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/PRNewswire/ — Today, Magic Eden (“The Company”), the leading cross-chain NFT platform, announced the expansion of its Launchpad and marketplace to support Polygon NFT minting and trading. If you’re looking for a wide variety of digital assets and a safe and secure platform, OpenSea is an excellent option. However, if you’re also looking for a focus on community building and user experience, Magic Eden may be the better choice. The current standards in the NFT industry make it difficult to enforce creator royalties on-chain. Although artists have the option to be coded into the smart contracts that settle NFT transactions, there are marketplaces that don’t honor them or collectors who have found a way to circumvent it altogether.
The open-source Open Creator Protocol of the NFT marketplace will enforce NFT creator royalties for new collections that opt-in to the tool. Infinite Drive is a mobile-first NFT racing platform and car enthusiast’s metaverse that allows players to collect cars from the most popular and prestigious brands, including Aston Martin, Renault, Alpine, and more. Through the Magic Eden marketplace, players can purchase their NFT cars and build out an unrivaled collection. Magic Eden too has introduced a similar tool, called Open Creator Protocol .
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Magic Eden has presented its plans for MagicDAO over the following months. This will include an improved loyalty program that will serve as an additional reward for users. Furthermore, there will be a number of additional initiatives on which ticket holders will be able to vote.
The ability to resell NFTs can greatly help contribute to a thriving NFT ecosystem. Magic Eden created a similar royalty enforcement tool, MetaShield, in partnership with peer marketplace and aggregator Coral Cube in September before its move to optional royalties. Creators who use OCP will also be able to ban marketplaces that have not enforced royalties on their collections. Magic Eden will still maintain optional royalties on its platform for collections that do not adopt OCP.
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This is much faster than Ethereum, which can only process 30 transactions per second and has a block time of 15 seconds. The brainchild of entrepreneurs Maor Sidi and Gal Shaked, https://cryptolisting.org/ aims to provide a more user-friendly experience than other NFT marketplaces. In addition, they want to make it easier for people to find the NFTs they’re looking for. To do this, they’ve implemented a search engine and tagging system.
OpenSea acts as an intermediary and only sends royalties after the platform receives them. From blockchain analytics firm Dune Analytics paints a clearer picture of what the NFT community thinks of royalty-free marketplaces like Sudoswap. NFT artists believe that they should be rewarded for their creations, not only upon the initial sale but for transactions that take place in the secondary market as well.
Once you’ve created a wallet or already have one, watch Magic Eden’s video on how to connect it to their website. It’s important to note, though, that you’ll need a Magic Eden account to both create and collect NFTs on the platform. According to Huang, this move is all part of a grand vision to bring the Solana and Ethereum collector communities closer together by way of Magic Eden. “I think if you fuse these two communities together, you’ll realize it’s not really about SOL vs. ETH , but that there’s just a giant group of people who love NFTs. And we can deliver them cross-chain experiences that there are actually meaningful for them,” said Huang.
This feature allows regular users to provide their feedback or join Magic Eden’s official Discord channel and connect with other like-minded individuals. This past year, there has been exponential growth in the NFT sector as the digital asset subsector took off in popularity both in the crypto world and among mainstream audiences. But the hype stagnated a bit after NFT buyers and sellers peaked in January and have since fallen from all-time highs, Dune Analytics data shows. Lu pointed to diversifying use cases for NFTs on Solana, plus a rising influx of Ethereum NFT traders starting to dabble in the Solana space.
He also suggested that Solana’s NFT trading “meta” changes often, with new trends appearing every couple of weeks and keeping NFT collectors engaged and buying. A key rival in Fractal, a Solana NFT gaming platform from Twitch co-founder Justin Kan—Magic Eden also plans to add support for NFTs on other blockchain platforms. To build a personal collection- Collecting is a great way to start your art collection or to add to an existing one. It’s also a great way to meet other collectors and learn more about the world of art collecting.
- Addition of Solana support in April doesn’t appear to have had much of an impact.
- Once we’ve compared Magic Eden to OpenSea and Solanart, you’ll be ready to make sound trading decisions.
- Once your bid is accepted, the project will be added to your collection.
- To set up an account on Magic Eden, you’ll need a Solana wallet.
- According to the developers, the DAO’s mission is to “work together with our community to create a stronger Solana NFT ecosystem”.
Before XCOPY saw any significant primary sales, collectors trading his pieces peer-to-peer helped his catalog accrue value. The royalties he received through these secondary sales likely helped sustain his career as he continued to create new art. And when it’s time to mint an NFT, creators can simply list their collections on the Magic Eden platform. Whether you’ve already launched a project or have a mint coming up, you can head over to the Magic Eden Creator Hub, follow a few prompts, and submit your collection for verification. Watch the video below for an in-depth look at how this process works.
