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Magic Eden 101: What To Know Before Creating or Collecting

Moreover, they go one step further to give you the ‘Marketplaces Breakdown’. Essentially, you can find the latest trading volume, transactions, as well as the number of active wallets on a bunch of top NFT marketplaces. Within the Magic Eden NFT marketplace, you can find four primary sections—New collections, popular collections, drop calendar, and auctions. While the first features the latest NFT collections to drop on the platform, the second shows the hottest and most trending collections. MetaShield presents NFT creators with a new way to protect their NFTs from being sold through methods that don’t honor creator royalties. As previously mentioned, the new feature is a collaboration with Coral Cube, which means that Magic Eden users will be using Coral Cube’s Inspector to initially gain access to MetaShield.

To this end, the platform’s team centers the user experience on exploration and discovery rather than price indexes. To maintain this standard and to continue creating awesome content, our partners might reward us with a commission for placements in our articles. However, these commissions don’t affect our processes for creating unbiased, honest and helpful content. Magic Eden can be used by artists who wish to easily and cheaply mint their artwork into NFTs.

Featuring a playable collection of 3,218 limited-edition NFTs, Genopets is the highest earning of any Magic Eden game. While the platform was built on Solana, in August 2022, Magic Eden announced that it planned to add and integrate Ethereum NFTs. NFT marketplaces have become proxies in this debate, by rolling out policies that favor either side.

Hit “connect wallet” on the top right of the site – no need to create an account – then click on a collection and bid on a project. It’s an interface for Solana NFTs, so any Solana NFT project is hosted on the platform. Regardless of perspective, it can’t be ignored that artists continue to benefit greatly from creator royalties.

magic eden

A representative from Magic Eden said its hand was forced by 60% of NFT traders currently trading on royalty-optional platforms. The move follows a controversial trend set by other popular NFT marketplaces like X2Y2, which have opted to make royalty payments optional in a bid to attract more users — to the chagrin of most creators. Is Magic Eden’s MetaShield the end-all-be-all when it comes to the royalty debate? And while MetaShield doesn’t fully rectify the outdated model of marketplaces acting as royalty intermediaries, it allows NFT creators to gain a bit of agency in the royalty process. But many collectors feel that Magic Eden allowing creators to police their NFTs is not only a play to increase their market share, but a move that could end up being a threat to decentralization in the NFT space. Despite advancements in creator royalties, the debate always comes back to who should have the power to create and enforce them.

Products

Magic Eden, on the other hand, is superior when it comes to Solana wallet integrations. Currently, it supports Phantom, Slope, Sollet, Solflare, Clover, Ledger, Solong, and MathWallet. To mint using ETH on Magic Eden, users will have to use Metamask and Crossmint. The platform is also conducting private beta tests to support the launch of a cross-currency trading product. With this new product, users would be able to browse a wide range of SOL and ETH NFTs and make purchases in SOL, ETH or credit card. As with most NFT marketplaces, Magic Eden too has an attributes filter option to help you choose the exact NFT you are looking for.

  • That makes it the latest crypto “unicorn” with a valuation of $1 billion or more.
  • This is much faster than Ethereum, which can only process 30 transactions per second and has a block time of 15 seconds.
  • At 80,000+ members strong, the Discord almost feels like the hub of operations for the crew behind the influential marketplace.
  • With its wide selection of artists and art styles, there’s something for everyone on Magic Eden.
  • From there, you can choose what type of project you’d like to create and fill out all the necessary information.
  • There are no other additional fees for listing or delisting NFTs from the marketplace.

Select an NFT, click “Buy now” or “Make an offer” and then follow the prompts. Most importantly, there are no fees involved in listing an NFT on the platform. There are also no offer fees, and the minimum offer price is half of the listing price.

Focus on secondary market

However, there are some critical differences between the two platforms. Like other marketplaces, it only takes a few steps to create an account on the platform and set your collection journey in motion. Of course, as is the case with creating NFTs, you’ll need a Solana wallet and will need to connect it to Magic Eden.

magic eden

Solana’s top NFT marketplace is the latest platform to switch to a no-fee model, following in the controversial trend set by X2Y2 and others. But when OpenSea, sometimes called BrokenSea, would crash or otherwise go offline, there were only a few significant alternatives for most what is notarised NFT endeavors. Users were forced to choose between Nifty Gateway, Rarible, MakersPlace, and a handful of other niche platforms. And the centrality of it all left NFT enthusiasts begging for more options. Genesis Genopets is one of the first-ever “move-to-earn” NFT games.

