NFT marketplace Magic Eden raises $27 million as demand cools

With Magic Eden’s integration with Polygon, emerging creators, strategic IPs, and games developers will now be able to tap into Magic Eden’s cross-chain audience and products to easily launch and grow their communities. Currently, Magic Eden is one of the biggest OpenSea competitors. So, it’s natural to wonder which of the two platforms is better for trading NFTs. Ultimately, the right marketplace for you depends on your specific NFT projects and your personal preferences. Nonetheless, before choosing a marketplace, there are certain factors you should consider, including daily and monthly trading volume, supported blockchains and wallets, platform security, and royalty fees.

Magic Eden is working towards becoming one of the largest NFT marketplaces in the crypto space. It already accounts for more than 50% of NFTs traded on the Solana blockchain. It’s always important to stay up-to-date with the projects that are causing a stir in the NFT space. The “Popular Collections” feature lets users know which projects have been garnering attention at the moment. This is a highly useful feature for those traders looking to make a quick profit by switching their attention toward the most popular NFTs available on Solana at the moment.

NFT marketplace Magic Eden, launched just nine months ago, has raised $130 million in a Series B round co-led by Electric Capital and Greylock Partners, bringing its valuation to $1.6 billion. Magic Eden has set up its own DAO, called the MagicDAO, that is currently organised in a dedicated Magic Eden Discord channel. According to the developers, the DAO’s mission is to “work together with our community to create a stronger Solana NFT ecosystem”.

Magic Eden declined to offer its current valuation given its funding raise. Since launching in September last year, Magic Eden’s transaction volume and user count has accelerated faster than any of its competitors, according to Dapp Radar. Currently, 93% of all NFT transactions on the Solana blockchain take place on Magic Eden, according to data provider, Dune Analytics. Non-fungible tokens act as certificates of authenticity that are minted and preserved on a blockchain. These tokens can have programmable rules and, as certificates, they serve as the receipt for digital goods, which includes videos, music, million-dollar fine art, and even digital real estate. Crypto-native venture capital firm, Paradigm, led the round and was joined by Sequoia Partners, Greylock, Solana Ventures and others.

The Attributes Filter is helpful in narrowing down the searches. Attributes such as the background, clothes, the design of the eyes, etc. are all elements that can be used in your search. Just head on over to the “Upcoming Drops” section of the website, and that will show you a number of new releases and a direct link to the Twitter account of those projects. Alternatively, you can click “Make an offer” to lower the listed price, if possible.

To get exclusive access- Many artists offer collector’s editions or other exclusive items that can only be obtained through collecting. Another essential thing to remember is that transaction speeds on Eden can vary depending on network congestion, as with any other blockchain. This is something to consider if your project requires fast or near-instant transactions. One of the ways we make magic more accessible is by offering a wide range of products designed for different levels of experience. Whether you’re just starting or a seasoned pro, we have something that can help you achieve your goals.

Product Details

In general, Magic Eden’s platform has an average of 20 million unique sessions per month and mints over 50,000 Solana-based NFTs daily. All things considered, the Magic Eden NFT marketplace has tremendously grown to become a significant OpenSea competitor. Its plethora of features combined with an easy-to-use interface makes it an attractive choice for creators and collectors alike. With its considerably lower listing prices—no listing fee and a 2% transaction fee – it’s likely the marketplace is going to stick around.

Okay Bears is a PFP collection that has easily become one of the most successful NFT projects on the Solana blockchain. The project has continued to solidify its place on the list of top 50 NFT projects of all time and has provided a collection similar to BAYC for enthusiasts to identify with. In terms of content hosted on what is tecoin, the platform excels in both PFPs and gaming. As PFP NFTs continue to maintain popularity within the NFT market, a range of these types of collections continue to dominate Magic Eden, with Okay Bears being among the most successful.

Rarible NFT Marketplace: How To Use It, About $RARI and more

The native currency of Magic Eden is called MAGI, and it can be used to purchase in-game items or pay transaction fees. For NFT collections coming onto the primary market, Launchpad offers ultimate customization, marketing support, and operational execution. Complementing Launchpad is Magic Eden’s active secondary NFT market, which allows creators and collectors alike to access added liquidity and gain entry to over 10,000 listed collections.

• Nonetheless, before choosing a marketplace, there are certain factors you should consider, including daily and monthly trading volume, supported blockchains and wallets, platform security, and royalty fees.
• Finally, it is also worth noting that Eden has a relatively small community compared to other blockchains.
• The three core pillars of the DAO membership are governance, rewards, and community.
• The next most important aspect of Magic Eden is its focus on community.

This is done to create the greatest amount of exposure, improve the potential for secondary trading, and ensure the existence of dedicated development support. Magic Eden is a decentralized NFT marketplace built on the Solana blockchain. The blockchain can process more than 65,000 transactions per second and has a block time of one second. Its main competitor, Ethereum, can only process 30 transactions per second and has a block time of 15 seconds.

Magic Eden Debuts Magic Eden Rewards to Celebrate Community and…

This is precisely why collectors and creators continue to butt heads, leaving platforms feeling forced to pick sides. The debate is heating up surrounding creator royalties in the NFT space. And this idea of longevity truly does seem to be front of mind for Yin and the rest of the https://cryptolisting.org/ team.

The launch of Sudoswap’s SudoAMM breathed new life into the debate. Sudoswap is an Ethereum NFT marketplace that is known for not honoring artist royalties on NFT sales. Buyers and sellers are usually exempt from paying the 5% or 10% creator royalty that comes with NFTs. The debate over creator fees or royalties on NFTs has been going on for a while now. Both sides, the creators and collectors, have made their case as to why or why not there should be royalty on top of the sale price of an NFT. To achieve its objective, ease of use is a vital component of the project.

SuperRare: A Guide For NFT Collectors and Artists

No matter what your reason for collecting, Magic Eden is a great place to start or add to your collection. With its wide selection of artists and art styles, there’s something for everyone on Magic Eden. To make an Investment- Some people view collecting as an investment, as the value of certain pieces can increase over time.

The 101: What to know about Magic Eden

There are no other additional fees for listing or delisting NFTs from the marketplace. A community-centric NFT marketplace where everyone can buy, mint, and list NFTs. Built on the power of the BSV blockchain, FabriikX offers expertly curated exclusive content from top creators within arts, sports, and music, as well as…

Polygon-Based NFTs on Magic Eden

As mentioned earlier, Launchpad is Magic Eden’s very own system of minting and NFTs. Its goal is to represent the artists by making minting easy and unaffected by technical difficulties. At the same time, Launchpad is meant to represent the interests of the users as well by vetting projects. Only 3% of applicants, the team members claim, are allowed to present their work on the platform.

While less discussed than cryptocurrencies, regulation also poses a longer-term factor for NFT demand. The SEC is scrutinizing platforms potentially offering NFT services it sees as investment contracts. Since exceeding $6,000 in the first week of January, the average selling price for an NFT has halved to $3,000, according to data tracker Nonfungible. Total daily sales average for the segment has also compressed to $38 million from a high of $160.2 million on January 31. Learn about Magic Eden and other Solana developments over at the BeInCrypto Telegram Group.