BCGAME - Free 5BTC Daily Bonus!Magic Eden is an New NFT platform made for the Solana Network that makes it easy to buy, sell, and mint NFTs. Magic Eden surpassed 350K SOL on October 5, 2021, and is still growing very fast. This is a testament to the huge demand for Solana NFTs.
In this article, we will discuss:
What is Magic Eden NFT?
Magic Eden is a new NFT platform made for the Solana Network that facilitates the buying, selling and minting of NFTs. NFT transactions are very similar to Ethereum except that users will have a 0% listing fee and only 2% transaction fees, which lowers the barriers of entry for new and experienced NFT buyers and creators. SOL tokens are the means of paying fees.
The NFT collections within Magic Eden are growing every day, and this expansion will increase further, which will result in greater commercial activity and a stronger community.
🚀 We're less than a week from launching 🚀
…the slickest NFT marketplace on Solana
…with 0 listing fees
…and token rewards for the communityMeet Magic Eden, THE Next-Gen @solarium NFT Marketplace!#solanaNFT #fading #Solana Summer #MagicEden pic.twitter.com/UcObMz1WIN
— Magic Eden 🪄 (@MagicEden) September 5, 2021
How does Magic Eden work?
Magic Eden Marketplace
Magic Eden's main product is its secondary market. Projects must first apply to list their NFTs on the Magic Eden Marketplace, but after approval, NFTs can be freely traded, bought and sold. The market has a number of unique features and benefits that provide users with extra value such as:
- A popular collections page that shows which designs are popular and allows users to find trending NFTs
- An attribute filter that allows users to quickly filter NFTs and find specific designs
- A comprehensive statistics page that shows each NFT's total bid, volume percentage, minimum price and value, thus allowing users to conduct better research and make more educated investments.
Magic Eden Launchpad
The Magic Eden Launchpad is the project's exclusive minting platform. The launchpad's main purpose is to make minting simple, seamless and safe for creators all over the world. Magic Eden Launchpad requires minimal technical experience and provides creators with extensive support and help throughout the minting process.
To launch an NFT collection with Magic Eden, users must sign up to join launchpad. Less than 5% of all entries are accepted and only the best projects can be released into Magic Eden. This ensures that the Solana community can trust all NFT collections released on Magic Eden to be safe, reliable and high quality projects that have been carefully vetted.
Magic Eden also provides marketing support for their launchpad projects prior to launch, thus helping the project gain exposure and reach. Finally, Magic Eden also has a unique creator community where approved projects can collaborate and receive crowdsourced support and feedback. Overall, the Magic Eden launch pad is not just a minting platform, but a supportive and exclusive community that empowers creators.
Magic Eden Whitelabel Marketplaces
Magic Eden also provides technology infrastructure for other cryptocurrency projects. Magic Eden provides the underlying technology that allows projects to create their own marketplace or add mint functionality. Magic Eden's technology currently powers Raydium, Thugstore, and Galactic Geckos, three Solana-based NFT projects.
Magic Eden DAO
Magic Eden very recently released their MagicDAO. Currently, the DAO has limited control and most decisions are still being made by the centralized Magic Eden team. MagicDAO is managed through discord and gives users the ability to vote for:
- Which NFT projects should be displayed on the market homepage
- How to use the MagicDAO treasury fund
- Certain operating rules and decision
Participation in the DAO is restricted to holders of the Magic Edens NFT, “Magic Ticket”. In total, 30.000 Magic Ticket NFTs were created and released to older and active Magic Eden users. These NFTs can be sold on the secondary market and the current minimum price is 0,16 SOL.
Magic Eden vs OpenSea
Investors who have been paying attention to the NFT industry have probably heard of OpenSea. OpenSea is the leading cryptocurrency NFT market and has captured over 80% of the world's total NFT market share. OpenSea is primarily an Ethereum-based platform that supports NFTs built on Ethereum; as a result, OpenSea suffers from many of the same issues as the Ethereum network, such as high gas rates, high power consumption, low scalability, and low transaction speeds. Magic Eden, on the other hand, is built in Solana. This allows Magic Eden to take advantage of the faster speeds, lower rates and lower power consumption rates that the Solana network offers.
That said, just last month, OpenSea announced that it will start supporting Solana-based NFTs. OpenSea's expansion into the Solana market is not good news for Magic Eden. OpenSea is the most dominant company in the NFT market, has much more funding, better brand recognition, more technical expertise and is incredibly well positioned to start competing with Magic Eden for Solana's NFT market. For reference, Magic Eden had $41 million in turnover in the last 30 days, while OpenSea had $2,64 billion in turnover.
Despite this huge size difference, Magic Eden has some advantages over OpenSea. For starters, Magic Eden has the first-mover advantage in the Solana NFT market and currently dominates 90% of the market share. This will give Magic Eden some buffer space to prevent OpenSea from expanding. Additionally, Magic Eden even offers lower fees than OpenSea and provides some unique features that OpenSea does not currently offer. Finally, despite seeing a lower total trading volume, Magic Eden sees higher total daily transactions. This means that, on average, Magic Eden users are more active and engaged than OpenSea users.
