In the constantly evolving digital asset space, people are drawn to the world of non-fungible tokens (NFTs). One of the first wave of platforms driving this change is Magic Eden, an NFT marketplace that started on the Solana blockchain.
Magic Eden’s multi-chain evolution sets it apart from its compatriots. It can operate and support NFTs on different chains, such as Ethereum, Polygon, and Bitcoin Ordinals. This flexibility makes Magic Eden a go-to platform for artists, collectors, and traders in the NFT space.
In this article, I’ve put together an in-depth look at Magic Eden, breaking down its features, shaping the multichain future of NFTs, and what users should expect as the platform continues to innovate. This guide is tailor-made for you if you want to get inside this marketplace’s ins and outs.
What is Magic Eden?
NFTs can be bought and sold on Magic Eden, a centralized application (cApp) marketplace for them. Its main goal is to provide a digital asset buying, selling, and trading platform guaranteed by security and decentralization throughout the process.
Magic Eden rose to prominence from its initial focus on Solana, serving residents with low transaction fees and a friendly app interface. Knowing the demand for a more inclusive platform, Magic Eden added multiple chains. This marketplace supports Ethereum, Polygon, and Bitcoin Ordinals so that you can interact with various NFTs in different environments.
Magic Eden is among its most significant defining features: it is adaptable. In the future of multichain NFT, the platform will be designed to allow seamless trading across multiple blockchains and serve as a multichain NFT market leader. Its creators want to bridge the gap between the different blockchains by offering its users the ability to interact with NFT’s non-fungible tokens on any blockchain between the user.
How to Sell NFTs on Magic Eden?
Magic Eden’s user interface is straightforward, making listing NFTs from Solana, Polygon, or Bitcoin Ordinals easy. Below is a breakdown of how to sell NFTs on each blockchain:
Solana NFTs on Magic Eden
- Connect Wallet: First, we must take you to Magic Eden and connect your Solana wallet. To do this, click the wallet icon.
- Access ‘My Items’: Once you’ve connected, you’ll see a ‘My Items’ tab under your wallet address that shows your NFTs.
- Select NFT for Sale: From your collection, you’ll choose the NFT you want to sell.
- Bulk List (Optional): If you have multiple NFTs, you can list them all at once using the ‘Bulk List’ feature. You can also set all prices or different prices for each NFT.
- Set Price: Once you click select the NFT, you can go to ‘Details’ to set the sale price.
- Instant Sell (Optional): If an offer is present on a standing basis, the ‘Instant Sell’ feature is available for quick sales.
Selling Polygon NFTs on Magic Eden
- Connect Wallet: Connect your Polygon-compatible wallet to the Magic Eden platform first.
- Go to ‘My Items’: You can go to the ‘My Items’ section and see all available NFTs.
- List NFT: You select the NFT you want to sell.
- Price and Currency: From the list page, you can list the item at MATIC, USDC, or WETH price.
- Confirm and List: View the details and put your NFT for sale.
Selling Bitcoin Ordinals on Magic Eden
- Wallet Connection: Go to magiceden.io/ordinals and connect your Bitcoin wallet.
- Prepare for Ordinals: To prepare your wallet for Bitcoin Ordinals, you must complete the required transaction and ensure you have both the Bitcoin payment address and the Ordinals receiving address.
- Confirm Blockchain Transaction: Hopefully, the network will confirm the transaction.
- Listing Ordinals: After you complete the transaction, set up sale details for your Bitcoin Ordinals, and you’re good to go.
Thanks to Magic Eden’s multi-chain approach, sellers can explore NFTs across many blockchains without switching between different platforms.
A Simplified Process for NFT Purchase
It’s just as easy to buy NFTs on Magic Eden. The interface is so responsive that you’ll find the process quick and easy whether you’re a first-time buyer or an experienced trader.
- Identify the NFT: Browse the marketplace and see if there’s an NFT you are interested in. You should look at the floor price, the average sale price, and the trading volumes of the collection.
- Buy Now or Make an Offer: After you’ve found an NFT, you can buy it now for immediate purchase or make an offer if you want to bid, hoping the seller responds.
- Bidding Wallet: Like other marketplaces, Magic Eden offers an easy and powerful bidding wallet that allocates funds to place bids on multiple NFTs without committing all your capital.
