There is a possibility that NFTs might not have gained recognition without the Ethereum blockchain. In the early days of ETH, it appeared Vitalik Buterin's brainchild would always be the go-to platform for nonfungible token sales.
However, the NFT ecosystem has expanded far beyond the scope of a single blockchain since the token craze of 2021.
With new marketplaces popping up almost every quarter, NFTs are available on virtually every major chain today. In the NFT space, it can sometimes be evident which entities are running sprints and which are running marathons. There is, however, a difference between each of these platforms.
You have just discovered Magic Eden, a shiny new marketplace that does so much more than facilitate transactions. This new platform immediately caught the attention of the greater NFT community with its down-to-earth brand voice and fully-integrated Web3 technology.
Since Magic Eden began operations a year ago, it has become a serious competitor in the NFT market. What is the reason for the rapid success of the Solana NFT platform? You can find all the information you need here.
What is Magic Eden?
The Magic Eden NFT marketplace is the most popular on the Solana blockchain. As a marketplace competitor and home base for the best NFT collections on SOL, the platform was launched on September 17, 2021 by members of the NFT community.
It is Magic Eden's mission to provide its users with the opportunity to discover and share their own NFTs, according to Tiffany Huang, the Head of Marketing at Magic Eden. As Huang explained in an interview with nft now, NFTs will be the entry point into the blockchain and how culture will be created digitally. It is our goal to champion moments, communities, and culture on Magic Eden in this space [the NFT].
NFTs can be bought and sold on Magic Eden, just like on other NFT marketplaces. NFT marketplaces are, of course, designed to fulfill this function. Despite its appearance, Magic Eden offers much more than you might expect. Although Magic Eden is sometimes seen as just another entrant into the aforementioned marketplace race, what really defines it is what happens behind the scenes.
What’s unique about Magic Eden?
A $130M round was raised by Magic Eden in June 2022 for a $1.6 billion valuation. Especially for a blockchain startup, this is a major accomplishment. Furthermore, the news of the funding round was amplified by the fact that NFTs and crypto had been in a downward spiral for much of 2022. It seems Magic Eden is already in a league of its own as calls reverberate throughout the NFT space for a bear market in NFTs.
However, what is it about Magic Eden that makes it so special? At the time, the platform was barely half a year old. Why would investors so passionately support it? I believe it has to do with Magic Eden's ethos, tools for creators and collectors, and diversity focus. Here are a few more details.
Community
It is important for Magic Eden to focus on the needs and desires of the creators and collectors. Magic Eden's founders chose not to focus on the transactional nature of the NFT market, but rather on the unique aspects of the ecosystem as a whole.
The focus on community is one of Magic Eden's main differentiators, according to co-founder and COO Zhuoxun Yin.
I think what's really important is to grow grassroots interest and connectivity in the NFT ecosystem, says Yin to nft now. "There are definitely a lot of things you can do on the top-down," she says. I think we spend a lot of time and resources on that. Also, I think we're very good at it."
Magic Eden is focused on community, but how does it manifest itself? NFT's community-centric leadership was certainly taken into account when developing the platform's interface, but it is most evident on the Magic Eden Discord server. Almost all the crew behind the influential marketplace operates out of the Discord server, which has over 80,000 members.
The Magic Eden community is open to anyone, and once joined, anyone can participate in conversations regarding the platform's management, initiatives, and more. Magic Eden's Magic Ticket NFTs further motivate enthusiasts to participate in decision-making. Over 30,000 NFTs make up Magic Eden's DAO, MagicDAO, which provides interconnection and rewards via a Discord-based social network.
Usability
Magic Eden's usability is another major feature. While Magic Eden strives to exceed the expectations of any other NFT marketplace (quick processing time, robust security, and so on), Yin and his team spend a lot of time ensuring that Magic Eden's features remain unique and exclusive.
Our goal is to be the first to do things. We don't just create headlines to claim we're the first to do something. The innovation process is still ongoing. Those who are able to support new use cases well will be able to benefit," says Yin. Magic Eden's operability reflects this desire to be at the forefront of innovation in the NFT space.
In addition to NFTs, the Magic Eden marketplace's team aims to create an experience centered around exploration and discovery rather than price indexes. Using Magic Eden as a marketplace, users can trade NFTs, interact with the ecosystem, and don't have to spend money.
According to Yin, Magic Eden's top priority is creating an immersive NFT experience. Magic Eden should provide a way for users to experience NFTs without necessarily having to buy and sell them. I don't think we need to have a trader-centric mentality," said Yin. With magic Eden, people can discover content, play games, and discover the best Web3 content."
Diversity
Last but not least, Magic Eden is distinguished by its diversity. In part, this is due to the variety of NFTs and experiences available on the platform, as well as the ability to collect items cross-chain on Ethereum and Solana.
PFPs and gaming content are both prominent on Magic Eden. Magic Eden continues to be dominated by PFP NFTs, with Okay Bears being the most successful of these types of collections.
Aside from allowing users to collect NFTs for blockchain gaming, Magic Eden also allows users to play games. As a one-stop shop for gaming purchases and activities, the platform is gaining a growing roster of tokenized games.
