The leading Solana NFT marketplace Magic Eden has recently been popping up in the headlines of major web3 publications. Thus, after the platform has adopted an optional royalty model as a part of the recent Polygon integration, Magic Eden is preparing another boon for its collectors. The new initiative dubbed the Magic Eden Rewards program is aimed to enable collectors to create profiles across multiple wallets, allowing them to receive rewards without leaving the platform.
Thus, the update allows rewarding both those who create NFTs and those who trade them using the Magic Eden platform. With Magic Eden Rewards, the marketplace aims to encourage traders to opt for its cross-chain innovative platform.
The out-of-the-box tool is currently in its beta version, which means that anyone willing can set up their profiles, although the first rewards program will be launched by the end of the year.
Among the key benefits of the Magic Eden Loyalty Rewards program promised to the marketplace users, these are the most outstanding:
- One profile to cover multiple wallets.
- On-site secondary trading transactions to earn Magic Points.
- The more SOL a user trades, the more Magic Points he receives. This places users into one of the five loyalty tiers.
Thus, users acquire five Magic Points for every 1 SOL traded. As for the loyalty tiers, each of them provides a collector with a specific set of perks, including partner discounts, hefty creator discounts, and access to NFT giveaways.
On top of that, the tiered structure will allow the marketplace to add dynamic fee pricing, depending on the activity within the platform, which will be split between buyers and sellers. With this, Magic Eden hopes to encourage creators and collectors to work together through programs, increasing engagement.
“This is a really cool way for us to deliver value to our assets and a tool for creators to engage with new and existing collectors. As a marketplace, we’ve been trying hard to ship innovation that goes beyond the pure transactional layer,” Jack Lu, co-founder, and CEO of Magic Eden commented on the new program.
Following his colleague’s thoughts, Magic Eden co-founder and COO Zhuoxun Yin continued: “We pride ourselves on delivering value to our creators and users and Magic Eden Rewards is a testament to that. By offering progressively greater rewards, perks, and fee discounts based on user activity, we’re excited to pair this up with creators and help them find ways to deepen engagement with their communities.”
Earning Magic Points depending on the total amount of crypto spent and secondary trading transactions is an innovative and mutually beneficial way of interaction between collectors, creators, and the platform itself.
Once you still haven’t signed in for the program, it’s high time to drop by Magic Eden’s website. Those who sign in during this week will be rewarded by the end of the month. So, be quick!