NFT transaction volume reached Rp375 trillion in 2021. That year, the virtual world was also shocked by the appearance of the “Ghozali Everyday” NFT and various NFTs sold at fantastic prices. In the rapidly evolving world of digital investing, the market growth of Non-Fungible Token brings about significant changes in the digital art and collectibles industry.<nbsp;< span=””></nbsp;<>

 

Increasing demand worldwide demonstrates a shift in consumer preference towards innovative art mediums that combine technology and creativity. NFTs become unique digital assets stored on a blockchain. Blockchain technology has opened up new possibilities for artists to showcase and sell their work directly to a global audience without intermediaries.

 

Research and Markets data shows that the global non-fungible token market is expected to reach 211.72 billion USD by 2030, with a Compounded Annual Growth rate of 34.2% from 2023. Rising demand for digital art and crypto usage globally is one of the major factors driving the market growth. One of the leading platforms in this field is Magic Eden, an NFT marketplace that has gained traction among artists and collectors.<nbsp;< span=””></nbsp;<>

 

What is Magic Eden?

With a background in crypto, consumer internet, and DeFi management consulting, in September 2021, Sidney Zhang (Uber Eats), along with Jack Lu (FTX), Zhuoxun Yindan (Coinbase), and Zhuojie Zhou (Facebook), united in a vision to found Magic Eden, an NFT marketplace.

 

Founded by a team of visionary entrepreneurs on top of Solana blockchain technology, Magic Eden aims to revolutionize users’ enjoyment of the digital environment into an immersive metaverse where users can explore and interact with various virtual landscapes, characters, and experiences. The platform offers activities like gaming, socializing, shopping, and even creating personalized content. This attraction sets Magic Eden apart from other virtual worlds, unlike traditional platforms where users have limited control over their digital assets.

 

Magic Eden utilizes blockchain technology to ensure true ownership and scarcity of virtual goods. Users can buy, sell, or create unique digital assets within the platform. Magic Eden is a virtual world and an innovative platform that empowers users with true ownership and creative expression. The founders have paved the way for an innovative fusion of technology and imagination that promises exciting possibilities for a future of immersive experiences.

 

The Magic Eden marketplace integrates with other popular platforms, such as OpenSea, further expanding the reach of artists’ creations and making the positive impact of the NFT market more than just digital art. Collectibles from various industries, such as sports memorabilia, virtual real estate, music albums, and even virtual fashion, have found their place in this popular market. The digitization of assets combines with the diversification of blockchain technology to open up limitless opportunities for these creators while giving collectors new ways to engage with art and collectibles.

 

What is the Use of Magic Eden? 

 

 

As it is built on the Solana blockchain, the Magic Eden utility acts as a place for NFT collectors and creators to interact, exchange, and explore unique digital works in the Solana blockchain ecosystem.

 

Magic Eden provides a place for users to trade, buy, and sell NFTs freely once their NFTs are approved and registered on the marketplace. Users who wish to sell NFTs on Magic Eden must first register the NFTs. Once approved, the NFT can be sold in the market.

 

Magic Eden has a popular collection page lets users see which designs are currently popular and in demand by the community, helping them find trending NFTs. In addition, users can also use attribute filters to filter NFTs based on certain characteristics, making it easier to find the desired design. The platform provides a comprehensive statistics page, including total NFT bids, volume percentage, price, and minimum value. This helps users conduct better research and make more informed investment decisions.

 

What are the Features of Magic Eden?

Magic Eden provides the feature to attach multiple images or GIFs to a single NFT. This increases the overall value and presentation of the collector’s NFT collection. One of the notable features of Magic Eden is its support for NFT collections published on various blockchains, including Solana, Ethereum, and Polygon. Users can explore and engage with diverse NFT projects and collections from blockchain ecosystems. Magic Eden NFTs feature a variety of unique collections, such as DeGods, Solana Monkey Business, Crypto Kitties, and many more. These collections offer digital assets with distinctive characteristics and attributes that make them desirable to collectors.

 

The Magic Eden platform is committed to simplifying the process of purchasing and creating NFTs. Features such as Launchpad, community support, and affordable fees all drive the platform forward. With the existing features, users can make offers or sales by listing NFTs and making offers on Magic Eden free of charge. Magic Eden only charges 2% on each transaction, which is lower than similar platforms.

 

The platform provides a Launchpad feature that is useful for supporting digital asset creators in the NFT creation process. Magic Eden actively pays attention to criticism and suggestions from users, showing that the platform constantly strives to improve its quality with the community’s needs in mind. The platform also offers secure storage for earned NFTs in users’ digital wallets. In addition to buying and selling NFTs, Magic Eden facilitates community engagement by organizing events, such as virtual galleries or exhibitions, where artists can showcase their work. This creates opportunities for creators to gain recognition and connect with potential buyers or supporters.<nbsp;< span=””></nbsp;<>

 

How does Magic Eden work?

Before deciding to become a Magic Eden marketplace user, it is better first to understand how this platform works.

 

The main product of Magic Eden is its secondary market platform. Projects or users must register to include NFTs in the Magic Eden marketplace first. After approval, the NFT can be traded or purchased and sold freely.

 

The marketplace has several special features and benefits that add users’ value. A popular collection page that showcases trending designs, allowing users to discover trending NFTs. Attribute filters that enable users to quickly filter NFTs based on specific characteristics and find the desired design. The comprehensive statistics page displays each NFT’s total bid, volume percentage, price, and minimum value. This allows users to conduct better research and make more informed investment decisions.

