The Bankless Guide to Magic Eden
Magic Eden is an emerging NFT marketplace supporting multiple blockchains. As of today, those chains are Ethereum, Bitcoin, Solana, and Polygon.
Originating as a hub for Solana NFT trading in 2021, the marketplace has evolved into a multi-chain platform. Notably, it’s the only NFT market right now that provides direct support for all of the current “Big Four” NFT chains.
The platform recently gained attention for partnering with Yuga Labs, creators of the Bored Ape Yacht Club (BAYC), to launch a revamped, royalties-friendly Ethereum marketplace.
The pulse of Magic Eden
According to Euclid Labs, the builders of Magic Eden, the marketplace already boasts over 8,000 available collections and +22M monthly visitors. Over the past year, the platform’s V2 system has facilitated +13.3M SOL ($282M USD) worth of NFT trading volume via more than 250k unique users.
Magic Eden’s offerings
- 🛒 Marketplace: This is the main platform where all the NFT buying and selling occurs. You can search for specific collections, browse the top projects, hunt for big movers, and so forth. At the time of this guide’s latest update, Magic Eden’s Ethereum marketplace was still paused ahead of its impending relaunch in collaboration with Yuga Labs.
- 🚀 Launchpad: This is Magic Eden's drops platform, where it partners with creators to release unique series of limited-edition or open-edition NFTs. In exchange for the exposure and accessible secondary trading volume, the marketplace takes a small cut of the primary sales revenue.
- 🎁 Magic Eden Rewards: This is the marketplace’s new tiered rewards program, a loyalty initiative for collectors that includes fee discounts and future rewards like NFT loot drops. Users earn “Reward Points” based on their activity like the volume of SOL transacted.
How to use Magic Eden
Have some crypto ready and to trade some NFTs? Then, you can head to magiceden.io and connect your wallet of choice.
For Solana, Phantom has been a popular option, but Magic Eden just launched a beta of their own wallet. MetaMask, Coinbase Wallet, and WalletConnect are available on the Ethereum/Polygon side of things. The Bitcoin wallets Leather (Hiro), UniSat, and Xverse are also supported.
Once you’re signed in, you can browse through the frontpage using various filters, search for specific collections, or click on the “Discover” or “Mint” tabs for additional possibilities like surfing curated categories, e.g., Rare Sats, or inscribing your own NFTs.
Want to follow the progress and happenings of Magic Eden closer going forward? Here are a handful of helpful links to keep in mind:
Magic Eden is currently one of the most popular platforms for trading Bitcoin and Solana NFTs, and it’s cooking up new offerings all the while, like its new cross-chain wallet. It has challenges ahead, such as weathering the rise of competitor projects like Tensor, though it also has big catalysts coming too, like the launch of its revamped Ethereum marketplace. Altogether, Magic Eden’s continued success will depend upon its staying versatile and forward-thinking in the currently top-heavy NFT space.