Magic Eden, the leading Solana-based NFT marketplace, has recently announced the launch of its new loyalty rewards program called “Magic Eden Rewards.” The program rewards users for interacting with the platform. It provides them with benefits such as partner discounts, creator discounts, and access to NFT giveaways.
Magic Eden rewards program: what you need to know
Users create a profile to use across all wallets and earn “Magic Points” through secondary trading transactions on the platform. For every 1 SOL traded, users earn 5 “Magic Points,” placing them into one of the five loyalty tiers. These tiers serve as a ranking system that awards users with various benefits based on their points. The higher the loyalty tier, the greater the discounts and benefits received.
Besides rewarding NFT purchasers, Magic Eden also plans to offer dynamic fee pricing to its tiered structure. Therefore, transaction fees paid by creators and users depend on marketplace activity and divided between buyers and sellers. The goal of these initiatives is to incentivize engagement and encourage NFT traders to use the innovative cross-chain marketplace.
Magic Eden constantly changed and adapted its royalty and rewards infrastructure. Earlier this month, it released the “Open Creator Protocol,” which protects NFT creator commission when their products are sold in the secondary market. This represented a major shift from its earlier optional creator royalty model. Through the new update and the Magic Eden Rewards program, the platform aims to reward not only those creating the NFTs, but also the vital traders that use the platform.
There are 5 different tiers for Magic Eden rewards program
Image Credit: Magic Eden
How to join the Magic Eden rewards program?
To join the Magic Eden Rewards program, users simply need to sign in and connect their wallets. Wallets linked under one username are private and not visible to the public. The initial loyalty level of a user is determined by the highest level they reached in either November or December. It is important to connect this week, as the first rewards will be rolled out before the end of the year.
What can we expect to see in the future with Magic Eden?
The Magic Eden Rewards program is still in its beta phase and will continue to evolve in the future. The platform’s vision is to create a community where creators and collectors can connect and collaborate through programs like this rewards initiative. Magic Eden wants to provide a place where creators can offer perks, discounts, or free NFTs to the community through fun airdrops and other means of engagement.
In conclusion, the Magic Eden Rewards program is a great opportunity for users to reap the benefits and be a part of the exciting developments taking place on the platform. By joining the loyalty program, users can claim rewards from ecosystem partners and creators, earn Magic Points based on their Magic Eden activity, and enjoy progressively greater fee discounts based on their points. The program also allows creators and collectors to collaborate and build a community within the marketplace. Don’t miss out on this chance to be a part of the Magic Eden community and start earning rewards today!