 

Pros and Cons of Magic Eden 

It would be incomplete to talk about the latest blockchain news but not briefly discuss the technology’s advantages and disadvantages. Here are the pros of Magic Eden:

 

• Low transaction fees: Magic Eden charges a transaction fee of 2% for each sale, lower than the transaction fee charged by OpenSea (2.5%).

• Swift platform: Solana is a faster and more reliable blockchain than Ethereum, so Magic Eden offers a more efficient user experience.

• Innovative features: Magic Eden offers various innovative features, such as the “trending” and “hot sales” features.

 

Meanwhile, here are the cons of Magic Eden:

 

• Limited collection: Magic Eden still has a more limited NFT collection than other NFT marketplaces, such as OpenSea.

• Lack of curators: Magic Eden still has fewer curators than other NFT marketplaces, such as OpenSea.

 

How to Sign Up on Magic Eden for Creators?

 

 

When you know the meaning and benefits of Magic Eden, there’s certainly a sense of interest, right? Perhaps this is a sign for you to try your hand at showing your work in the NFT market. Look at how to sign up as a creator in Magic Eden below!

 

1. Create a Magic Eden account

As with any social media creation, the first thing to do is create an account. To create a Magic Eden account, visit the magiceden.io website and click “Sign Up.” Next, you will be asked to enter your email address, password, and username until you receive a confirmation email. Then, click on the link in the email for verification.

 

2. Complete Profile

If you have already created an account, next, complete the profile of your newly created Magic Eden account, including a profile photo, bio, and links to websites or social media.

 

3. Connect Solana Digital Wallet

Next, connect your Solana wallet with your Magic Eden account to make NFT sales. You can click the “Wallet” or wallet button in the site’s header, then select your wallet from the list.

 

4. Create NFT works

To create an NFT on Magic Eden, click the “Create” button on the website header. Then, you will be asked to enter information, such as the NFT name, description, and HD-quality image. You will also need to choose whether this NFT is public or private.

 

5. Minting NFT

If the registration process is complete, you can mint and create NFTs on the Solana blockchain to be subsequently transacted on the Magic Eden platform.

 

6. Promotion on other social media

Completing the registration steps from start to finish means you have registered as a content creator on the Magic Eden platform and can start selling NFT works. Don’t forget to always promote your Magic Eden account on your other social media platforms so that the general public will know your interests and goals!

 

Difference between Magic Eden vs OpenSea

Like real-world transactions, Magic Eden and Open Sea are like markets where sellers and buyers gather in one place. Talking of NFT’s largest marketplace, the top spot is currently still occupied by Magic Eden & OpenSea, where these two platforms provide a variety of features and services that are similar but not the same. From collections, fees, collections to features, here are some of the differences between the Magic Eden and OpenSea platforms:

 

• Platform

Magic Eden is an NFT marketplace based on the Solana blockchain, while OpenSea is an NFT marketplace based on the Ethereum blockchain.

 

• Fees

One of the most interesting factors to discuss is the money involved, namely the cost. Magic Eden charges a transaction fee of 2% for each sale, while OpenSea charges a transaction fee of 2.5%. This is because Solana is a faster & more affordable blockchain than Ethereum so Magic Eden can offer lower transaction fees.

 

• Collection

OpenSea offers various NFT collections, including collections popular among the Ethereum community, such as art, collectibles, and domain NFTs. At the same time, Magic Eden focuses on the collection of NFTs popular among the Solana community, such as gaming, avatar, and art NFTs.<nbsp;< span=””></nbsp;<>

 

• Features

Speaking of displays, Magic Eden offers features that make it easier for users to find and purchase NFTs, such as a “trending” feature and a “hot sales” feature. OpenSea also offers various features that are no less interesting, such as the “drops” and “royalties” features.

 

Launch of New NFT Marketplace by Magic Eden and Yugas Labs

Yuga Labs, the company behind famous NFT projects such as Bored Ape Yacht Club and CryptoPunks, has just announced synergies with Magic Eden, a Solana-based NFT marketplace, to collaborate on creating a brand new NFT marketplace.

 

Both Yuga Labs and Magic Eden will launch a new NFT marketplace designed to provide a better user experience and stricter royalty regulations. Talking about royalties, of course, this regulation will have a good impact on the sustainability of the NFT world itself. The new NFT marketplace will be built on Solana, a faster and more affordable blockchain than Ethereum. In addition, this marketplace will offer a variety of features designed to make it easier for users to find and purchase NFTs, such as a “trending” feature and a “hot sales” feature.

 

Conclusion

Magic Eden is an NFT marketplace based on the Solana blockchain that offers low transaction fees, a fast and reliable platform, diverse collections, and innovative features. The existence of a platform or facility like Magic Eden can be a reference and an alternative for creators and collectors to conduct NFT transactions in addition to using OpenSea. This NFT marketplace is worth considering for NFT creators and collectors looking for an affordable and easy-to-use marketplace.

 

As a collector or creator, you should be aware of some of the advantages of Magic Eden, such as cheaper transaction fees, a fast platform, and interesting features. Not only that, but you also need to know the disadvantages of Magic Eden, namely the limited number of collections it has (compared to OpenSea) and the number of curators that are still not too many.

 

With more and more choices of places to sell NFT works it will be very useful for creators and collectors of NFTs as a platform for buying and selling digital work assets. However, before choosing the NFT marketplace, make sure you have done DYOR (Do Your Own Research) so that the advantages or disadvantages offered by each platform can suit your needs.

 

As a reminder, to broaden your knowledge about blockchain technology and the world of crypto assets, you can read the latest articles on INDODAX Academy. With adequate information and knowledge, you can also start investing in crypto assets at INDODAX, a crypto exchange that has been regulated so that they are guaranteed to be safe.

 

Let’s increase crypto asset investment literacy only on INDODAX Academy!