What is Magic Eden? Everything you need to know about Solana’s leading NFT marketplace

The world of Invincible Tokens has grown exponentially in the last couple of years. NFTs have also moved from being Ethereum-centric to different networks.

Undeniably, Solana is one of the ecosystems where imperishable tokens thrive. This has led to the creation of many marketplaces, and Magic Eden is undoubtedly one of the most popular.

The following is a comprehensive and complete guide on Magic Eden, how to use the platform and its many features, what to expect from the interface, and more.

What is Magic Eden?

Magic Eden is one of the largest NFT marketplaces in the Solana ecosystem, with a strong suite of products and services. While its main function is to allow users to buy, sell, and create NFTs, it also offers other important features, including a non-retention wallet, developer resources, and a launchpad for NFT and Web3 projects.

However, Magic Eden goes beyond Solana as it supports Ethereum, Polygon and Bitcoin Ordinals. The marketplace provides artists, creators and NFT enthusiasts with a variety of features from multiple blockchains in one platform for users, creators and developers.

Magic Eden stands out in the Solana ecosystem for a number of reasons, including a user-friendly interface, a low-fee policy, a flexible royalty system that benefits users and creators, and a project launch pad and developer resources.

Magic Eden: High Features

Magic Eden Wallet

Magic Eden Wallet is a browser extension-free wallet that acts as a versatile Web3 browser, allowing users to connect to dApps, Web3 applications, or intangible tokens (NFTs) platforms and the wider Web3. the universe.

In short, the wallet allows users to send, receive and exchange crypto assets and engage with NFTs on the aforementioned supported networks.

To install it, go to the Chrome Web Store and add Magic Eden Wallet to your browser.

However, as of January 2024, the wallet is in its beta version, so you will have to enter your email to be added to the waiting list. You can review Magic Eden's Wallet guide for more information.

Meanwhile, if you're interested in learning more about Solana wallets, check out our complete guide.

Developer Resources: Magic Eden Solana and Ordinals API

Magic Eden provides a documentation page to help developers build their projects using the Magic Eden Solana API or Ordinals API. Users can go to the Platform API Guide for more information.

In general, the API provides endpoints for accessing NFT metadata, marketplace events, collections, listings, auctions, and more, allowing developers to perform various actions through the API, such as listing NFTs, buying NFTs, and bidding. While it is free, Magic Eden requires users to integrate Magic Eden with their websites or applications.

Magic Eden launch pad

The Magic Eden Launchpad can help NFT creators start their projects without technical knowledge. The protocol first ensures that the project goes through a vetting process to assess its feasibility, creativity and overall quality standards, unlike a regular application.

Rounding up the Magic Eden Getting Started Guide, here are the key points creators should keep in mind.

Roadmap: Does the project offer some type of service, for example, access to exclusive content or real-world events and merchandise? Originality and Innovation: The more a project stands out and offers unique value, the higher the chances of getting it. No Fundraising/Financing: Pools that serve as investment vehicles or hold any equity are prohibited. Copyright Policy: Creators must abide by Magic Eden's Copyright Policy and Terms of Service.

Before listing, however, there are two-step verification requirements.

Security: NFT creators go through a private Doxx process, use a third-party exchange wallet, and sign a legally binding agreement with Magic Eden.

Quality: Magic Eden reviews:

Team Quality – The amount of resources and investments involved in the project (before the construction phase) State of the art partnerships with respected entities in various crypto ecosystems and blockchains including doxxing, backend, social media accounts and other community size/social media.

How to list NFT on Magic Eden

NFT creators need to go through the creator dialog and after entering the basic information of the project, apply for details:

Blockchain legal authority where your collection is launched (if you are a founder or have permission to use the art) Collection name and logo (the logo will be part of your list URL Collection Description Profile Image Category Derivative Collection (if applicable) Social and web links Whitelist (if desired)

However, it is not that easy.

Like most NFT marketplaces, Magic Eden has high standards when it comes to listing NFTs on the platform. Only about 5% of projects are accepted, allowing users to browse the dashboard with confidence that only the best projects are listed.

Next, as you go through the listing process, you may run into a feature called Metaplex Certified Collection (MCC). MCC allows creators to verify their NFTs as part of a specific collection through on-chain data without going through the Magic Eden Group's review process. It makes the listing process more streamlined and time-saving, but comes with tradeoffs:

Your NFT will not be available on the Magic Eden home page or search bar, making it available only through a direct URL link. Users will receive warnings and disclaimers for DYOR. The warnings and disclaimers can drive away potential buyers; They don't have time to research a project or it creates distrust even if the collection is legitimate. Creators can apply for a list through Creator Hub to avoid the trade-offs listed above (if your project is approved after the review process).

How to buy and sell NFTs on Magic Eden

In this section, we will review how Solana NFTs are sold at Magic Eden.

First of all, you need to connect your wallet on the upper right side of the dashboard (the process is the same as Solana NFTs, so if you are interested in Ethereum/Polygon NFTs, you can add MetaMask).

Next, click on the “My Items” tab under your wallet address. Your collection will appear there, you just need to select the NFT you want to sell.

If you have a large collection, you can sort by price (high to low), alphabetical order, listed, unlisted, and more.

The process is very simple and easy, but here are some features and considerations that come along with buying/selling NFTs on Magic Eden.