The Remnants is a post-apocalyptic survivor game featuring 8,000 PFP-esque NFTs. As a play-to-earn game, The Remnants offers trading, crafting, and battling mechanics unique to the Solana blockchain. Finally, the diversity of projects on Magic Eden gives it a leg up on the competition. Mainly, this comes down to the variety of NFTs and experiences available on the platform and the ability to collect items cross-chain on Ethereum and Solana. Additionally, Yin clarifies that he doesn’t just want the product to be easy to use, he wants it to be a joy to use.
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Enthusiasts are further incentivized to participate in decision-making by collecting one of Magic Eden’s Magic Ticket NFTs. These NFTs live in a collection featuring more than 30,000 tokens and grant holders access to Magic Eden’s Discord-based DAO, which is known as MagicDAO. There, community leaders deliver interconnectivity via social programs and rewards. Though NFT platforms are most well known for listing digital collectibles such as the popular Bored Ape Yacht Club and Crypto Punk collections, Lu envisions that the platform’s value will be far broader. The transaction volume on the platform has surpassed $200 million.
Yin, the team chose to support Polygon because of its low transaction fees and EVM compatibility, which makes it ideal for game developers. Now that your wallet is connected, it’s time to find the perfect NFT collection for you. You can browse the marketplace for something that piques your interest. Finally, it is also worth noting that Eden has a relatively small community compared to other blockchains. This means that fewer people may be available to help you with your project if you encounter difficulties. However, this also presents an opportunity for those willing to put in the extra effort to build something truly unique and ground-breaking on Eden.
These crypto assets don’t fit neatly into a single category but over the past year its popular projects involve digital collectibles that serve as a signal or key to an exclusive online community. Magic Eden’s focus is both on the primary and secondary market for its featured NFTs. This is relatively uncommon for the majority of NFT marketplaces of this kind. It means that authors are able to be repaid with royalties from secondary sales. These are the NFT trades that occurred after the initial sale when the NFT was first promoted on the website.
For every 1 SOL traded, users earn five “Magic Points,” placing users in one of five loyalty tiers. This ranking system will reward users with unique benefits, including exclusive creator content, partner discounts, and NFT giveaways airdropped directly to their profile. This is why both support and opposition have been swift following MetaShield’s launch. Second only to Okay Bears on what is wanaka farm, the collection has had its ups and downs but is revered as a global community of creators, developers, entrepreneurs, athletes, artists, experimenters, and innovators. To set up an account on Magic Eden, you’ll need a Solana wallet. We recommend checking out Phantom, which is one of the most popular software wallets for collecting NFTs on SOL.
Magic Eden’s Launchpad feature
The funding will be used to invest in partnerships, build out a gaming vertical, and launch a mobile application that allows users to browse, mint, and trade NFTs, Magic Eden said. “Volatility in the price action of cryptocurrencies just comes with the territory. That’s part and parcel of the industry that we live in,” Magic Eden CEO and Cofounder Jack Lu told Yahoo Finance. NFT giants like OpenSea do honor the royalty amount set by artists, while also providing the option to turn it off.
You can learn everything you need to know about Solana, NFTs, and the best NFT marketplaces by talking to the community members. The principal function of these tickets involves access to the MagicDAO. This is a platform that will handle governance within the ecosystem. Owners of a ticket will be able to interact with one another and make decisions about ways to improve the marketplace. • Price alerts on your favorite collections – head over to your profile settings and enable them. As of June 1, Magic Eden makes up for almost 97% of the market share for daily Solana NFT transactions, up almost 10 percentage points from 88.5% on the month-ago date, chuxin’s data shows.
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Collecting Edenites is done by defeating them in battle or trading with other players. The company hosted a Twitter Spaces 30 minutes after the announcement to field questions from its users. Please enable JavaScript or switch to a supported browser to continue using twitter.com. In order to allow more people to have higher chances to participate in the drop on Magic Eden, we have decided to limit the amount of Monkey NFTs to One per wallet.
OpenSea charges 2.5% of the sale price as transaction fees for both Solana and Ethereum NFTs. As opposed, Magic Eden’s transaction fees are slightly lower at 2%. Magic Eden NFT marketplace was founded by CTO Sidney Zhang, CEO Jack Lu, COO Zhuoxun Yin, and Chief Engineer Zhuojie Zhou. The founding team boasts a wealth of experience, having worked with tech giants like Uber, Facebook, Google, FTX, and Coinbase in the past. Additionally, the core team’s chemistry has been instrumental in the platform’s success. That the startup didn’t plan to raise money again so quickly, but said that its rising market share and increasing NFT gaming presence convinced him to build up a war chest.
CoreStarter is connecting early-stage Crypto projects and investors through blockchain-based decentralized services. Led by a seasoned team of developers with years of experience… “We have been in active conversations with multiple ecosystem partners to identify solutions for creators in a timely manner,” Lu said in the statement.
