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What is Magic Eden? Everything about Solana’s Leading NFT Marketplace

With over 10 million visits per month, 100,000 new wallets created every day, and $1 billion in secondary trading volume, Magic Eden offers the best marketplace experience and value for NFT creators and their communities on Solana.
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thanhuyen.c98
Published Mar 16 2022
Updated Mar 17 2023
5 min read
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What is Magic Eden?

Magic Eden is the leading NFT marketplace on Solana with over 90% market share. Allowing users to mint and trade NFT easily with low transaction fees, high liquidity and intuitive user experience, Magic Eden has become the destination for discovering, trading and creating NFTs for everyone.

Website Magic Eden: https://magiceden.io/about

How does Magic Eden work?

Core Secondary Marketplace: Magic Eden helps creators and their communities trade their favorite NFTs with lightning fast liquidity and ease to use research, browsing and searching experience. Magic Eden offers more than 4,000 collections, 5 local language capabilities, intuitive user experience and low transaction fees (listing fees at 0%, transaction fees at 2%).

Magic Eden supports auctions and launchpad

Launchpad: Launchpad is Magic Eden exclusive minting platform. Only 5% of all Launchpad applications are accepted and the best projects on Solana will be able to reach a huge number of users. Previously, the Chillchat project launched its NFT on Magic Eden with a floor price of 2 SOL. Magic Eden is also supporting NFT creators by helping them mint new NFTs, promote and distribute NFTs automatically on Magic Eden.

Whitelabel marketplaces: Magic Eden has partnered with many projects such as: Raydium, Thugbirdz, Galactic... By listing NFTs for sale on Magic Eden, users' products are also sold on the remaining NFT exchanges, providing high liquidity for the user's NFT.

Gaming: More than 90% of all Solana NFT gaming secondary trading volume occurs on Magic Eden. Magic Eden is passionate about supporting game creators and their communities on Solana. They have partnered with top gaming projects to launch Eden Games, a content platform which shows the best games on Solana while hosting games directly on their platform and via their Discord. 

Music: Magic Eden is exploring Music NFTs ft PixelBands and Wuki. The goal is to help artists earn 5% royalties anytime an NFT with their music sells, enable fans to directly invest in the artist they believe in while earning royalties and having proof of ownership. 

Magic Eden recently airdropped over 30,000 NFT Magic Tickets to launch MagicDAO, a community of Magic Eden members with three goals: social interconnectivity, rewards, and governance. Magic Ticket is currently being sold with a floor price of 0.28 SOL.

Magic Ticket - The Gate to MagicDAO 

Magic Eden Token Use Cases

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Team, Investors, and Partners

Team

Magic Eden's development team has extensive experience in IT, Crypto, Blockchain and product development. Magic Eden has scaled up from 4 co-founders to over 60 employees in just 6 months.

  • Co-Founder & CTO - Sidney: Co-Founder of a crypto company since 2013. Joined Uber in 2015 and helped Uber Eats reach a $6 billion booking rate in just 4 years before working at Facebook AI team.
  • CEO - Jack Lu: Used to hack on bitcoin wallet apps. Consultant at Boston Consulting Group, Product Manager at Google and Dev at FTX.
  • COO - Zhuoxun Yin Zhuoxun: Head Of Strategy & Business Operations at dYdX, Senior Product Manager at Coinbase.
  • Chief Engineer - Zhuojie Zhou Rex: Mined crypto since 2014. Engineer at Uber, Checkr and Facebook AI working on PyTorch Dec Infra. He also created Flagr, OpenMock, Open Privacy Vault and DSRHub.

Investors

Magic Eden are supported by the top firms who care about crypto and web3:

  • Coinbase VenturesThe venture investment arm of Coinbase company, one of the largest exchanges in the United States.
  • Alameda VenturesVenture capital fund run by Sam Bankman Fried.

Recently, Magic Eden has announced a $27 million Series A funding round with the participation of many famous investment funds such as:

  • Paradigm: Led the funding round. The firm invests in crypto-assets and businesses from the earliest stages of idea formation through to maturity.
  • Sequioa: The oldest and most famous venture capital fund of Silicon Valley.
  • Solana Ventures: Solana Ecosystem Venture Fund.

Along with many other investment funds such as Electric, Greylock, Kindred, Variant and Solana Capital.

Funds from the Series A round will be used to expand the company, invest in partnerships, develop in the blockchain gaming industry, and launch the NFT mobile app where users can experience, mint and trade NFT anytime, anywhere.

Partners

Regarding the NFT field:

  • Overtime: The leading Gen Z sports platform. The partnership launches a NFT sports collection focused on the 2022 NCAA Men's Basketball Tournament, one of the largest sporting events in the United States, providing NFT owners with exclusive experiences and interactions.
  • Age of SAM (AOS): AOS partnered with Magic Eden's Launchpad to promote its products on the Magic Eden platform.
  • Dropp: The platform connects the real world with the virtual world of NFT and Metaverse based on blockchain. The partnership helps create Magic Eden LAND, a space where the Magic Eden community will use and host events.
Magic Eden joins Dropp as "Magic Eden Garden"

Raydium, Thugbirdz, Dropp and Galactic NFT marketplaces are all powered by Magic Eden, giving creators access to a huge customer base and significant liquidity for their collections. In the near future, Magic Eden will launch more similar partnerships to expand its market reach.

Regarding the Gaming field: 

Magic Eden wants to get deeper into the gaming space and are working with prominent crypto gaming companies to scope their work in this space. Their gaming partner are Faraway (the project created Mini Nations - one of the top games on Solana), Dead Knight and Zoolana.

In addition, Magic Eden also cooperates with Banksea Finance, a decentralized NFT financial center that allows mortgage-based loans using NFT.

Roadmaps & Updates

Magic Eden's goal is to make a clear distinction between Web2 and Web3, lowering the barrier to entry into the NFT market for everyone, allowing creators, collectors, and supporters to engage with each other and lead the direction of their online interactions. Magic Eden has surpassed more than 7.5 million SOL in transaction volume in its first six months. 

Today, Magic Eden holds over 90% of market share for NFT secondary trading volume for all gaming NFTs on Solana based on data from over 750 games. It is expected that Magic Eden will strengthen cooperation with more different NFT and gaming projects to expand its market.

Detailed information about Magic Eden Token

Magic Eden Key Metrics 

  • Token Name: Magic Eden Token
  • Ticker: Updating…
  • Blockchain: Updating...
  • Token Standard: Updating...
  • Contract: Updating...
  • Token type: 
  • Total Supply: Updating...
  • Circulating Supply: Updating...

Magic Eden Token Allocation

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Magic Eden Token Sale

Magic Eden has not released its token. Coin98 team will update information to you as soon as the project gives out information!

Magic Eden Token Release Schedule

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How to get, store and buy Magic Eden Token

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Similar Projects

Dropp: A blockchain-based platform that aims to connect the real world with the virtual world of NFT and Metaverse.

Paras: The NFT Marketplace project runs on NEAR blockchain that focuses on card collecting.

Conclusion

Coin98 team have provided you with the latest information from Magic Eden. If you're interested in other projects besides Magic Eden, please leave a comment below. Coin98 will research the projects and publish articles about them.

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