As competition among NFT marketplaces heats up, Magic Eden has another big announcement that should please its users. The multi-chain blockchain that rose to prominence on Solana has a new rewards model for users: Traders on Magic Eden can earn crypto tokens for their loyalty and activity.
On Monday, Magic Eden announced a collaboration with a new non-fungible DAO to launch a crypto token called ‘NFT’ to reward traders on the platform, in addition to the “Diamond” rewards they already receive.
Tiffany Huang, the General Manager of Magic Eden, said that the ‘NFT’ crypto token will be given to people “using the protocols that they’re governing,” including users of the Magic Eden NFT marketplace across several chains. Magic Eden currently supports NFT trading on Solana (SOL), Ethereum (ETH), Polygon (MATIC), and Bitcoin (BTC).
It’s unclear which blockchain the new NFT crypto will be launched on, or when users can expect to see a token drop. But given that Magic Eden began and is still known largely as a Solana marketplace, some are speculating the token could be launched on Solana.
Besides the new token drop, the marketplace is expanding its Diamond rewards program across its four blockchains. According to Huang, the ramp-up of the program will continue, and the “Diamonds program” is something the company wishes “to live forever.”
Magic Eden launched its Diamond rewards program in March 2023 to reward users trading Solana-based NFTs. Now the program is being rolled out to Magic Eden’s full ecosystem, and the company claims its “just the beginning.”
Magic Eden: A Top NFT Marketplace
Since its launch in September 2021, Magic Eden has experienced rapid growth in the NFT space. Over the past thirty days, the platform has even surpassed OpenSea in total sales volume ($148 million to OpenSea’s $105 million), according to data from DappRadar. That puts Magic Eden in the #3 spot for top NFT marketplaces during that time.
How did Magic Eden rise to its position as one of the most used NFT marketplaces around? At Rarity Sniper, we’ve written dozens of articles about Magic Eden over the past few years. Here are the top stories from the platform in 2023:
- November. Yuga Labs & Magic Eden to Launch Creator Royalty NFT Marketplace
- August. Magic Eden Creates $1M Polygon Creator Fund for NFT Projects
- April. Magic Eden to Debut Bitcoin Ordinals Launchpad
- April. Magic Eden Open Doors for Ethereum in April
- March. Magic Eden Launches Bitcoin Ordinals Marketplace
One of Magic Eden’s strategies last year was to expand its marketplace to support some of the top blockchains for NFTs, and that move has worked out well. Now with the latest reward program initiatives, it appears Magic Eden is focused on giving back its community.
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