What is Magic Eden?
Magic Eden is a decentralized NFT buying and selling platform that allows users to buy and sell digital assets. As the #1 NFT Marketplace built on the Solana Blockchain, Magic Eden allows users to easily mint and buy NFT with low transaction costs, high liquidity, and an intuitive user experience. Magic Eden is focused on being a destination to discover, trade, and create NFTs for everyone.
The arrival of the NFT has brought a new era of opportunities for advertisers, but the exorbitant costs and technical know-how required for this venture have proven to be a major obstacle for most everyone.
As a solution, Magic Eden has addressed these limitations by simplifying the mining process and reducing transaction costs, making non-fungible token (NFT) ventures affordable and simple. simple for everyone. Since Magic Eden runs on the Solana blockchain, all the fees involved are essentially negligible thanks to the high throughput of the network.
Project highlights
Information about products
• Core Secondary Marketplace: With over 4,000 NFT collections, five languages supported, and an online user interface, Magic Eden enables the NFT community to trade quickly and have an easy and efficient research and trading experience and low transaction fees (0% listing fee, 2% transaction fee).
• Launchpad: Launchpad is a Magic Eden-exclusive product. Only 5% of launchpads are accepted by Magic Eden, and the best projects on Solana will reach a huge user base. Previously, the Chill chat project also launched its NFT on Magic Eden with a floor price of 2 SOL. Magic Eden is also a launchpad to support NFT creators by helping users mint new NFTs and promote and distribute NFTs automatically on Magic Eden.
• A large partnership market (white label marketplaces): Magic Eden has collaborations with a variety of projects, including Raydium, Thugbirdz, Galactic, and others. By listing NFTs on Magic Eden, users’ products are also sold on the rest of the NFT exchanges, providing high liquidity for users’ NFTs.
• Gaming: Magic Eden assists game developers and their communities on Solana has now partnered with top game projects on Solana to launch Eden Games, a game platform tied to the Magic Eden ecosystem that showcases Solana’s best games and hosts contests and tournaments.
• Music: Magic Eden users can invest in their favorite artists and receive a share of royalties as well as proof of ownership. Magic Eden recently airdropped over 30,000 NFT Magic Tickets to grow Magic DAO, a community of Magic Eden members with the goal of social association, rewards, and governance. A Magic Ticket is currently being sold with a floor price of 0.28 Sol.
Unique selling point
With the recent surge in popularity and innovation, new developments in blockchain technology have led to an explosion in software use cases. One such example is Magic Eden, whose goal is to make it easy to buy or mint NFTs on their platform. These NFTs are then used in Solana’s networked applications (built specifically around digital asset ownership).
Magic Eden offers users a wide range of features, such as:
Upcoming releases
This feature shows upcoming NFT launches in the coming weeks, so one can easily predict when their favorite launch is coming. This removes the need for a frantic search for the next big release. Just click on any project, and it will send you straight to its Twitter account.
Popular collection
Popular collections show what’s hot right now and what projects are getting a lot of attention. If you are looking to make money from the crypto trend, then this is the place for you. It’s an easy way to see who is getting all the hype and which digital assets are sure to be popular.
Launchers
This feature sets Magic Eden apart from any other NFT platform. The new Launchpad from Magic Eden is a revolutionary way to create and sell your non-fungible tokens. This simple engineering process makes minting seamless and secure, with full service support worldwide.
It has an automated delivery system on its platform, which means there’s no need for any technical work – just upload your files or create them first and you’re good to go. Launchpad automatically handles everything else, so you have time to focus on what matters most: your creativity.
Attribute filter
Unlike any other platform, this new filtering system makes it easier for you to choose the right NFT for your preferences. Magic Eden’s attribute filters give you the power to use a wide range of distinguishing factors to help you find exactly the NFT you’re looking for, from backdrops, clothes, earrings, eyes and more.
Statistics
The total supply, category, and overall value of your digital assets are instantly available on Magic Eden. This helps gauge which NFTs are more valuable and how much they are worth, providing a nice overview of all your current assets in their network.
It shows volume percentages and price floors, making it easy to determine what’s more popular than what’s not. It is like a stock market overview of the digital assets on the platform.
Auction
This is a great feature that allows customers to instantly get their preferred NFT without waiting for the seller to drop the price. On top of that, it also provides users with minimal sales fees as well as commission rewards for those who participate in auctions regularly and successfully auction a variety of items.
Community
The platform takes community feedback and suggestions into account, which means it’s constantly improving thanks to its users. The more people use it and provide feedback, the better Magic Eden becomes, along with all the other features and services integrated into this new marketplace.
Roadmap
With the goal of clearly distinguishing Web2 and Web3, lowering the barrier to entry into the NFT market for everyone, Magic Eden has grown to over 7.5 million SOL in trading volume in its first six months of launch. In October 2021, Magic Eden’s total NFT transactions exceeded OpenSea’s.
Today, Magic Eden holds 95% of the total market share for NFT markets on Solana, both in terms of volume and number of transactions. Based on data from over 750 games, Magic Eden also holds over 90% market share of the NFT game secondary trading volume. It is expected that in the near future, Magic Eden will strengthen cooperation with many different NFT and gaming projects to expand its market.
Project team
Magic Eden’s development team has extensive experience in IT, cryptography, blockchain, and product development. Magic Eden has scaled up from four co-founders to over 60 employees in just six months.
• Co-Founder & CTO – Sidney: Founded a cryptocurrency company in 2013.Uber in 2015 and helped Uber Eats reach a booking rate of 6 billion USD in just 4 years before working at the Facebook AI team.
• CEO – Jack Lu: I previously hacked a Bitcoin wallet app in 2013.as a consultant for Boston, a product manager for Google and a developer at FTX.
• COO – Zhuoxun Yin Zhuoxun is head of Strategy & Business Operations at dYdX and a Senior Product Manager at Coinbase.
• Chief Engineer – Zhuojie Zhou Rex: Since 2014, I have mined cryptocurrency. Former Uber, Checkr, and Facebook AI Team engineer. He is also the creator of Flagr, OpenMock, Open Privacy Vault, and DSRHub.
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