Introducing the NFT Magic Eden marketplace
Magic Eden is an NFT marketplace launched on the Solana blockchain in September 2021, when the non-fungible token market was experiencing one of its fastest-growing periods.
In concrete terms, Magic Eden enables users to buy, sell and exchange their NFT on the Solana network (SOL), but also on the Ethereum network (ETH). This will provide competition for the giants Opensea and Looksrare, who have been dominating this market since it exploded in 2021.
In addition to its secondary market (NFT marketplace), Magic Eden offers a whole range of unique and attractive services, such as a launchpad for collections, a section dedicated to blockchain games and a state-of-the-art auction system.
The California-based platform is today the leading NFT marketplaces on Solana, with a total exchange volume of around 37 million SOL, and over 10,000 collections to its credit. At the time of writing, the marketplace welcomes nearly 25,000 unique usersevery day.
Magic Eden has maintained its leadership position by constantly renewing itself. In this article, you’ll find all the steps you need to follow to use Magic Eden to perfection, whatever your level.
Advantages and disadvantages of the NFT Magic Eden marketplace
Positive opinions
- Easy to use
- Integrated launchpad
- Constantly evolving
- Innovative features (bids, auctions, sweep…)
Negative opinions
- Above-average exchange fees: 2%
- No NFT/Collection creation service
How to use the NFT Magic Eden marketplace
Buying NFT on Magic Eden:
The process of buying NFT on Magic Eden is accessible to all. The marketplace’s home page features all kinds of NFTs, both rare and not-so-rare, from various collections.
To further your search, you can choose to sort NFTs by rarity, by SOL price or by displaying those just listed on Magic Eden.
You can also find a “populars collections” tab listing the best-performing NFT collections over a period of time ranging from 24 hours to 30 days.
If you’re planning to visit Magic Eden, it’s probably to buy, or at least analyze, an NFT from a particular collection. In this case, simply enter the name of the collection in the search bar at the top of the page.
Once you’ve done that, select the NFT you’re interested in and simply click on it. You’ll then be taken to the NFT’s description page, where you’ll find all the information you need about it, such as price, characteristics (properties), trading history and the crypto address currently holding it.
To acquire it, simply connect your crypto wallet (Phantom, Metamask) to Magic Eden, then click on the “Buy Now” tab, or “Make an offer” if you’d like to make a cheaper bid.
Note that you can also buy an NFT without clicking on it. In fact, when you drag your mouse over any NFT (on the collections page), a “quick buy” tab appears, avoiding you having to go to the detail page for the NFT in question. A good way to “snipe” tokens when they’ve just been listed.
All you have to do now is approve the transaction on the tab that appears on your screen.
Well done, you’ve just bought your first NFT on Magic Eden. You can find it again by clicking on your profile picture, then on “My items“.
NFT sales on Magic Eden :
Now that you’ve acquired your first NFT, let’s take a look at how you can sell it.
I assure you, there’s nothing very complicated about it. Simply go to the “Sell” or “My items” page by clicking on your profile, then select the NFT you wish to list on the marketplace.
A small tab will appear where you’ll need to enter the selling price (in SOL) of your non-fungible token. Once you’ve done this, simply click on “List Now” and confirm the transaction on your wallet.
Auctions on Magic Eden :
Magic Eden also offers an auction service. In concrete terms, this feature enables collections to put up for sale one or more of their NFTs, generally endowed with rare characteristics, via an auction system.
As a collector, you can place a bid on one of these NFTs. Once the countdown has reached 0, the person with the highest bid will get the NFT in question. Don’t worry, all other investors get their money back as soon as possible.
To use this bidding service, go to the “Auctions” page in the “Marketplace” section on the left-hand side of the page (or click on this link), scroll down until you find the NFT that catches your eye, click on “Place your bid” and enter your bid amount.
NFT collectible Launchpads on the Magic Eden marketplace
As mentioned above, Magic Eden also offers its own launchpad service, enabling the most promising collections to put their NFTs up for sale.
In concrete terms, Magic Eden’s launchpad offers selected collections a comprehensive support service. In addition to increased exposure, Web3 creators eligible for the launchpad benefit from the following services:
- Before the NFT goes on sale: marketing strategy, influencer networks, expert advice, community manager..
- While NFTs are on sale: mint service, marketing support, anti-bot technology, whitelist management tools, customized mint contract..
- After NFT sales: customized analyses, account management, introduction of trusted partners..
Once the mint period is over, collections are automatically available on Magic Eden’s secondary market, where users can buy and sell NFTs as they see fit.
In order to use the Magic Eden launchpad, creators must fill in a form with extensive information about their collection (examples…). The most reliable and promising NFT collections are then selected by the Magic Eden team.
Eden Games – Magic Eden’s gaming ecosystem
Magic Eden has recently expanded into the gaming sector. The platform now has its own blockchain gaming ecosystem.
Here, you can find a whole catalog of video games launched (for the most part) on the Solana blockchain, and all holding their own NFT collection on Magic Eden’s secondary market.
Conclusion: Magic Eden, the future leader of NFT marketplaces?
Magic Eden is well on the way to competing with the market leaders Opensea and Looksrare, and more recently X2Y2.
Indeed, the San Francisco-based platform is constantly renewing itself, regularly offering brand-new features and services for NFT collections, project creators and collectors alike. Not to mention its very affordable transaction fees and virtually non-existent network fees (Solana), ideal for small wallets.
As a result, Magic Eden is probably the best solution for buying, selling and trading NFTs on the Solana (SOL) network.