Magic Eden has established itself as the top NFT marketplace to buy Solana NFTs. In fact, currently, it is the second leading NFT marketplace in terms of the last 30-days trading volume, second only to the Ethereum marketplace, OpenSea. What’s more, both Magic Eden and Solana NFTs have helped amp up NFT sales amid the present market slumps. So, let’s dive in: What is Magic Eden NFT marketplace and how can you use the platform?
What is Magic Eden NFT Marketplace?
Magic Eden is a decentralised NFT marketplace built on the Solana network. It allows users to create, buy, sell, and trade NFTs, including digital collectibles and gaming assets. As the leading NFT marketplace on Solana, it enjoys over 90% of the market share for secondary Solana NFT sales.
In the past 30 days, Magic Eden has generated over $214 million in trading volume, boasting over 254,000 traders, according to DappRadar data. What’s more, its all-time trading volume has crossed $1.44 billion. Besides, in March 2022, the platform raised $27 million in a Series A round to challenge OpenSea.
Who Created Magic Eden NFT Marketplace?
Magic Eden NFT marketplace was founded by CTO Sidney Zhang, CEO Jack Lu, COO Zhuoxun Yin, and Chief Engineer Zhuojie Zhou. The founding team boasts a wealth of experience, having worked with tech giants like Uber, Facebook, Google, FTX, and Coinbase in the past. Additionally, the core team’s chemistry has been instrumental in the platform’s success.
“I think the success is really due to the chemistry of the team,” Tiffany Huang, Magic Eden’s Head of Marketing and Content told NFTevening in a recent interview. “We’re nobodies. Like none of us is famous. We’re a bunch of like 30, 31-year-olds. And it’s very egalitarian.”
How Do You Use Magic Eden?
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.
Within the ‘Popular Collections’ section, you can filter collections based on the 24-hour, seven days, or 30 days trading volume. Currently, Okay Bears, Trippin’ Ape Tribe, Reptilian Renegade, and DeGods take the top spots.
An interesting feature of the platform is the Magic Eden Launchpad. Put simply, this is an exclusive minting launchpad that helps creators to seamlessly and securely mint their NFTs. It has an automatic distribution system that takes care of all the technicalities, allowing creators to just focus on their artwork. In short, the launchpad offers creators complete NFT minting support, automatic distribution on the platform, and outbound marketing support.
However, Magic Eden follows a rigorous application process to accept creators on the Launchpad. In fact, it accepts only under 5% of applications.
Other Features of the Platform
Apart from the above, Magic Eden offers a slew of other features as well. As with most NFT marketplaces, Magic Eden too has an attributes filter option to help you choose the exact NFT you are looking for. In other words, you can filter NFTs in each collection by their background, clothes, eyes, mouth, and other attributes. Alternatively, you can filter the NFTs by status and price.
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.
Furthermore, Magic Eden offers a separate Insights section where you can find the latest Solana NFT statistics. Want to know the top Solana NFT collections, their floor price, trading volume, and average price? Then, this section is your one-stop solution!
Moreover, Magic Eden has gone 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 Solana NFT marketplaces.
Apart from this, Magic Eden has a dedicated section for Solana games. Indeed, the marketplace holds 90% of the in-game secondary market trading of Solana. In addition, it has collaborated with gaming projects to launch over 35 Eden Games. This includes Everseed, SkateX, DeFi Pirates, and Mini Royale Nations.
How Do You Buy Solana NFTs on Magic Eden?
If Magic Eden sounds like the perfect choice for you, here are the steps to buy Solana NFTs on the platform:
- First things first—you need a Solana wallet such as Phantom, Solflare, or Sollet.
- Next, get the needed amount of SOL from a supported crypto exchange. Binance, Coinbase, and FTX are good options. Then, sent the SOL to your wallet.
- Once your wallet is ready with enough SOL, connect it to Magic Eden. For this, click ‘Select Wallet’ on the top-right corner of the website. Follow the prompts to connect your wallet.
- Now that your wallet is connected, it’s time to find the perfect NFT collection for you. You can browse the marketplace for something that piques your interest.
- Finally, click “Buy Now” to buy the NFT of your choice. Alternatively, you can click “Make an offer” to lower the listed price, if possible.
All things considered, Magic Eden NFT marketplace has tremendously grown to become a significant OpenSea competitor. Its plethora of features combined with an easy-to-use interphase makes it an attractive choice for creators and collectors alike. Moreover, it has considerably lower listing prices—no listing fee and a 2% transaction fee. While the platform is likely to continue to face stiff competition from OpenSea, it sure has established itself as the go-to place for Solana NFTs!
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This article is educational material.
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