Magic Eden Debuts Magic Eden Rewards to Celebrate Community and Creators

Magic Eden Rewards allows users to claim rewards, benefits and fee discounts based on their marketplace activity. Ecosystem partners and NFT creators can also connect directly with their community through freebies and perks enabled on Magic Eden’s Rewards

SAN FRANCISCO, December 14, 2022 /PRNewswire/ — Magic Eden (“The Company”), the leading cross-chain NFT platform, today announced the launch of Magic Eden Rewards (BETA), a rewards program designed to empower the Magic Eden community to celebrate and support developers. The program is an industry-first event that allows NFT collectors to create a cross-wallet profile and earn rewards directly on the platform. All users can create profiles starting tonight, with pilot rewards rolling out later this month.

Jack LuCEO and co-founder of Magic Eden commented on today’s news: “We are delighted with Magic Eden Rewards. This is a really cool way for us to add value to our users and a tool for creators to connect with new and existing collectors. As a marketplace, we have sought hard-to-deliver innovation that goes beyond the pure transactional level. Magic Eden Rewards gives us ways to celebrate and engage our community in new ways.”

Collectors can earn Magic Points (Beta) based on secondary trades (buying and selling NFTs). For each 1 SOL spent in volume through a connected wallet, collectors earn 5 Magic Points. Based on their spend, they are placed into one of five loyalty tiers, each with their own level of reward benefits and fee discounts. Users can combine each of their wallets with their profile to discover their true tier based on total transaction volume across wallets. The initial tiers are determined by the user’s higher volume between the months of November and December.

The first beta test of the rewards will be released before the end of the year. All rewards are published 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 are sent directly to users’ profiles where they can be claimed. Magic Eden Rewards also allows developers and ecosystem partners to unlock new sources of community growth by giving out exclusive perks, discounts, or free NFTs to the Magic Eden community via fun airdrops.

Magic Eden will extend its waived platform fees through the end of the year. Beginning in January, all Magic Eden users who sign up will receive fee discounts and be placed into an existing loyalty tier, with the regular tier starting 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 adopt a dynamic maker/taker model for fees, where trading costs are split between sellers and buyers. In this system, listing and bid transactions are considered “makers” as opposed to buy and sell now transactions, which are “takers”. Fees for transactions on Magic Eden are no longer static or accrued unilaterally. Instead, it is shared between creators/takers and determined based on a user’s respective rank with Magic Eden Rewards.

Zhuoxun Yin, COO and co-founder added, “We pride ourselves on bringing value to our creators and users, and Magic Eden Rewards is a testament to that. By offering ever greater rewards, perks, and fee discounts based on user activity, we’re excited to connect this with creators and help them find ways to deepen engagement with their communities.”

About Magic Eden
Magic Eden is the leading cross-chain NFT platform driving the next billion users to Web3. Led by former crypto, Tech and Hospitality Leaders, Magic Eden is building an easy-to-use platform based on market-leading minting and trading solutions. Magic Eden brings dynamic cultural moments to the blockchain, empowering users across thousands of digital communities to create, discover, and collect unique NFTs. For more information, please visitwww.magiceden.io.

media contact
Dillon Arace
M Group Strategic Communications (on behalf of Magic Eden)
315-512-6886
[email protected]

SOURCE Magic Eden