Magic Eden (ME) is a popular cross-chain NFT marketplace and dapp. Originally launched to service the Solana high-performance blockchain ecosystem, Magic Eden now operates across a selection of top-performing blockchains. Here’s how Magic Eden can help you to enhance your NFT trading strategies and more.
Today, Magic Eden is a core component of many NFT traders’ toolsets. The platform has handled more than 70 million transactions totaling more than $6 billion in volume to date. Additionally, it is home to more than 8k curated NFT collections that are traded and viewed by the network’s more than 500k active monthly users.
What Problems Does Magic Eden (ME) Attempt to Fix?
Magic Eden developers want to solve several issues. One is to bring high-performance NFT trading to Solana. When the project launched, it quickly achieved this goal, becoming responsible for more than 80% of all Solana NFT mining and trading volume.
To accomplish this goal, the developers were keen on making the system as easy to operate as possible. Removing the technical roadblocks to NFT minting and trading has paid off greatly for the project, which now spans Ethereum, Polygon, Bitcoin, and more.
Source – Magic Eden
Scalability Problems
Scalability concerns have always been a top priority for DeFi developers. Magic Eden operates on the fourth-generation Solana blockchain. This high-speed network can process thousands of transactions per second. Additionally, it’s structured to provide low fees, even during times of network congestion. As such, it’s ideal for dapp developers and traders seeking to maximize their efforts.
Lack of Interoperability
Another concern that Magic Eden solves is a lack of interoperability. When you have blockchain networks that can’t communicate tokens or value, you’re left with smaller liquidity pools. Magic Eden combines all of these pools and enables users to access larger liquidity networks like Ethereum to ensure their projects and collections have access to the funding they need. Launch your NFT and trade it across all major ecosystems using Magic Eden.
Benefits of Magic Eden (ME)
Magic Eden has several unique benefits. First, it was built from the ground up to be as easy as possible for new users to operate. The intuitive interface provides access to everything needed to research, trade, and even mint NFTs. Additionally, the wallet protocol allows you to trade directly from your secure wallet.
Creator Features
Magic Eden provides creators with advanced features to ensure that they can maximize their efforts. For example, the royalties settings allow miners to determine how much they require for secondary sales. The percentage is automatically removed and deposited in the creator’s account using smart contracts on every secondary sale. This structure provides additional passive income and makes the creator’s position more rewarding.
Access to Rare Collectibles
The cross-chain trading capabilities that Magic Eden brings to the market allow collectors to find the rarest and most eccentric NFTs. They can sort based on vital characteristics like scarcity, mint date, collection information, and much more. Locate the exact NFTs you want to expand your collection and trade directly from your wallet in seconds.
Community
Many creators have come to Eden to be part of its growing community. The platform acts as a hub for NFT creators and innovators to meet up and share concepts and ideas. As the Magic Eden economy expands, its community will become even more valuable, providing users with the info they need to secure the collectibles they desire.
How Does Magic Eden (ME) Work?
Several components make Magic Eden work. The project has a retail-friendly mobile app that is the main way in which users interact with the platform. The dapp makes it easy to collect, create, and trade NFTs.
You can use the dapp to explore collection details using advanced sorting features that enable you to narrow your hunt to the specific attributes that make the collectible rare or original. Notably, Magic Eden was one of the first NFT marketplaces to support Bitcoin Ordinals.
Launchpad
One of the core components of Magic Eden is its NFT launchpad. Skilled creators can mint their NFTs and share them with the world here. Notably, there is a vetting process that ensures the quality of the collections remains high. Only around 5% of collections gain approval.
Secondary Market
The Magic Eden secondary market is where users can go to find already minted collections and tokens. Here, users can showcase their collections and offerings to the market. The interface features all the key details you would need to determine the scarcity and other characteristics of the NFTs you want to add to your collection. Notably, there is a 2% transaction fee on secondary market trades.
Dompet Magic Eden
The Dompet Magic Eden wallet provides users with a secure and easy-to-access location for their collections. The wallet can hold tokens from a selection of popular blockchains and allows you to see your portfolio across chains in one easy-to-manage interface. Notably, this multi-chain wallet supports direct interchain trading, making it ideal for those who want to streamline their NFT collecting.
Token – ME
The main utility token for Magic Eden is ME. This unique digital asset serves a vital role in the ecosystem. It is used to mint, and purchase NFTs. It’s also the main reward token for the platform. Notably, Magic Eden has completed several ME airdrops since its launch.
Additionally, you can take your ME tokens and secure passive rewards. The staking periods range from 1 week to 4 years and your rewards are based on the amount and time you participate.
History
Magic Eden entered the market in 2021. It was founded by Sidney Zhang, Jack Lu, Zhuoxun Yin, and Zhoujie Zhou to provide the digital economy with high-performance NFT trading solutions. Impressively, the platform received immediate support from VCs and traditional investors including Coinbase Ventures, Solana Ventures, Variant Fund, Kindred Ventures, Greylock Partners, Lightspeed Ventures, Paradigm, Sequoia Capital, and Electric Capital.
How to Buy Magic Eden (ME)
Currently, Magic Eden (ME) is available for purchase on the following exchanges.
Coinbase – A publicly traded exchange listed on the NASDAQ. Coinbase accepts residents from 100+ countries, including Australia, Canada, France, Germany, Netherlands, Singapore, the United Kingdom, and the United States (excluding Hawaii).
Binance – Accepts Australia, Singapore, the UK, and most of the world. Canadian & USA residents are prohibited. Use Discount Code: EE59L0QP for 10% cashback on all trading fees.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. Restrictions may apply, depending on location.
Magic Eden (ME) – Taking NFT trading to the Next Level
The combination of low fees, easy minting, and high-performance trading make the Magic Gardens project exciting to watch. The platform continues to expand its community and market positioning thanks to its reputation as a reliable and secure NFT marketplace. All of these factors continue to make Magic Eden a favorite among NFT collectors and creators alike.
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