Magic Eden, the leading cross-chain NFT platform, announced the launch of Magic Eden Rewards (BETA), a rewards program designed to celebrate Magic Eden’s community and support creators. The program is an industry-first event, enabling NFT collectors to establish a profile across wallets and receive rewards directly on platform. All users can create profiles starting this evening, with pilot rewards launching later this month.
Jack Lu, CEO and Co-Founder of Magic Eden commented on today’s news: “We are excited about Magic Eden Rewards. This is a really cool way for us to deliver value to our users 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. Magic Eden Rewards gives us ways to celebrate and engage our community in new ways.”
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Collectors will be able to earn Magic Points (beta) based on secondary trading transactions (buying and selling NFTs). For every 1 SOL spent in volume by a connected wallet, collectors will earn 5 Magic Points. Based on their spend, they will be placed in one of five loyalty tiers, which each contain their own level of reward benefits and fee discounts. Users can combine each of their wallets to their profile in order to discover their true tier based on total transaction volume across wallets. Initial tiers will be determined by the user’s higher volume between the months of November and December.
The first beta test of rewards will be released before the end of the year. All rewards will be released in the Rewards Hub in the form of NFTs. Rewards could include items such as loot boxes from NFT creators, discounts and perks from ecosystem partners, and NFT giveaways. Rewards will be airdropped directly to users’ profiles, where they can be claimed. With Magic Eden Rewards, creators and ecosystem partners will also be able to tap into new sources of community growth by distributing exclusive perks, discounts, or free NFTs via fun airdrops to Magic Eden’s community.
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Magic Eden will be extending their waived platform fees through the end of the year. Starting in January, all Magic Eden users who sign in will be provided fee discounts and grandfathered into an existing loyalty tier, with regular tiering to begin today. Fee discounts based on user tiering will also come into effect in the new year. Instead of a flat fee charged to sellers, Magic Eden will introduce a dynamic maker/taker model for fees, where the cost of trading will be distributed between sellers and buyers. In this system, listing and bid transactions are considered “makers”, as opposed to buying and instant sell transactions, which are “takers”. Fees for transacting on Magic Eden will no longer be static or incurred on one side. Instead, it will be shared between maker/takers and determined based on a user’s respective tiering with Magic Eden Rewards.
Zhuoxun Yin, COO and Co-Founder added, “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.”
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