Magic Eden: Solana NFT Marketplace

Solana Network is becoming increasingly popular in non-fungible tokens (NFTs).
Especially with the emergence of more new markets and groups serving the crypto and cryptocurrency market.
Among these is the latest development in the crypto market, the Magic Eden Solana NFT Marketplace, which we explain in detail in this guide.

In this guide, we provide you with all the information about Magic Eden, how it works, and its most famous features.
But first, we learn about the non-fungible token (NFT) markets.

What is Magic Eden Marketplace?

Magic Eden Marketplace is a platform for non-fungible tokens (NFTs) on the Solana blockchain.
It processes more than 65 thousand transactions per second, while its competitor Ethereum network processes only 30 transactions per second and its blocking time reaches 15 seconds.

Magic Eden Marketplace is the Solana network’s largest non-fungible token (NFT) project.
This project is proliferating after solving some technical problems that were found at its beginning (for more information: Balloonsville).

What is the Launchpad feature of Magic Eden NFT Marketplace?

Magic Eden Market uses the Launchpad application platform as a minting and mining platform and also as screening software for all submitted projects.
Only 3% of these projects receive approval to provide the best supply area, improve the possibility of creating a secondary market for trading, and ensure the presence of support that addresses development goals only.

As Magic Eden Market strives to provide a seamless process for launching and creating NFTs, it does not charge any listing fees.
However, the transaction fee is only 2%. Which is lower than the OpenSea Market transaction fee of 2.5%.

One of the most important features of the Launchpad application is the ease of creating and distributing non-fungible tokens (NFTs).
It does not require in-depth technical knowledge but is available to beginners in this field.
Users only need to upload their work files and then Magic Eden Market takes care of the rest of the creation process entirely and exclusively.
The project developers hope that through the Magic Eden marketplace, they can encourage artists to focus solely on their work while shouldering the burden of completing the creation process.

Unique features in Magic Eden

1. Upcoming editions

Magic Eden Market is committed to carefully and rigorously examining the projects presented to it before choosing one of the features added to the platform.
The same principle applies to upcoming editions, as this feature helps investors perform research tasks for them.

2. Most popular collections

Investors are interested in always being aware of the projects that have a wide impact in the field of non-fungible tokens (NFTs).
Therefore, the Most Popular Collections feature provides the opportunity to identify the projects that are currently at the forefront.
This is extremely important for traders as it enables them to make a quick profit by turning to the most popular and trending NFTs on the Solana platform at the moment.

3. Launchpad app

As mentioned previously, the Launchpad application is the system used to mint non-fungible tokens (NFTs) to enable artists to mint their works in an easy way and without technical complications.
This application also examines submitted projects and accepts only 3% of creative works, according to what the platform team stated.

4. Attribute filter

The Magic Eden market includes a wide range of non-fungible icons. This filtering allows the search to be narrowed based on background, clothing, eye design, etc. Such elements can be used in the search process.

5. Statistics

Regarding the process of purchasing NTFs, there are some factors and points that the investor needs because of their importance in clarifying the value of these tokens in the long term.
Among them is knowing the available quantity, the current value of the NFT, or the category of this NFT.
So the statistics section helps you know which NFTs are popular and which ones will become popular in the future.

6. Social networking community

The Magic Eden Marketplace supports the concept of decentralization so it contributes to strengthening the voice of the user community.
This feature allows regular users to provide feedback or join Magic Eden’s official Discord channel and connect with other like-minded individuals.

7. Focus on the secondary market

Magic Eden Market focuses on both primary and secondary markets due to their NFTs.
This focus is not common in other token markets, and this enables creators to obtain royalties from secondary sales, which are in the form of trading operations for these tokens after their first sale when they are first promoted and presented on the website.
This feature contributes greatly to creating a thriving ecosystem for the NFT industry.

8. Decentralized Autonomous Organization (DAO) and Magic Ticket sharing via Airdrop

About 30,000 users participated in the process of sharing the “Magic Ticket” for the Magic Eden Market via the AirDrop application.

NFT Token holders are encouraged to log into the project’s decentralized autonomous organization (DAO), which operates using a Discord server.
The goal of the program is to encourage interconnectedness within the ecosystem and reward projects that have supported the Magic Eden system.
Membership in the organization is also based on governance, rewards, and community.

The main benefit of obtaining code-share Magic Tickets is MagicDAO membership.
MagicDAO is the governance platform within the ecosystem, where ticket holders can interact with each other and make decisions for marketplace optimization.

Through the Magic Ticket program, the project team tries to provide long-term value through useful feedback from users and motivate them in the long term through rewards.

The project makes 30,602 tickets available for three categories: OGs (early owners) get 21% of the tokens shared, Degens get 23% of the tokens, and Normies get 56% of the tokens.

Magic Eden Market plans to add more DAO-related features in the coming months.
Such as a loyalty program that provides more additional rewards to users, additional initiatives voted on by ticket holders, and participation in various reward programs and events such as Hackathons, Solana Olympics, and many other events.

9. Additional costs and fees

Fees are one of the important features that distinguish the Magic Eden market from other competitors in the field of NFTs due to their low prices.
With the cancellation of fees for listing the code on the platform, the market charges 2% of the transaction fees.
NFT sales revenues vary depending on each artist.
There are no fees for offering, the minimum bid price is half the listing price and there are no fees for delisting the NFT from the market.

This market is the largest on Solana due to its support for creators, as the volume of transactions on the platform exceeded $200 million.
To participate on the platform, you only need a Solana-compatible wallet, such as Phantom.
There are many other options available that can be downloaded to mobile or desktop for easy buying and selling of NFTs on the market.

How to buy NFTs on Magic Eden?

The purchase process is made by listing non-fungible tokens for sale on the platform. Let us explain in simple steps the purchase of your first NFT token:

Minting Authority: An additional method for minting NFTs

Magic Eden Market seeks to become one of the largest NFT markets in the crypto space.
It represents 50% of the amount of NFTs traded on the Solana blockchain.

Ease of use is one of the components of the project through the Mint Authority feature.
It is one of the features of the project that allows artists to add their works to the platform.
It is a self-publishing tool that helps creators upload their works in different formats such as gifs, MP4, or still images.

Can Magic Eden change the NFT system?

The Magic Iden market has taken the world by storm on the WEB3 where NFTs are seeing a lot of growth.
This project is the largest in the Solana ecosystem and is expected to be among the most prominent in the crypto market.