Magic Eden, the largest Solana NFT marketplace, has a rewards initiative full of special benefits for its frequent traders. The initiative has a five-tier reward system wherein users can earn points towards the program based on how much SOL they have spent on the marketplace.
Users get greater benefits at each tier, including deeper discounts and access to NFT rewards. Traders who have used multiple Solana wallets to trade non-fungible tokens on the platform can link all of them to a single Magic Eden account to make the most of the rewards considerations. A spokesperson for Magic Eden said wallet associations shared with the marketplace will be kept private and disclosed publicly.
The rewards include things like loot boxes from NFT projects, NFT giveaways and discounts. Moreover, the program is a way for NFT creators to reach Magic Eden’s large user base. This is a marketing opportunity for projects while potentially entrenching the marketplace as the leader in the Solana space.
Jack Lu, the CEO and co-founder of Magic Eden, said the marketplace has been trying hard to ship innovation that goes beyond the pure transactional layer. He highlighted that Magic Eden Rewards is a way to celebrate and engage with the community in new ways. It also gives a peek into an upcoming shift in the way that the marketplace handles its fees. It took a 2% cut from all secondary sales, but temporarily waived the fees in mid-October when implementing the decisive decision to make creator royalty fees optional for traders.
The platform will continue to waive the fee through the end of 2022. In January 2023, Magic Eden will launch a new dynamic maker/taker model for platform fees. The model will see to that fees are split between buyers and sellers.