Using our Magic Eden user-friendly purchasing, buyers can be confident because they are making an informed decision based on real-time data and metrics and know they are giving themselves the best possible disadvantage in the marketplace.
How Royalties Work on Magic Eden?
Royalties are complex issues for the NFT ecosystem, and Magic Eden has different royalty systems on different blockchains.
Solana NFTs
While Magic Eden launched optional royalties for its Solana NFTs in October 2022, Gorlin says that Solano innovations may serve as a blueprint for how the entire open market will relate to royalty releases moving forward. They range from paying a percentage of royalties from 0% to 100%, depending on what buyers want to pay. In December last year, Magic Eden introduced the Open Creator Protocol, allowing creators to enforce total royalties on their collections to empower creators.
Ethereum and Polygon NFTs
The royalty feature is optional on Ethereum and Polygon, unlike Solana. The platform follows the royalty structure determined by the creators in their secondary sales.
Bitcoin Ordinals
Since the Bitcoin network is technical, Bitcoin Ordinals do not support royalties for Bitcoin Ordinals.
As a fledgling platform expanding into more markets, Magic Eden aims to strengthen creator rights and offer varied royalty structures that allow creators to choose how to monetize their work.
The New Marketplace by Yuga Labs and Magic Eden
The agreement that Yuga Labs, creators of the Bored Ape Yacht Club, made with Magic Eden is one of the biggest things to happen in the NFT world. The target is to launch the ETHNFT marketplace in late 2023, and this is the collaboration.
This new marketplace aims to create royalty payments for creators. To keep artists and creators properly compensated, those creating work that is sold secondarily will finally be paid for it. This solution addresses one of the most hotly debated topics in the NFT world: how to reward content creators while giving traders flexibility.
This is Yuga Labs and Magic Eden joint platform expected to present a new gold standard of royalty allocation, which can influence other NFT marketplaces regarding royalty allocation.
Magic Eden Rewards Loyalty Program
Magic Eden Rewards is a loyalty-based incentive tool launched in October 2023 to improve the marketplace experience of the Magic Eden community. Once a wallet is linked and users sign into their accounts, they can earn Magic Points according to their activity on the platform.
Users earn points over time and can progress their Rewards Level to further discounts in fees and other benefits. With the third step incorporated into the program, the user experience is designed to be supported over the long term with tangible rewards for an engaged user base that will accentuate the NFT trading experience.
Is There a Magic Eden Crypto Token?
At the moment, Magic Eden doesn’t have an official crypto token. But MagicDAO is the platform’s form of managing resources in communal governance. By allowing users to participate in the decision-making process for the platform’s future direction, this is a decentralized autonomous organization (DAO).
New to MagicDAO? Purchasing a Magic Ticket NFT from a 30,000 token collection is required. MagicDAO works through mainline Discord, allowing an accessible and dynamic community to speak out and help grow the platform.
Who is on the Magic Eden Team?
Magic Eden was founded in September 2021 by four industry veterans: Jack Lu, Sidney Zhang, Zhuoxun Yin, and Zhuojie Zhou. These founders have unparalleled experience in crypto, DeFi, and consumer internet companies and have backgrounds as management consultants in San Francisco.
The team’s first-hand mission is to take on all the unseen potential of NFTs and plug the gaps in the marketplaces it has found. Magic Eden has shone in a crowded space for NFTs thanks to its forward-thinking, most notably with multi-chain support and royalty enforcement.
One of Magic Eden CEO Jack Lu’s priorities is supporting creatives through strong royalty programs, a focus the company highlighted in a press release touting the Yuga Labs partnership. He especially mentioned the upcoming Ethereum marketplace, pointing to it as an important milestone in providing reasonable compensation to creators while remaining accessible and flexible to traders.
Conclusion: The Future of Magic Eden
Magic Eden is developing and is set to play a large part in the future of the NFT marketplace. With multi-chain support, flexible royalty systems, and strategic partnerships, it sits at the top in space.
As an inclusive platform for artists, collectors, and traders, Magic Eden provides various features to ensure a great user experience. It supports everything from buying to selling to trading NFTs across multiple blockchains.
