Topics NFT
Bybit Learn
Bybit Learn
Intermediate
14 Th06 2022

What Is Magic Eden? — and Why It’s the Top Solana NFT Marketplace

The Magic Eden NFT marketplace has become a prominent digital space for the minting, buying and selling of NFTs. Built atop the Solana blockchain, the platform includes several user-friendly features that have been attracting a considerable number of traders. Eden Games is providing exciting options for gamers, while Magic Eden fees are refreshingly low.

If you’re curious to know more about Magic Eden, this is the article for you. We’ll learn how the platform stacks up with its competitors. Once we’ve compared Magic Eden to OpenSea and Solanart, you’ll be ready to make sound trading decisions.

What Is Magic Eden?

Magic Eden is the largest NFT marketplace on the Solana blockchain. It allows traders to buy, sell, mint and manage tokens, and it includes a thriving secondary market.

To understand what magic Eden is, it helps to know a bit about the platform’s short history and its meteoric rise. The Magic Eden NFT marketplace was launched in September 2021 and quickly became a dominant force in the NFT ecosystem. In a virtual world where most NFT marketplaces are built on Ethereum — a blockchain with high transaction fees — Magic Eden’s position on Solana gives it a competitive advantage. The uniform 2% transaction fee makes it popular with traders, and the recent launch of sought-after tokens has only increased its profile.

How Does Magic Eden Work?

Answering the question, “What is Magic Eden?” is only the beginning. We also need to understand how the Magic Eden NFT marketplace works.

Magic Eden is available both for launching new NFTs and trading on the secondary market. While the secondary market remains the more popular feature, recent launches have garnered significant attention. This trend suggests that Magic Eden could have a prosperous future as a place where NFTs are initially launched and then subsequently bought and sold.

The Magic Eden Launchpad is the component of the marketplace designed for minting new NFTs. The platform has been designed with user friendliness in mind, giving creators a simple, effective way to launch their projects. Before minting NFTs on the platform, creators must register with Magic Eden. Fewer than 5% of projects are accepted, ensuring that the Eden marketplace maintains high standards. This level of quality control allows traders to navigate the site with confidence. If an NFT is available for minting on Magic Eden, then it must be part of an exceptionally promising project.

Magic Eden supports NFT launches with additional marketing. NFT producers can also communicate with each other in a special creator community, exchanging ideas and supporting each other’s projects. This level of exchange produces a supportive environment where creators can thrive.

Magic Eden’s secondary marketplace includes many useful futures, making the platform a favorite for traders. A special page for popular collections presents options for curious buyers, letting them shop around and get a feel for different types of digital artwork. The Attributes filter allows enthusiasts to search for the specific traits they’re looking for within a given collection. Magic Eden’s stats page is both detailed and user-friendly, allowing prospective buyers to analyze their options before making a purchase. By consciously improving the user experience, Magic Eden has made itself a dominant player on the Solana blockchain. Soon, it may become the major marketplace for NFTs across the crypto world.

How to Apply for Listing

To maintain high standards in its secondary marketplace, Magic Eden requires traders to apply for a listing before offering a token on the site. Once the application has been approved, the NFT can be bought and sold freely. This initial screening process helps traders maintain confidence in the legitimacy of the tokens available.

There’s no charge for applying for a listing on Magic Eden. All you have to do is fill out an online application form and wait for a representative to contact you with more information. Notice of acceptance or rejection should come in within two days. Once your listing has been approved, you can offer your tokens for sale on the site.

Magic Eden Fees

Magic Eden fees are widely hailed for being fair and reasonable. Its marketplace funds operations through a modest 2% transaction fee. Listing tokens on the site is free, and there’s no additional fee for making a bid. Most traders find this to be a favorable set of policies, and the relative affordability of the site has made it a favorite among NFT enthusiasts.

As a trading platform, Magic Eden respects the royalties set by creators. Buyers can view the royalty for each product on the token’s details page. The total payment for the royalty will be made immediately at the time of purchase.

The fairness of Magic Eden fees helps make the platform a popular choice for global traders. It’s also a principal concern when comparing Magic Eden to OpenSea and Solanart. If you want to trade tokens without wasting your crypto on fees, then Magic Eden NFT marketplace is a good place to carry out your transactions.

Auctions

Magic Eden’s auction feature has been designed to benefit buyers and sellers alike. Buyers can use this feature to bid on a token, based on their own assessment of its value. Holders then receive an alert, and can then decide whether to accept or reject the bid. If the bid is rejected, the prospective buyer can raise their offer or move on. When a bid is accepted, the transaction goes through immediately.

For buyers, the auction feature gives them immediate access to all kinds of NFTs and the freedom to bid for them at their preferred buying range. Sellers, meanwhile, can take advantage of the feature to sell off their NFTs while incurring minimal sell fees. It’s ultimately this kind of user-friendly feature that’s made Magic Eden such a hit among traders.

