The Solana blockchain has seen increased NFT activity in recent months. Several collections have been launched, leading to the rise of marketplaces like Tensor and Magic Eden. This guide will focus on Magic Eden, the largest Solana-based NFT platform by trading volume.
What’s Magic Eden?
As mentioned earlier, Magic Eden is a popular NFT trading platform living on the Solana blockchain. The team behind the marketplace says they chose Solana because of its capability to process over 50,000 transactions per second (TPS). By comparison, the network’s main rival, Ethereum, handles 30 TPS.
Although Magic Eden faced some technical problems during its early days, the platform has been running smoothly since then.
Magic Eden’s Launchpad Feature
Magic Eden has a vetting program called Launchpad, which the team uses to evaluate NFT projects before they are listed on the marketplace. With hundreds of projects submitted by creators, only 4% get accepted and listed. Once your NFTs are approved, Magic Eden lists them on your behalf at zero fees.
What Makes Magic Eden Stand Out?
Besides Launchpad, there are other features on Magic Eden that makes the marketplace unique. They include:
Upcoming Drops
Magic Eden tracks and evaluates all the upcoming NFT projects and then adds them to the “Upcoming Drops” section. This saves the time required by investors to conduct research.
Popular Collections
Magic Eden lists the NFT projects buzzing at the moment under the “Popular Collection” category. This helps traders identify and hop into projects that are currently profitable with the aim of making some quick money.
Attributes Filter
With several NFTs available on Magic Eden, searching for the right collectible can be hectic. This is why the marketplace has an “Attributes Filter” feature that helps traders narrow down their searches. They can use attributes like clothes, eye designs, backgrounds, and many more to simplify searches.
Stats
Before buying an NFT, you need to analyze the asset’s data, such as its trading volume within a particular timeframe, price performance and the number of unique wallets holding the NFT. You can find this information on Magic Eden under a section titled “Stats.”
Community
As a decentralized NFT marketplace, Magic Eden usually requests feedback from its community before implementing any decision. You can join the platform’s official Discord channel, which serves as MagicDAO, to air your opinion.
Fees
One aspect that gives Magic Eden a competitive advantage over rivals is its low fees. As mentioned before, the platform does not charge a listing fee, unlike many marketplaces. In addition, traders only incur a 2% trading fee. By comparison, the World’s largest NFT marketplace OpenSea, charges 2.5%.
How to Purchase NFTs on Magic Eden
Buying your first NFT on Magic Eden is super simple. Here are the steps to follow:
Step 1: Visit Magic Eden’s website (magiceden.io). You won’t need guidance to maneuver the platform because its user interface is easy to understand.
Step 2: Connect a crypto wallet to Magic Eden by clicking the “Connect Wallet” button at the top-right corner of the homepage. The marketplace supports numerous wallets, including MetaMask and Phantom Wallet.
Step 3: Explore the NFT collections listed on the platform or use the “Search” feature to find the one you are looking for.
Step 4: Research. Once you discover the NFT that you want, go through its details to determine if the digital asset suits your specific needs.
Step 5: Buy the NFT. After doing your due diligence, it’s time to buy the NFT. Magic Eden provides two purchasing methods: “Make an Offer” and “Buy Now.” The former involves suggesting a new price to the seller other than the one on the listed NFT, while the latter involves you purchasing the NFT based on the seller’s price.
After approving payment, the NFT reaches your wallet within a few minutes. And that’s how you become an NFT holder through Magic Eden.
Conclusion
Magic Eden indeed has a role to play as the Solana NFT market continues to grow. NFT Experts believe the marketplace could challenge OpenSea in the next few years.
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