Magic Eden is a new NFT platform made for the Solana Network that facilitates the buying, selling, and minting of NFTs. Furthermore, it is now the leading NFT marketplace after Okay Bears launched.
There has never been a shortage of creatives around the world. The only problem that remains is finding innovative platforms that can showcase their creations. The emergence of NFTs has brought a new era of opportunities for creatives, but the exorbitant cost and technical know-how required for this venture have proven to be an immense hurdle for most people.
As a solution, Magic Eden has dealt with these limitations by simplifying the minting process and bringing down the cost of transaction fees, making non-fungible token (NFT) ventures affordable and simple for everyone. Since Magic Eden runs on the Solana blockchain, all fees involved are basically negligible thanks to the network’s high throughput.
Magic Eden’s trading volume surpassed 350K SOL last October 5, and is still growing really fast. This is a testament to the enormous demand for Solana NFTs.
Table of Contents
What is Magic Eden
Magic Eden is a new NFT platform made for the Solana Network that facilitates the buying, selling, and minting of NFTs.
The NFT transactions are very similar to Ethereum, except that users will have a 0% listing fee and only 2% transaction fees, which lowers the entry barriers for new and seasoned NFT buyers and creators. SOL tokens are the medium of payment for fees.
NFT collections inside Magic Eden are growing every day, and this expansion will grow even further, which will result in increased trading activity and a stronger community.
How To Buy NFTs in Magic Eden
Set Up A Wallet
The Solana Network, where the Magic Eden sits, 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, Phantom’s setup process will be very familiar.
Users have to go to Phantom’s official website, install the browser extension, and select the “Create New Wallet,” From there, they just have 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 buy NFTs on Magic Eden.
Here are the top 5 crypto 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 to their wallets, and as for the process of withdrawing, it is similar on the majority of 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” on the top-right section.
Explore NFT Collections
Once connected, head over to the search bar at the top of the page. You can either search for specific NFTs in the field or simply click “Browse→Collections” on its right, which will showcase the latest and hottest collections in the marketplace.
Buy NFTs
Once you’ve chosen an NFT to buy, click on it. In this example you can instantly purchase a CatPunk OG Pass at 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, note that offers are not guaranteed to be filled as sellers reserve the right to accept them.
Bidding Basics
Magic Eden doesn’t charge cancel or offer fees, but the platform clarifies that bidders’ offer price should be within its escrow. Users can also cancel offers by going to the “Offers Made” tab on the platform’s “My Profile” page.
The minimum offer price that bidders need to make should be 50% of the listing price to increase the possibility of matching the offers.
Mint NFTs By Applying at 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 in launching digital assets.
To join the Magic Eden Launchpad, users have to fill up this form. Here’s a quick look at some of the information that the Launchpad will ask from NFT creators:
- Project Name
- Creator Name
- Stage of the Project
- Discord ID for the main contact
- Email address for the main contact
- Information about the project, the creator’s story, and his goals
- Twitter handle
- Discord Server
- Website
Launchpad Criteria
Not everyone who signs up for the Launchpad will be accepted, as the platform has established specific criteria to pick the ideal NFT creators for Magic Eden. Here are the things that the platform looks for in digital asset creators:
- 100% Completed Submission Form
The platform’s system will accept application forms that have complete information and automatically reject any forms with omitted questions.
- PNG Format
The platform currently accepts PNG-based artworks or static images.
- Full Collection Minting
Magic Eden does not support custom minting such as pre-mint campaigns or whitelisting and requires creators to launch their entire collection. However, it also clarifies that if creators want custom minting, they have to exclude the artworks included in this minting when launching NFTs in the platform.
- Randomized fixed price minting
NFT creators can set the total price of their collection, and each NFT will have a fixed price that contributes to the total amount of the digital asset collection.
- A Clear Roadmap
Magic Eden supports creators with a long-term vision for their NFT collections. The lack of a clear roadmap is an indication that a creator only aims for quick profits, which will hurt the platform’s progress.
- Community-Focused
The platform aims to create a strong community, and the key to this big goal is cooperation and collaboration among members. Magic Eden desires to have creators who do not only focus on their worlds but also desire to connect with the community to strengthen each other in terms of knowledge, skills, and yes, even friendship.
- Commitment
A team or an individuals’ application must clearly show their dedication to their craft and how they can be supportive and collaborative members of the Solana community.
What Creators Must Expect If Approved In The Launchpad
Creators will receive a confirmation message which includes an invitation to meet the Magic Eden team, action items, and specific dates to watch out for.
After that, they will have to send files to Magic Eden, explain their marketing plans, and have a test launch on devnet to ensure that no technical issues have slipped up in the collection. And finally, a team or an individual will now be able to live mint on the Magic Eden Launchpad.
Other Important Details About The Launchpad
- The team will accept applications on a rolling basis.
- For the next batch of applicants, the team will notify them by the end of October if their applications get rejected. If they haven’t received any message, it means that the team has included their proposal for the next application. But this isn’t a guarantee that their submission will get a thumbs up on the next round.
- Rejected applicants are welcome to resubmit their applications. They must equip their submissions with supplementary 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 of Minting NFTs
On November 2, Magic Eden posted on its Twitter account that it will launch a new minting service this month called ‘Mint Authority,’ a DIY minting tool that will make the minting process much easier for creators.
The Mint Authority will have its initial pilot on select NFT projects, will support public mint, airdrops, fair launch, 1/1 mint, and pre-sale. Magic Eden also said that its upcoming service wouldn’t 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 it goes live, users can start minting by signing up and creating a profile in Mint Authority. They can then upload their creations and share their mint link with the community.
Conclusion
Magic Eden has established a great balance between opportunity and maintaining quality. Even if it has lowered the entry barrier for people who want to use its platform, it ensures that it won’t just accept anyone that could potentially ruin the quality and reputation of Magic Eden.
Its thorough screening process guarantees that every applicant it approves can launch high-quality NFTs and have the same desire to strengthen the community and provide value for their fellow creators.