How to Buy NFTs in Magic Eden?
Set up a wallet
The Solana Network, where Magic Eden is located, supports three common wallets: Phantom, Solflare, and Sollet. As an example, Phantom will be used as a guide in creating a wallet. For those who have used the MetaMask wallet, which is one of the most popular crypto wallets today, the Phantom setup process will be very familiar. Users have to go to the official Phantom website, install the browser extension and select “Create New Wallet”. From there, they just need to follow simple instructions to have an approved crypto wallet.
Buy SOL Tokens
Users are required to purchase SOL and send these tokens to their wallets to purchase NFTs in Magic Eden.
Here are the top 5 cryptocurrency exchanges that support SOL:
- Binance
- Coinbase Pro
- OKEx
- FTX
- Huobi Global
Users can check 36 other exchanges where they can buy SOL from this list. After purchasing SOL, they can now withdraw their tokens from their wallets, and the withdrawal process is similar for most exchanges.
Connect your wallet to Magic Eden
Now that you have funds in your wallet, connect them to the Magic Eden webpage by clicking “Connect” in the upper right section.
Explore NFT Collections
Once logged in, go to the search bar at the top of the page. You can search for specific NFTs in the field or simply click “Browse → Collections” on the right, which will display the latest and most interesting collections on the market.
Buy NFTs
After choosing an NFT to buy, click on it. In this example, you can instantly buy a CatPunk OG Pass at the listing price by clicking “Buy Now” or make an offer to buy at a lower price. You never know, the seller might be feeling generous. However, please note that offers are not guaranteed to be fulfilled as sellers reserve the right to accept them.
Mint NFTs applying to Magic Eden Launchpad
The platform's 'Launchpad' provides a simple process for users to create and sell NFTs, eliminating the hassle of going through many technical processes just to proceed with launching digital assets. To join Magic Eden Launchpad, users must complete this form. Here's a quick look at some of the information Launchpad will ask for from the creators of NFT:
- Project name
- Creator Name
- Project Stage
- Discord ID for main contact
- Primary contact email address
- Information about the project, the creator's history and its objectives
- Twitter identifier
- Discord server
- Internet network location
Launchpad Criteria
Not everyone who signs up for Launchpad will be accepted, as the platform has established specific criteria for choosing the ideal NFT creators for Magic Eden. Here are the things the platform looks for in digital asset creators:
- 100% completed application form – The platform system will accept application forms that contain complete information and will automatically reject forms with omitted questions.
- PNG format – The platform currently accepts PNG-based artwork or static images.
- Full collection sister-in-law – Magic Eden does not support custom creation, such as pre-build campaigns or whitelists, and requires creators to launch their entire collection. However, it also clarifies that if creators want a custom coinage, they must exclude the artwork included in that coinage when launching NFTs on the platform.
- Fixed random price coinage – NFT creators can set the total price of their collection, and each NFT will have a fixed price that contributes to the total value of the digital asset collection.
- A clear script – Magic Eden supports creators with a long-term vision for their NFT collections. The lack of a clear roadmap is an indication that a developer is only aiming for quick profits, which will hamper the platform's progress.
- community focused – The platform aims to create a strong community, and the key to this great goal is cooperation and collaboration among members. Magic Eden wants to have creators who not only focus on their worlds, but also want to connect with the community to strengthen each other in terms of knowledge, skills and yes, even friendship.
- Commitment – A team or individual app must clearly show their dedication to their craft and how they can support and collaborate as members of the Solana community.
What should creators expect if approved on Launchpad?
Creators will receive a confirmation message that includes an invitation to meet the Magic Eden team, action items, and specific dates to observe.
After that, they'll have to upload files to Magic Eden, explain their marketing plans and run a devnet launch test to ensure that no technical issues have occurred in the collection. And finally, a team or an individual will now be able to live on the Magic Eden Launchpad.
Other important details about Launchpad
The team will accept applications on an ongoing basis.
For the next batch of applicants, the team will notify them by the end of October if their applications are rejected. If you haven't received any messages, it means that the team has included your proposal for the next application. But this is not a guarantee that your application will be approved in the next round. Rejected applicants may resubmit their applications. They should equip their applications with complementary materials, such as additional details about the collection and project updates, which can strengthen their proposal and increase their chances of being accepted.
Mint Authority: Another Way to Coin NFTs
On November 2, 2021, Magic Eden posted on their Twitter account that they will be launching a new minting service this month called 'Mint Authority,' a DIY minting tool that will make the minting process much easier for creators.
⚡️⚡️Introducing: #MintAuthority (coming this month)!