Magic Eden Debuts Magic Eden Rewards to Celebrate Community and…

He explained that, at the end of the day, the company needs to be focused on this blend of innovation in order to keep its product unique and stay ahead of the competition. But that’s not just to create a headline and say we’re the first to do something. Innovation is still happening, and whoever is going to support new use cases really well is going to stand to benefit,” Yin said. As with the crypto sector overall, much of the NFT market’s value is determined by future expectations.

magic eden

Addition of Solana support in April doesn’t appear to have had much of an impact. If anything, Magic Eden’s co-founders think it was positive for the platform. The Series B values Magic Eden—which was founded last September—at $1.6 billion. That makes it the latest crypto “unicorn” with a valuation of $1 billion or more. Electric Capital and Greylock co-led the round, with new investor Lightspeed Venture Partners also participating alongside previous investors Paradigm and Sequoia Capital. He is most interested in SecureTech, Blockchain, and FinTech startups.

Diversity of projects and blockchains

“We want Magic Eden to be a place where collectors and creators connect beyond the transactional level and instead, a hub where users can more deeply engage with the community,” said Lu and Huang. When NFTs first started to become popular, collectors often used OpenSea for everything. Whether for minting, collecting, trading, or auctioning NFTs, more often than not, the “world’s first and largest” NFT marketplace was the hub for it all. Through the launchpad, creators can expect the greatest exposure and widest reach on the Magic Eden marketplace, more potential for secondary trading, and a hassle-free mint with dedicated development support. Again, this is a more exclusive section of the Magic Eden marketplace, and only a select few make it in. On the gaming side, Magic Eden is a great place for users to not only collect blockchain gaming NFTs, but to play games as well.

To give back- Many collectors donate their collections to museums or other institutions where the public can enjoy them. To support the artists- By purchasing art from an artist on Magic Eden, you are directly supporting their work and helping them continue to create beautiful pieces. Once you have some SOL tokens, you’ll need to sign up for an account on Magic Eden. Once you’ve done that, you can use their interface to create your NFT. The process is relatively simple and doesn’t require any coding knowledge.

“There are definitely a lot of things you can do from a top-down standpoint, but I think what’s really important is actually growing that grassroots interest and connectivity in the NFT ecosystem. I think that’s something we really do invest a lot of time and resources into. The market demand now for these items is “a form of internet-native conspicuous consumption,” Adam Levine, an early cryptocurrency entrepreneur and podcaster, told Yahoo Finance. Having tinkered with NFTs for close to a decade, Levine stressed that the most popular NFT projects survive over time thanks to the growth of an active online community.

The Launchpad is supposed to make the creation and distribution of NFTs an easy process. The project’s creators hope that this will encourage the artists to focus exclusively on their work. Solana is becoming increasingly popular for NFT activity, and the rise of new collections and marketplaces is a testament to that. One of these marketplaces is Magic Eden, which we describe at length in this guide.

https://cryptolisting.org/ brings dynamic cultural moments onto the blockchain, empowering users across thousands of digital communities to create, discover and collect unique NFTs. Magic Eden is the leading destination for NFT discovery, expression, and ownership across digital cultures. Led by former crypto, tech, and hospitality leaders, Magic Eden is driving the next billion users to Web3 by providing a user-friendly platform equipped with powerful minting and trading solutions. Magic Eden brings dynamic cultural moments onto the blockchain, empowering users across thousands of communities to create and collect unique NFTs. Magic Eden is one of the most user-friendly platforms on the market. It has quick processing times, solid security, and a host of compelling features that make buying and selling easy.

The DAO’s primary functions include developing a set of rules to operate, building a treasury to fund and reward certain activities, and give voting rights to the members to make important decisions. Next, get the needed amount of SOL from a supported crypto exchange. Within each collection, there are separate tabs to see any live auctions, the recent market activity, and the analytics of the collection. The analytics, especially, is a useful tool as it helps get you up to date with everything from recent trades to top holders. The marketplace plans to expand beyond Solana to include other platforms, as well. Magic Eden, the leading Solana-based NFT marketplace, has raised $130 million at a $1.6 billion valuation.

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