Eden Games

Magic Eden has made blockchain gaming a central component of its business model, even launching an associated platform called Eden Games. This separate platform already accounts for more than 90% of Solana’s gaming market, with popular games like Mini Royale, Panzerdogs and Remnants attracting users from around the world. Organizers are planning to expand their reach even further, with much of the company’s Series A funding going toward Eden Games.

Eden Games plans to launch new games, as well as improve those that already exist. Many gamers move from one game to the next with a constant desire for something new, and Eden Games wants to create an ecosystem so interesting that people regularly come back for more. By adding new weapons and gameplay options to existing games, designers can maintain an audience and build a larger base of support. If the strategy works, Eden Games could become the dominant force in blockchain gaming.

Magic Eden’s Rise to Popularity

In its few months of existence, the Magic Eden NFT marketplace has quickly become one of the web’s most popular spaces for NFT trading. While the crypto world in general has been struggling to overcome widespread economic volatility, Magic Eden has been steadily attracting more users and increasing the total number of transactions conducted on the site. This trend suggests that Magic Eden and Eden Games could cement themselves as lasting features of the web3 landscape.

As of May 2022, the Magic Eden NFT marketplace has attracted over 50,000 users. It also boasts over 500,000 individual transactions each day, with a daily trading volume that sometimes rises to $75 million. These statistics demonstrate the sheer power of Magic Eden as a prominent NFT marketplace.

You can see the rising popularity of the platform by comparing Magic Eden with OpenSea. While OpenSea, a marketplace on the Ethereum blockchain, has long been the dominant force in NFT trading, Magic Eden surpassed its competitor in daily trading in May 2022.

There are several reasons for the rising popularity of the Magic Eden NFT marketplace. For one thing, the fairness of Magic Eden trading fees has attracted traders. Nobody likes to burn funds in additional fees, and Magic Eden lets traders use most of their funds on actual tokens. The Eden Games portion of the platform is also attracting users, giving gamers a place to enjoy games on the blockchain. Finally, a steady stream of popular launches has brought attention to the marketplace. NFTs like Okay Bears and Trippin’ Ape Tribe

have become genuine phenomena, bringing traders to the Magic Eden NFT marketplace.

How to Use Magic Eden

Now that we know what Magic Eden is, let’s look at how you can actually use the platform. Accessing the Magic Eden NFT marketplace is simple and easy, especially for prospective buyers. It’s also a straightforward process for sellers, but you’ll need to apply to list new tokens.

The first step is to make sure you have a Solana wallet. Magic Eden is built entirely on the Solana blockchain, so you’ll need SOL tokens to buy digital products. If you’ve got a Solana wallet, the next step is to connect it with the Magic Eden NFT marketplace. You can do this through the Magic Eden Launchpad on the marketplace’s website.

Once you’ve successfully connected your Solana wallet, you can access and take advantage of the marketplace’s many features. Not only can you mint new tokens or buy existing ones, but you can also conduct your own research, search for specific traits and look for entertainment with Eden Games. You can then make regular bids or try to purchase tokens through auctions, all while enjoying the reasonable Magic Eden fees.

Sellers also need to connect their wallets to the Magic Eden NFT marketplace, in addition to submitting an application for listing their tokens. The process is quick and easy, and you should know within two days whether or not you’ve been accepted to list your token on the site.

Magic Eden vs. Other NFT Marketplaces

Next, let’s look at how Magic Eden compares to other marketplaces in the NFT space. From OpenSea to Solanart, this type of comparison is essential to understanding the nature of the NFT marketplace. After all, traders ultimately have to decide which platform they want to use for their transactions.

These sites are in direct competition with one another, so it helps to know how they stack up. Once you’ve learned a bit more about Magic Eden vs. OpenSea and other NFT marketplaces, you’ll have a better idea of where you’d like to spend your money.

Magic Eden vs OpenSea

To better understand Magic Eden, it helps to compare it with OpenSea, one of the most prominent NFT marketplaces. The most notable difference between the two platforms is in the blockchains they’re built upon. The Magic Eden NFT marketplace resides on the Solana blockchain, which is known for its functionality and scalability. OpenSea, meanwhile, is built on the Ethereum blockchain, a central player in the crypto world. This difference accounts for many subsequent points of separation, including the currencies used to buy tokens on the platform. While Magic Eden deals in SOL, Solana’s native token, OpenSea users must buy and sell with Ether (ETH).

As the Magic Eden NFT marketplace surges in popularity, many traders have been comparing it favorably with OpenSea. While Magic Eden has surpassed OpenSea in daily trading, OpenSea continues to attract more capital. With traders intrigued by the reasonable Magic Eden fees, the Solana-based upstart could continue to grow at OpenSea’s expense. In the quickly changing world of NFTs, there’s no telling what the future holds in the Magic Eden vs. Opensea debate.