Bulk Listing (Optional): You can use the ‘Bulk Listing' feature to sell multiple NFTs at once and set a single price for all your NFTs (you can also list each NFT individually, just click on your NFT's) ‘Details' option and the sale Save Price.) Quick Sell (not optional): The ‘Quick Sell' option allows you to quickly sell your NFTs if there is a fixed discount.

Selling Polygon NFTs on Magic Eden:

Selling Polygon NFTs on Magic Eden takes a similar process:

Connect your MetaMask or Polygon-enabled wallet on the Magic Eden site. Go to ‘My Items' and select the NFT you want to list for sale On the item details select currency and price and list your NFT.

That's a lot. Same process as before.

Bitcoin Turn Trading on Magic Eden:

Selling Bitcoin Ordinals on Magic Eden goes through a different process.

First, you need to go to magiceden.io/ordinals and connect the Ordinals wallet. There are five options as shown in the image below.

Once selected, a new window will appear, asking you to click on ‘Set Up Wallet' and complete the necessary transactions for Bitcoin Ordinals, ensuring that both the standard receiving address and the Bitcoin payment address are set up.

Once ready, wait for the network to work and confirm your transaction. Once set up, you can list your Bitcoin Ordinals by setting up sales lists.

Buying Solana NFTs on Magic Eden

If selling NFTs on Magic Eden is already easy, buying them is a walk in the park thanks to the marketplace's user-friendly interface.

You can sort, rank, and filter massive NFT collections by floor price, average sale price, transaction volume, and more. These are useful metrics for evaluating project performance and predicting future prices.

Naturally, you must first select the NFT you want or buy in bulk, buying multiple NFTs from the same or different batches. Either way, you have to click on the NFTs you want, and it will be added to the shopping list. At the bottom, you'll see a “Buy Items” tab, and to your left you'll see an item quantity bar, which can be used to increase or decrease the quantity of items.

After clicking on a specific NFT, you can place a bid by clicking ‘Make an Offer'.

Royalty on Magic Eden

Magic Eden Fees and Royalty Fees

One of the advantages of Magic Eden is how straightforward the payment system is.

Listing Fees: No listing fees Transaction Fee: 2% transaction fee for all transactions, including transactions on other blockchains.

On the topic of royalties, creators set a percentage of the royalties paid after the sale (users can view royalty payments in the NFT item details section). Here's a quick explanation of how royalties work on Magic Eden:

Magic Eden supports optional royalty payments for buyers, allowing them to choose how much they want to pay creators. Users can pay in full (100%), half (50%), or nothing. By default, royalty payments are set to 100% completion for each transaction. NFT projects with Metaplex MIP-1 standards will always enjoy full royalty payments. Click here for more information. The platform honors fixed royalties for Ethereum and Polygon and ignores optional royalty payments. Bitcoin Ordinals do not have royalty support due to technical limitations.

The rationale behind alternative royalties is that they encourage buyers to support creators. Additionally, creators can set additional incentives for users based on their payout percentage. For example, opting for general royalty payments may provide additional facilities or benefits to the buyer, providing an incentive for full support.

Magic Eden contestants

Magic Eden is the largest Solana NFT marketplace, boasting over $2.5 billion in total sales since its launch. As far as the Solana ecosystem is concerned, Solanart is Magic Eden's most direct competitor. Here are some of their basic differences.

Solanart Statistics:

Listing Fees: 0% Transaction Fee: 3% for each sale

Magic Eden:

Listing Fees: 0% Transaction Fee: 2% for each sale

Detail process

Both platforms require the same basic information to apply for a listing. In Solanart, you have to complete a 12-step process that requires you to submit your project's Discord and social media, collection type and description, mint date, etc. But Magic Eden thanks to Metaplex integration, founders and a. Strict screening process.

Magic Eden vs OpenSea

Outside of Solana, OpenSea is arguably Magic Eden's main competitor. While both platforms have their pros and cons, it ultimately depends on what you want.

For example, Magic Eden is known for its user-friendly interface and resources dedicated to helping developers and NFT founders. That said, it is an ideal choice for newcomers to the NFT world. It charges a low transaction fee of 2% compared to OpenSea's 2.5% and supports a wide range of Solana wallets, including Phantom, Slope, Sollet, Solflare, Clover, Ledger, Solong and MathWallet.

In contrast, OpenSea may be more appropriate for more experienced NFT users due to its sophisticated user interface and wide range of Web3 products and services. Moreover, OpenSea supports card payments through Moonpay and has a long list of supported wallets including Dapper, Metamask and more.

Here is the gap:

Magic Eden:

User friendly interface. Low transaction fee of 2%. It supports a wide range of Solana wallets including Phantom, Slope, Sollet, Solflare, Clover, Ledger, Solong and MathWallet. It only supports crypto payments.

Open sea:

A more sophisticated user interface is suitable for experienced NFT traders. Maximum transaction fee 2.5%. It supports various payment options including card payments through Moonpay and crypto wallets. It offers multiple payment methods and support for many crypto wallets like Coinbase, Dapper, MetaMask and others.

That's a package.

Magic Eden differentiates itself from other Solana NFT marketplaces because it offers a community-centric approach that makes things easier for NFT traders, creators and developers.

There are innovative features such as Launchpad for NFT project support, possible partnerships with Magic Eden, promotions and lots of developer resources to take their projects to the next level.

The platform has strengthened its position on Solana as a leading and comprehensive NFT marketplace.