with a unique set of features as compared to the other NFTs, such as:

• MagicDAO, where governance activities can be performed.
• Magic launchpad, which allows sellers to mention new listings.
• Eden games have games of different genres.
• Magic Eden NFT marketplace shows the upcoming launches on its platform to it's users
• You can also see the popular collections that have recently been on the top list for buyers on Magic Eden NFT marketplace
• Attributes filter that allows you to choose from a wide variety of NFTs offered on Magic Eden NFT marketplace
• Magic Eden NFT marketplace has an auction feature; Regular auctioneers are eligible for commission bonuses as well.
• Magic Eden NFT marketplace has a community feature where traders can also discuss and provide feedback on the platform.
• The stats page from where traders can compare the values of different digital assets.

Advantages and disadvantages of Magic Eden over other NFT marketplaces

The platform comes with the following set of advantages and disadvantages:

Advantages

• Low transaction fees (only 2%)
• Zero fees for NFT listings
• High transaction speed

Disadvantages

• The user base is limited
• Network outages are common
• Its ioS version is not updated