What is Magic Eden? Solana based NFTs and P2E marketplace (Short Guide)
NFTs have brought a revolution to the digital world. Non Fungible Tokens are now becoming necessity to access the Web3 world.
Many NFT marketplaces are already being mainstream including Opensea and Sandbox.
Every Blockchain Maintnet and Side chains are launching its NFT marketplace.
Magic Eden is an NFT marketplace built on the Solana Blockchain. It is a multichain NFT marketplaces which makes assets and transactions interpretable.
Here is a quick guide on Magic Eden and an overview of its features.
Magic Eden is the fastest growing third party Marketplace to buy and sell NFT collections.
While Magic is built on Solana Blockchain, it also supports Ethereum as well.
Magic Eden has more than 2.4 crore SOL value locked.
Magic Eden is has been founded by Sidney Zhang, Zhuoxun Yin, Jack Lu, and Zhuojie Zhou.
Users or creators have to apply for Magic-Eden’s Launchpad to launch their NFT collection.
It has more than 8000 collection available on its platform.
On its launch Magic Eden launched MAGIC TICKETS that were distributed to more than 30000 holders. These Magic Tikcket holders became a part of the Discord based DAO and MagicDAO.
Magic Eden supports both Solana and EVM compatible wallets.
Users can connect buy and sell NFTs using their wallets such as Phantom, Brave, Metamask, Sollet, Wallet Connect, Coinbase etc.
The marketplace also has its own wallet — Magic Eden to connect.
Users can connect their proffered wallet and start trading the NFT collection.
User can place a bid on popular collections.
Buy ticket or pass for soon to be launching art collections.
On the marketplace users can tack the drop calendar for upcoming collections.
Unlike other decentralized marketplaces, this Solana backed marketplace doesn’t allow anyone to launch their NFT or art collections.
Creators can sell their NFTs through three methods –
By Applying for Listing
By Applying for Launchpad
By Applying for Auctions
Creators or Artists have to fill a form to apply for the Launchpad. However only 3% of these collections are actually get launched on the platform.
Other than trading NFT art collections users can also play games on the platform in the Eden Games section.
Eden Games has launched 35+ game collections through its Launchpad.
It has partnered with creators to sell Game NFTs.
These are all play to earn games where players can mint NFTs and trade them on the marketplace with fellow players.
Magic Eden is ventured by popular players such as Solana Ventures, Paradigm, Sequoia etc.
It is rapidly growing with more than 1 lakh daily wallet connections.
The company is bringing new features and options such as community driven proposals, bounties for community initiatives to reward volunteers among many others.
Creators and Users can access the platform through browser or Android and IOS app.
So what are your thoughts on Magic Eden? Did you check it?
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