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Magic Eden Refocuses on Solana, Announces New Incentives for NFT Traders

By: illustrious
May 25, 2023 7:54 AM EDT
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Magic Eden, the multi-chain NFT marketplace that holds its roots in the Solana blockchain, has made a fresh pledge to refocus on its original ecosystem. Today, the firm announced its ambitious "Chapter II" initiative, aimed at enhancing platform accessibility, enriching user experience, and encouraging trading activity through rewarding incentives, including a novel proposition of paying traders in SOL for buying and selling NFTs.

The NFT marketplace is adapting to a more inclusive approach by aggregating listings from competing platforms. This strategic shift will provide traders with a unified platform to manage and compare listings across different marketplaces. Moreover, it grants visibility into prices and listings throughout the entire Solana NFT market. Magic Eden, which was valued at a remarkable $1.6 billion as of June 2022, intends to further the democratization of its marketplace by open-sourcing its smart contract in the coming days.

Addressing longstanding criticisms that have dogged the marketplace since its inception in late 2021, Magic Eden will remove the "co-sign" feature that previously hampered the accessibility of its listings on other NFT marketplaces. The firm's decision to unlock its closed-source code and enhance composability across platforms is expected to pacify rival marketplaces and Solana builders, who have previously challenged Magic Eden's restrictive approach.

One point that remains ambiguous, however, is whether Magic Eden will continue employing an escrow contract that seizes custody of users’ listed NFTs. This facet of the marketplace's model has been a subject of criticism, with opponents citing it as a potential security threat. Decrypt, the news organization, reached out to a Magic Eden representative for clarification, but the query was met with silence.

In a significant move to incentivize trading on the platform, Magic Eden has announced a temporary adjustment to its "maker fee". The fee will be set to -0.25% for specific types of transactions, effectively meaning that the platform will reward users for buying and selling NFTs. For instance, if an NFT listed for 100 SOL is sold, the seller would receive 100.25 SOL, marking a clear gain. Similarly, a collection offer made on a Solana NFT project would earn the buyer a 0.25% rebate on the purchase price if it is fulfilled. Additionally, users can earn fees for operating automated market maker (AMM) NFT trading pools on Magic Eden.

These progressive steps taken by Magic Eden underscore the company's resolve to intensify its focus on Solana, aiming to augment the overall user experience and foster a more open, cohesive marketplace. By embracing these changes, Magic Eden is demonstrating its commitment to addressing user concerns and transforming criticisms into opportunities for development. As the NFT marketplace continues to evolve, Magic Eden is poised to remain at the forefront of these dynamic shifts, propelling the Solana ecosystem into the future.

Always experimenting.

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