What is Magic Eden? How to mint & trade NFTs in Magic Eden?
KEY TAKEAWAYS
- Magic Eden serves as both a primary and secondary marketplace, accommodating NFT collections on both Solana and Ethereum blockchains.
- Magic Eden is a leading NFT marketplace with auctions, a Launchpad, strict whitelisting, a gaming platform (Magic Eden Games), and community engagement through MagicDAO, all complemented by low transaction fees.
- To use Magic Eden, connect a Solana-compatible wallet, explore NFTs, bid on projects like Okay Bears, anticipate ETH support with the Ezu collection, and engage in DAO participation and project spotlighting through Magic Tickets and the launchpad, respectively.
1. WHAT IS MAGIC EDEN?
Magic Eden, the leading NFT marketplace built on the Solana blockchain, has gained immense popularity as a competitor to Ethereum. This platform facilitates the sale of non-fungible tokens (NFTs), unique cryptographic tokens often associated with digital art, music, or in-game collectibles.
In a significant development on August 2, 2022, Magic Eden disclosed its expansion into the multichain arena, extending its services to include Ethereum NFTs. However, it emphasized that its primary ecosystem and primary blockchain remain rooted in Solana.
A notable and somewhat controversial decision unfolded on October 14, 2022, when Magic Eden opted for an optional royalty model. The company attributed this move to market conditions, describing it as an "effective race to the bottom." Alongside this change, Magic Eden announced the waiver of its 2% platform fee and dedicated resources to the development of tools for royalty enforcement.
Magic Eden is a prominent trading platform, allowing users to mint, list, and trade NFTs | Source: medium.com
2. FEATURES AND FUNCTIONS OF MAGIC EDEN
Magic Eden excels as a leading NFT marketplace, supporting collections on Solana, Ethereum, and Polygon. Noteworthy features include auctions, a Launchpad for project minting, strict whitelisting, a gaming platform (Magic Eden Games), community engagement through MagicDAO, and low transaction fees.
2.1. Auctions
Magic Eden offers an auction feature, providing a space for buyers and sellers to engage in price negotiations for NFTs. This feature is particularly beneficial for independent digital artists who can accurately price their work and assess interest. Real-time auction events are easily accessible from the left-hand menu.
2.2. Launchpad
The Magic Eden Launchpad enables projects to mint NFTs, providing creators with long-term marketing and promotional support to enhance collection exposure. Before being listed on the Launchpad, projects undergo a rigorous vetting process by Magic Eden to maintain quality standards.
2.3. Whitelisting
To ensure the platform's commitment to high-quality NFTs, Magic Eden maintains a stringent whitelisting process. This process guarantees that only reputable projects are featured on the platform.
2.4. Gaming Platform
Operating Magic Eden Games, a dedicated platform supporting NFT games, Magic Eden offers features such as trailers, tournament hosting, and other game-related content.
2.5. MagicDAO
Magic Eden actively engages its community through MagicDAO, allowing users to participate in governance decisions. Community-driven initiatives play a significant role in contributing to the platform's ongoing growth and development.
2.6. Low Fees and Vetting
Setting itself apart, Magic Eden boasts low transaction fees, making it an attractive choice for users. The platform's commitment to quality is further reinforced by its rigorous vetting process, ensuring that only high-quality NFTs are featured.
3. HOW TO USE MAGIC EDEN?
To use Magic Eden, connect a Solana-compatible wallet like Trust or Exodus containing SOL tokens. Click "connect wallet," explore NFTs, bid on projects, and enjoy the Solana-tailored interface. Okay Bears is the top collection, similar to OpenSea, with filters for attributes. Magic Eden plans to support ETH, starting with the Ezu collection. The platform offers Magic Tickets for DAO participation, a launchpad for spotlighting NFT projects, and a selective application process for project inclusion.
Magic Eden boasts a white-label marketplace utilized by entities like Raydium, a decentralized exchange (DEX) built on the Solana blockchain | Source: medium.com
4. HOW TO BUY ORDINALS ON MAGIC EDEN?
4.1. Connecting Your Wallet
To trade Bitcoin Ordinals on magiceden.io/ordinals, start by connecting your wallet. Click the button in the top right corner.
Currently, Magic Eden offers the option to connect your Xverse, Unisat, Leather (Hiro), or OKX wallet to the platform | Source: bankless.com
4.2. Preparing Your Wallet
To transact on Magic Eden Ordinals Marketplace, prepare your wallet by clicking "Prepare Your Wallet." Confirm the transaction in your wallet, wait for Magic Eden notification, and trade once the Bitcoin transaction is finalized.
4.3. Purchasing a Digital Artifact
When browsing Digital Artifacts on Magic Eden, note that Bitcoin transactions may take up to 7 minutes for confirmation. If you purchase an Artifact, it's temporarily locked from trading until the transaction status is confirmed or fails, as shown in the interface.
The message displayed during this period refers to a Digital Artifact that is currently locked from trading | Source: xverse.app
4.4. Creator Royalties on Bitcoin
At Magic Eden, we value creator royalties, but our current Bitcoin platform lacks support due to security concerns in the Ordinals ecosystem. Note to use specific addresses for Digital Artifacts on Bitcoin: Ordinals for receiving and storing, and Bitcoin for payments and fees when connecting your wallet.
Magic Eden is expanding its market share to other blockchains | Source: decrypt.co
5. FAQS
5.1. Is Magic Eden Safe?
Magic Eden is generally considered safe, but users should exercise standard precautions when using any online platform. Ensure that you are on the official website, use secure passwords, and be cautious of phishing attempts. Always follow best practices for securing your wallet and personal information.
5.2. How to Mint on Magic Eden?
The process of minting on Magic Eden may vary, and it's recommended to refer to the platform's official documentation or guidelines. Typically, minting involves creating a new NFT on the blockchain, and platforms often provide step-by-step instructions for minting on their interface.
5.3. How to List NFT on Magic Eden?
To list an NFT on Magic Eden, you typically need to connect your wallet, navigate to the appropriate section on the platform, and follow the listing process. This may involve providing details about your NFT, setting a price, and confirming the listing. Refer to Magic Eden's official guidelines for accurate and up-to-date information.
5.4. How to Sell NFT on Magic Eden? (Or How to Sell My NFT on Magic Eden?)
To sell an NFT on Magic Eden, connect your wallet, list the NFT for sale, and follow the platform's instructions for setting a price and completing the transaction; refer to Magic Eden's official resources for detailed selling process instructions.
5.5. Is Magic Eden Down?
To check if Magic Eden is currently experiencing any downtime or issues, visit their official website or social media channels. You can also use third-party website status-checking tools. If there are issues, platform operators typically provide updates on their status page or social media.
Magic Eden is the leading NFT marketplace within the Solana ecosystem and is expanding its market share to other blockchains. Beyond functioning as an NFT marketplace, Magic Eden distinguishes itself with additional features, such as auctions and support for blockchain games, making it more accessible to players. The platform's appeal is further enhanced by its low fees and rigorous verification process, contributing to the project's success up to the current moment
Through this article, Klarda hopes that you have gained essential information about “What is Magic Eden”, the most prominent NFT marketplace in the Solana ecosystem.