⭐️ The simple self-service minting solution for creators
⭐️ An easy way for collectors to discover upcoming mints representing a range of creators— Magic Eden 🪄 (@MagicEden) November 1, 2021
The Currency Authority will have its initial pilot on selected NFT projects, will support public currency, airdrops, fair launch, 1/1 mint and presale. Magic Eden also said that their next service will not restrict any file types.
Here's a quick look at the file types it will support for each media:
- Images – png, gif, svg, jpg
- Audio – mp3, wav, flac
- Video – mp4, mov
- VR and HTML – gltf, glb
Once online, users can start coining by signing up and creating a profile on Mint Authority. They can then upload their creations and share their mint link with the community.
Magic Eden (ME) Cryptocurrency Where to Buy
To acquire the Magic Eden (ME) cryptocurrency, the most recommended options are cryptocurrency exchanges.
A Gate.io is the most popular for ME trading. Currently, the trading pair ME/USDT has an active volume of about $249,993,490 in the last 24 hours. This indicates high liquidity and user interest.
Other notable options for purchasing Magic Eden include:
- OK
- bitget
These platforms provide a safe and reliable environment for users who want to buy and sell ME. It is always important to check the transaction fees and security measures before starting to trade.
To start buying ME, a user can create an account on one of these exchanges. After confirming the account, they can deposit funds and select the desired trading pair to make the exchange.
Additionally, it is essential to use secure wallets to store the acquired ME tokens. This ensures that the assets remain protected from potential threats.
How to buy Magic Eden Coin (ME)
To buy the Magic Eden (ME) cryptocurrency, the platform Gate.io is a recommended option. Here are the basic steps to make the purchase.
- Create an account: First, the user must access the Gate.io website and create an account. It is necessary to provide some personal details and confirm the email.
- Identity Verification: After creating an account, you may be required to go through an identity verification process. This helps ensure the security of the platform.
- Make a Deposit: The next step is to deposit funds. The user can add funds using bank transfers or deposits in other cryptocurrencies.
- Search for ME Currency: On the Gate.io platform, the user should search for Magic Eden (ME) in the trading section. This can be done quickly using the search bar.
- Execute the Purchase: Once found, the amount of ME to be purchased must be entered and the transaction confirmed. The user can choose to purchase at the market price or set a specific price.
After these steps, the Magic Eden coin will be credited to the user's account. The user can keep it on the platform or transfer it to a wallet. It is advisable to use a secure wallet for greater protection of digital assets.
Conclusion
Magic Eden struck a great balance between opportunity and quality maintenance. Even though he's lowered the barrier to entry for people wanting to use his platform, he assures him that he won't just accept anyone who might ruin Magic Eden's quality and reputation. Their thorough screening process ensures that all successful candidates can release high-quality NFTs and have the same desire to strengthen the community and provide value to their fellow creators.
FAQ
Is Magic Eden Cryptocurrency Worth It?
The decision to invest in Magic Eden depends on each investor’s risk profile. It is important to consider factors such as the platform’s track record and acceptance in the NFT market.
Will Magic Eden Cryptocurrency Rise?
Price fluctuations are common in cryptocurrencies. Several factors, such as the demand for NFTs and the evolution of supported blockchains, can influence the price of ME coin.
Magic Eden (ME) Cryptocurrency Price Prediction 2025
There is a possibility that Magic Eden could break through the $13,00 barrier and remain in the market until the end of 2025. The lowest price for Magic Eden will be between $10,74 and $13,00, and the most likely price will be stable around $12,38 until the end of 2025. Despite the extreme fluctuations in Magic Eden’s value and the controversy surrounding its environmentally harmful energy use, billionaire venture capitalist Tim Draper maintains his prediction that Magic Eden will hit $13,00 by the end of 2025 or early 2026.
Magic Eden (ME) Cryptocurrency Price Prediction 2030
By the beginning of 2030, Magic Eden price prediction and technical analysis indicate that Magic Eden cost will reach $36,52, and ME price is expected to reach $36,52 by the end of the year. Furthermore, ME may reach up to $33,84 in price. The time frame from 2024 to 2030 will bring significant years for Magic Eden growth.
Is Magic Eden a good investment?
Investing in Magic Eden may be attractive due to its low transaction fees. However, it is essential to analyze the market trends and the health of the platform before investing.
What is the future of ME currency?
The future of ME Coin could be promising, especially if the platform continues to expand its services and user base. However, changes in the cryptocurrency market could also affect its performance.
Is Magic Eden Coin safe?
The security of Magic Eden Coin depends on the practices of the platform and users. Using non-custodial wallets and two-factor authentication can increase the security of asset management.
How to store Magic Eden Crypto securely?
To store Magic Eden Crypto securely, it is recommended to use non-custodial wallets. These types of wallets allow users to maintain full control over their assets.
What are the risks of investing in Magic Eden?
The risks of investing in Magic Eden include price volatility and the possibility of platform failures. Assessing risks is an important part of the decision-making process when considering an investment.
