In 2024, Magic Eden burst into the NFT scene with top-class performance and high volumes. For instance, in April, Magic Eden overtook Blur in various metrics, making it the top marketplace for the month.
With volumes exceeding $486 million and sales count hitting about 590K, Magic Eden beat BLUR, whose volumes stood at just about $378 million. For this month, Magic Eden was the largest NFT marketplace by trading volume.
Just a month earlier, in March 2024, Magic Eden recorded monthly trading volumes of $734 million, over $200 million above the runner’s up, Blur. Later in August, Magic Eden again topped the NFT marketplace charts, with volumes exceeding $122 million, representing a 36.7% market share.
Despite the NFT markets declining severely, Magic Eden has been reporting proper growth. With Solana increasingly gaining favor among NFT creators, Magic Eden could be the next big crypto marketplace.
What is Magic Eden? How does it work? Keep reading our Magic Eden Marketplace Review.
What is Magic Eden Marketplace?
Launched in September 2021, Magic Eden is among the earliest NFT marketplaces for the Solana blockchain. The idea behind the platform’s launch comes from four co-founders, Sidney Zhang, Zhuoxun Yin, Jack Lu, and Zhoujie Zhou.
The primary idea behind its creation roots back to their desire to build a user-friendly, and efficient NFT marketplace for Solana creators. Their primary mission and goal was to build a fast, low-cost, and accessible marketplace empowering creators and collectors with a platform supporting diverse projects.
Since its birth, Magic Eden has attracted massive popularity, quickly becoming a leading NFT marketplace for Solana. Moreover, recent statistics indicate that the platform has over 21 million active monthly users, a testament to its efficiency.
But what services does Magic Eden provide?
Well, it’s a Solana-based NFT marketplace, offering a podium where creators, collectors, and investors can create, buy, sell, and trade non-fungible tokens primarily based on the Solana blockchain.
How Does Magic Eden Marketplace Work?
Much like all other NFT marketplaces, Magic Eden also employed the power of smart contracts to bolster automation, security, transparency, and decentralization of the network. Users can trust the platform to handle trades without intermediaries, reducing the risk of fraud.
Have you ever heard of Amazon or eBay? Magic Eden is the Amazon for NFTs- where users can browse and buy digital assets.
However, what are the primary processes involved in creating, selling, and buying NFTs on Magic Eden? Here are just a few:
How to Get Started on Magic Eden Marketplace
Getting started on Magic Eden involves creating your account and connecting it to a supporting wallet. Here are the steps necessary to get started on Magic Eden:
Click the Connect Wallet Button
In Magic Eden’s home screen, click the Connect Wallet button. This opens multiple wallet options supported by the Magic Eden NFT marketplace.
Magic Eden advises users to use the native Magic Eden wallet. However, others like Solflare, Phantom, and more are reasonable options.
Open Magic Eden’s Home page.
Choose Magic Eden Wallet
After clicking on the Connect Wallet button, select Magic Eden Wallet. A new prompt appears where you must click Connect to link your wallet.
- Click Connect Wallet.
- Choose Magic Eden from the options provided.
- Download extension.
- Click the Create New Wallet option.
- Create a password and confirm.
Complete the confirmation process and link. Your wallet is now connected to the Magic Eden network.
Fund Your Wallet on Magic Eden IO
Yes, you have now linked your wallet with the marketplace. You still need to fund it if you will see any success. With Solana-based NFTs primary in the Magic Eden network, you must fund your wallet with some Solana (SOL) tokens. You can transfer SOL from a different wallet into the Magic Eden wallet.
How to Create NFTs on Magic Eden IO
Using Magic Eden to create non-fungible tokens is a simple and highly user-friendly process. It involves the following key steps:
- Connect a compatible wallet.
- Navigate to the mint section and click the mint terminal.
- Pick which blockchain to home your collection.
- If you choose Ethereum, click on its logo.
- An Ethereum mint terminal will open where you can search for the specific NFT you want to mint.
How to Sell an NFT on Magic Eden Marketplace
Unlike the creation process, buying NFTs on Magic Eden is easier. Foremost, you ought to understand that there are at least two ways to buy: fixed-priced NFTs and auction NFTs.
The process of buying a fixed price NFTs involves the following steps:
- Connect your Magic Eden to a Wallet.
- Search and identify the NFTs you want to purchase.
- After locating it, click the buy-now button.
- Finally, confirm the trade by clicking approve in your wallet. A new message comes up confirming your purchase of the NFT.
