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Magic Eden has established itself as the highest NFT market to purchase Solana NFTs. The truth is, it’s at the moment the second main NFT market when it comes to the final 30-days buying and selling quantity, second solely to the Ethereum market, OpenSea. What’s extra, each Magic Eden and Solana NFTs have helped amp up NFT gross sales amid the current market slumps. So, let’s dive in: What’s Magic Eden NFT market and how will you use the platform?

Homepage of Magic Eden NFT marketplace
Magic Eden is the main market for Solana NFTs.

What’s Magic Eden NFT Market?

Magic Eden is a decentralised NFT market constructed on the Solana community. It permits customers to create, purchase, promote, and commerce NFTs, together with digital collectibles and gaming belongings. Because the main NFT market on Solana, it enjoys over 90% of the market share for secondary Solana NFT gross sales. 

Previously 30 days, Magic Eden has generated over $214 million in buying and selling quantity, boasting over 254,000 merchants, in response to DappRadar knowledge. What’s extra, its all-time buying and selling quantity has crossed $1.44 billion. Moreover, in March 2022, the platform raised $27 million in a Series A round to problem OpenSea. 

Who Created Magic Eden NFT Market?

Magic Eden NFT market was based by ​​CTO Sidney Zhang, CEO Jack Lu, COO Zhuoxun Yin, and Chief Engineer Zhuojie Zhou. The founding crew boasts a wealth of expertise, having labored with tech giants like Uber, Fb, Google, FTX, and Coinbase prior to now. Moreover, the core crew’s chemistry has been instrumental within the platform’s success.

“I believe the success is absolutely as a result of chemistry of the crew,” Tiffany Huang, Magic Eden’s Head of Advertising and Content material informed NFTevening in a current interview. “We’re nobodies. Like none of us is legendary. We’re a bunch of 30, 31-year-olds. And it’s very egalitarian.”

How Do You Use Magic Eden?

Inside the Magic Eden NFT market, you will discover 4 main sections—New collections, well-liked collections, drop calendar, and auctions. Whereas the primary options the newest NFT collections to drop on the platform, the second reveals the most well liked and most trending collections. 

Inside the ‘In style Collections’ part, you possibly can filter collections primarily based on the 24-hour, seven days, or 30 days buying and selling quantity. At present, Okay Bears, Trippin’ Ape Tribe, Reptilian Renegade, and DeGods take the highest spots.

A sketch of a rocket launching in the night
Magic Eden has its personal Launchpad for seamless minting. Credit score: Magic Eden

An attention-grabbing characteristic of the platform is the Magic Eden Launchpad. Put merely, that is an unique minting launchpad that helps creators seamlessly and securely mint their NFTs.  It has an automated distribution system that takes care of all of the technicalities, permitting creators to only deal with their paintings. In brief, the launchpad provides creators full NFT minting help, automated distribution on the platform, and outbound advertising help. 

Nonetheless, Magic Eden follows a rigorous utility course of to simply accept creators on the Launchpad. The truth is, it accepts underneath 5% of functions. 

Different Options of the Platform

Aside from the above, Magic Eden provides a slew of different options as effectively. As with most NFT marketplaces, Magic Eden too has an attributes filter choice that can assist you select the precise NFT you’re searching for. In different phrases, you possibly can filter NFTs in every assortment by their background, garments, eyes, mouth, and different attributes. Alternatively, you possibly can filter the NFTs by standing and worth. 

Inside every assortment, there are separate tabs to see any stay auctions, the current market exercise, and the analytics of the gathering. The analytics, particularly, is a useful gizmo because it helps get you updated with every thing from current trades to prime holders. 

Different NFT collections on Magic Eden marketplace
The platform provides a variety of enticing options.

Moreover, Magic Eden provides a separate Insights part the place you will discover the newest Solana NFT statistics. Need to know the highest Solana NFT collections, their flooring worth, buying and selling quantity, and common worth? Then, this part is your one-stop resolution!

Furthermore, Magic Eden has gone one step additional to provide the ‘Marketplaces Breakdown’. Primarily, you will discover the newest buying and selling quantity, transactions, in addition to the variety of lively wallets on a bunch of prime Solana NFT marketplaces. 

Aside from this, Magic Eden has a devoted part for Solana video games. Certainly, {the marketplace} holds 90% of the in-game secondary market buying and selling of Solana. As well as, it has collaborated with gaming initiatives to launch over 35 Eden Video games. This contains Everseed, SkateX, DeFi Pirates, and Mini Royale Nations. 

Different Okay Bears avatars
Okay Bears is a well-liked NFT assortment on Magic Eden.

How Do You Purchase Solana NFTs on Magic Eden?

If Magic Eden seems like the right alternative for you, listed here are the steps to purchase Solana NFTs on the platform:

  1. First issues first—you want a Solana pockets resembling Phantom, Solflare, or Sollet
  2. Subsequent, get the wanted quantity of SOL from a supported crypto alternate. Binance, Coinbase, and FTX are good choices. Then, despatched the SOL to your pockets.
  3. As soon as your pockets is prepared with sufficient SOL, join it to Magic Eden. For this, click on ‘Choose Pockets’ on the top-right nook of the website. Observe the prompts to attach your pockets.
  4. Now that your pockets is related, it’s time to seek out the right NFT assortment for you. You may browse {the marketplace} for one thing that piques your curiosity.
  5. Lastly, click on “Purchase Now” to purchase the NFT of your alternative. Alternatively, you possibly can click on “Make a suggestion” to decrease the listed worth, if potential. 

All issues thought of, the Magic Eden NFT market has tremendously grown to grow to be a major OpenSea competitor. Its plethora of options mixed with an easy-to-use interface makes it a beautiful alternative for creators and collectors alike. Furthermore, it has significantly decrease itemizing costs—no itemizing payment and a 2% transaction payment. Whereas the platform is more likely to proceed to face stiff competitors from OpenSea, it positive has established itself because the go-to place for Solana NFTs!

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All funding/monetary opinions expressed by usually are not suggestions.

This text is instructional materials.

As at all times, make your personal analysis prior to creating any type of funding.

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