These experiences are constantly evolving despite already achieving admirable robustness. A Magic Eden announcement in August 2022 announced that Ethereum NFTs would be added and integrated with its platform.
OpenSea has added support for several NFT blockchains, but Magic Eden could be one of the first to offer cross-currency trading, allowing users to browse and purchase Solana and Ethereum NFTs with SOL, ETH, or credit cards.
According to Huang, this is all part of a grand plan to bring the Ethereum and Solana collector communities together through Magic Eden. The truth is, if you combine these two communities, you'll realize it's not really about SOL vs. ETH, it's just about a giant group of people who love NFTs. It is also possible for us to deliver them cross-chain experiences that are meaningful to them," Huang said.
Huang says Magic Eden is the place to be for projects on Ethereum hoping to launch collections on Solana and vice versa. It will unlock a whole new set of possibilities and experiences when people realize that they're not restricted by a blockchain.
Magic Eden for creators
What is the process for creators to get started on Magic Eden? Various methods can be used. To create and collect NFTs on Magic Eden, you'll need a Magic Eden account.
A Solana wallet is required to set up an account on Magic Eden. For collecting NFTs on SOL, we recommend Phantom, one of the most popular software wallets. To connect your wallet to Magic Eden's website, watch the video once you've created one or already have one.
On the Magic Eden platform, creators can list their collections when the time comes to mint an NFT. Yes, it's that easy. You can submit your collection for verification at the Magic Eden Creator Hub, whether you have already launched a project or are planning one. Here's an in-depth look at how this process works.
Using Magic Eden's launchpad, you can also mint. With a goal of featuring only the most innovative and genuine projects, Magic Eden accepts only 3% of all Launchpad applications.
Magic Eden's launchpad provides creators with greater exposure and wider reach on the marketplace, greater secondary trading potential, and hassle-free mint support. Magic Eden's marketplace is more exclusive, and only a select few can access it.
NFTs are always subject to fees, regardless of the route you take. Creating a collection won't cost you much SOL, but Magic Eden charges a two-percent sales fee on every sale. Additionally, the platform allows NFT creators to set their own royalty percentages.
Magic Eden for collectors
It can be daunting to launch an NFT project on Magic Eden, but collecting couldn't be easier. Magic Eden and Solana should be easy to use if you've already been collecting NFTs on Ethereum or Tezos.
In the same way as other marketplaces, you can create an account on the platform in just a few steps. In order to create NFTs, you'll need a Solana wallet and a Magic Eden connection. After that, the process is the same wherever you are. Click "Buy now" or "Make an offer" on the NFT, and follow the instructions.
Popular collections on Magic Eden
Not sure where to begin once you've set up your Magic Eden account to collect NFTs? On the platform, the following collections are among the most popular. The following are some examples of what you can find in the marketplace:
It is no surprise that Okay Bears has become one of the most successful NFT projects on the Solana blockchain. It has maintained its position on the list of top 50 NFT projects of all time and provides enthusiasts with a collection similar to BAYC.
Another Solana PFP success story is DeGods. As the second largest collection of creators, developers, entrepreneurs, athletes, artists, experimenters, and innovators on Magic Eden, the collection has had its ups and downs.
Genesis Genopets was one of the first non-financial games to feature "move-to-earn" mechanics. A Magic Eden game with the highest earnings, Genopets features 3,218 limited-edition NFTs.
A post-apocalyptic survival game featuring 8,000 PFP-style NFTs, The Remnants is a survival game featuring 8,000 NFTs. Using the Solana blockchain, The Remnants offers trading, crafting, and battling mechanics that are unique to it.
Featuring cats and robots, Nyan Heroes is an NFT battle royale third-person shooter. This project's philanthropic mission to save one billion cats has supercharged Magic Eden's path to success, despite the game still being in development.
The need for platforms like Magic Eden
OpenSea was often used by collectors when NFTs first became popular. More often than not, the "world's first and largest" NFT marketplace was the hub for minting, collecting, trading, and auctioning NFTs.
For most NFT endeavors, there were only a few significant alternatives when OpenSea, sometimes called BrokenSea, crashed. There were only a few niche platforms available, including Nifty Gateway, Rarible, MakersPlace, and others. NFT enthusiasts pleaded for more options due to the centrality of it all.
For those who had grown tired of jumping through hoops to trade NFTs in the absence of options, platforms like Magic Eden became a sight for sore eyes. In spite of this, as the demand for more NFT marketplaces has diminished, the desire for more usability and operability has increased.
There is no single method of creating, buying, and selling NFTs. Therefore, top NFT marketplaces like Magic Eden - which offer more features than just transaction facilitation - are essential for the long-term health of the NFT ecosystem. It seems that Yin and the rest of the Magic Eden team truly value longevity.
In the future, Yin hopes that our product will be a central focal point for a lot of really interesting content if we are successful and the NFT ecosystem is successful," said Yin. A spirit of innovation is always present in crypto, but there are quiet periods as well as growth spurts. That way, we're prepared for whatever comes our way."
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