If the NFT is on auction, follow the first two steps above. Instead of clicking the buy now option, click the ‘make an offer’ button. Make your offer, and when accepted, you can complete the trade with step 4.
How to Buy NFTs on Magic Eden
- Connect Wallet.
- Go to the collections page.
- Select an NFT and add it to the cart.
- Buy and complete payment.
What Blockchains Does Magic Eden Support?
Despite being primarily built for the Solana blockchain, Magic Eden supports multiple blockchain networks. Among them include:
- Bitcoin — The Bitcoin network supports NFTs under the tag inscriptions. Magic Eden offers a platform to access these inscriptions.
- Ethereum — The largest NFT home is supported in the Magic Eden network.
- Polygon — An Ethereum L2 network, Polygon NFTs can also get a home on Magic Eden
- Base
Wallets Supported By Magic Eden
As with blockchains, Magic Eden also supports multiple wallets like:
- Magic Eden Wallet
- Phantom
- MetaMask
- Coinbase
- WalletConnect
- Rainbow
- Exodus
- Bitget
- Ledger Live
- Loopring
- OKX
- DEXTrade
- XDEFI Wallet
Key Features and Benefits of Magic Eden
This marketplace, which stands as the most popular on the Solana blockchain, brings a range of features, making it a top option for creators and collectors. Here is a short breakdown of the best features:
Magic Eden and Solana: A Winning Combo
Magic Eden’s decision to go with Solana has come under some questioning, especially by many crypto users. But, the duo’s merger has been beneficial to Solana.
Among the benefits associated with Magic Eden’s use of Solana include:
- Scalability: Compared to its bigger rival Ethereum, Solana can handle thousands of transactions every second, enjoying top scalability. As such, creators enjoy seamless NFT minting, trading, and buying with zero delays.
- Low gas charges: Another benefit of Solana is the lower gas fees. Even as Ethereum’s gas charges skyrocket, Solana’s has been consistently low, even below the cent mark. As such, the blockchain is more attractive to NFT builders.
- Energy Efficiency: Amidst the increasing concerns over the environmental impact of blockchain networks, Solana’s PoS consensus has proven a better eco-friendly alternative.
Magic Eden also plays a crucial role in the Solana NFT realm, positioning itself as the leader. It is highly accessible owing to the low minting costs. Moreover, as an NFT platform, Magic Eden brings high community engagement, fostering a vibrant ecosystem that drives continuous interest and growth in Solana NFTs.
Wide Range of NFT Collections
Like many other NFT marketplaces, Magic Eden supports many NFT collections, ranging from digital art, music, gaming assets, and even virtual real estate. This platform caters to collectors and creators looking for different types of assets.
Mobile Accessibility
Magic Eden brings accessibility with a clean and intuitive interface that can be used by both rookies and experts in the NFT space. This simplicity makes it easy to buy and sell NFTs.
Secondly, Magic Eden brought accessibility to mobile and desktop devices. Hence, you can create and buy NFTs on the go.
Trustability: Creator and Collection Verification
Many times in the digital realm, people fall prey to fake collections or creators. With Magic Eden, it is possible to confirm the legitimacy of a creator or an individual collection. In fact, as per reports, Magic Eden gives users verification badges that help spot the genuine from possible scammers.
Exclusive Drops and Auctions
Magic Eden hosts exclusive NFT drops and auctions, allowing users to acquire valuable NFTs. These are opportunities to participate in limited releases.
Royalties for Creators
Magic Eden also brings support for creator royalties. In every secondary sale, the NFT creator earns a small percentage of the value. This means the creator enjoys perpetual gain.
Magic Eden’s Fees
Another important aspect to consider when analyzing the Magic Eden marketplace is the fees. What fees has the exchange implanted for users? Here is a breakdown:
- Magic Eden charges a 2% transaction fee compared to networks like OpenSea, which offers a 2.5% charge.
- Magic Eden does not set any fee requirements for listing NFTs.
- The platform does not charge any fees for making or canceling a bid.
- Creators are given the ability to charge their royalties.
The Magic Eden trading structure is dynamic, adapting based on the individual trading styles of the users.
Final Word
Our guide explored the world of Magic Eden, one of the largest marketplaces in the NFT space. Over the recent months, Magic Eden has been showing signs of peaking in the NFT space. Benefits like a wide range of assets, mobile accessibility, trustability, and even speed are the reasons for the marketplace’s continuing growth.