Magic Eden vs Bybit NFT Marketplace

OpenSea isn’t the only platform competing with the Magic Eden NFT marketplace. In fact, the web is quickly filling up with NFT trading platforms, many of which exist on their own crypto exchanges. The Bybit NFT Marketplace is one such platform.

Whereas Magic Eden is a separate entity operating on the Solana blockchain, the Bybit NFT Marketplace exists as part of the larger Bybit crypto exchange. Like Magic Eden, the Bybit NFT Marketplace offers tokens, games and other metaverse collectibles. Unlike Magic Eden, however, it isn’t tied to a single blockchain.

One benefit of trading on Bybit is that the platform doesn’t charge any additional transaction fees. While Magic Eden fees are largely considered reasonable, some traders might prefer a platform with no fees at all.

Magic Eden vs. Solanart

Magic Eden vs. Solanart makes for an interesting comparison because both marketplaces exist on the Solana blockchain. While they offer similar services, a few key differences set them apart. For one thing, Magic Eden’s fees are much more favorable. The Magic Eden NFT marketplace charges a 2% transaction fee, while Solanart charges 3%. This seemingly minor discrepancy can end up having a major impact when traders are buying and selling exceptionally valuable tokens.

Magic Eden also boasts a much wider selection than its smaller competitor. The platform’s rising popularity has inspired creators to flock to the site. This, in turn, attracts a greater number of buyers. While Solanart remains an intriguing place for traders to do business, Magic Eden seems likely to remain the predominant marketplace on Solana.

Popular NFT Projects You Can Purchase on Magic Eden

Any marketplace is defined by the goods it houses, and the Magic Eden NFT marketplace is no expectation. Luckily for the platform's leaders, Magic Eden is the home of some of the world’s most popular NFT collections. Tokens like Okay Bears and Great Goats have risen to the forefront of the digital world, attracting traders to Magic Eden in the process. If you’re interested in buying art from any of these collections, then the Magic Eden NFT marketplace deserves your attention.

Okay Bears

If you're into Solana NFT projects, you might have heard of Okay Bears. This collection has become a major phenomenon in the world of NFTs, prompting traders to flock to the Magic Eden NFT marketplace. The artwork is spectacular, and the branding is exceptional. As their name suggests, Okay Bears don’t appear particularly happy or exceptionally sad. They’re simply “doing okay” — which makes them excellent avatars for people in our current hectic era.

Great Goats

Great Goats is meant to be more than a simple collection of digital artwork, representing an entire lifestyle brand and bringing a new aesthetic and ethos to the Solana blockchain. As the principal marketplace on Solana, Magic Eden has become a central trading post for Great Goats tokens. If you’re interested in digital avatars that are cool in a low-key sort of way, then Great Goats is a collection worth considering.

Jikan Studios

Jikan Studios is a unique collection of intriguing NFTs. The images of armed, sometimes-threatening apes make for impressive digital avatars. Holders have formed a distinctive community that’s said to be united through a shared understanding of time. While the ethos of the community remains esoteric, there can be no denying the tokens’ impressive performance on the market.

There are 8,888 Jikan Studios tokens available. With over 8,000 individual holders, the community is almost as large as it could be. There are currently over 600 tokens available on Magic Eden with a floor price of 3.4 SOL at this time of writing. While the financial future of the tokens remains unknown, they could make for a good purchase if you’re intrigued by the community.

The Future of Magic Eden

Now that you understand what Magic Eden is, let’s discuss the platform’s future. The Magic Eden NFT marketplace gives traders an affordable way to mint, buy and sell NFTs. The reasonable Magic Eden fees have already attracted users, and the wide variety of popular tokens is only expanding. All of this suggests that Magic Eden could continue to grow.

When comparing how Magic Eden;s NFT platform compares with OpenSea, another prominent NFT marketplace, Magic Eden has already caught up to OpenSea in terms of daily trading. While its trade volume is still lagging, there are reasons to believe the Magic Eden NFT marketplace could soon catch up in that metric as well. After all, low transaction fees and popular collections are sure to attract more traders.

The NFT market is famously volatile, and there’s no way to know what the future holds. That being said, the Magic Eden NFT marketplace has plenty of factors in its favor. If you’re interested in buying and selling NFTs, then follow Magic Eden closely. It just might become the Wall Street of digital tokens.

The Bottom Line

Magic Eden is an NFT marketplace that’s built on the Solana blockchain. The platform is known for its 2% transaction fees and growing selection of interesting tokens. For Solana enthusiasts, Magic Eden is a breeding ground for the hottest Solana NFT projects that are taking off and building hype among the growing community. 

As Solana takes its place among the world’s most popular blockchains, the Magic Eden NFT marketplace figures to rapidly improve its standing. Okay Bears, Great Goats and Jikan Studios could be just the beginning of an emerging trend. For anyone interested in the future of NFTs, Magic Eden is clearly worthy of our attention.