Magic Eden NFT Market is growing, Curious part of Solana Network

Written By Eleman

Magic Eden comes as a decentralized application built on the Solana blockchain. Magical NFTs also created the most valuable content of the last few months. Magic Eden NFT collections are valued by thousands of digital artists and investors.

Magic Eden NFT Platform

Solana delivered Magic Eden in mid 2019 as a decentralized application (dApp) stage based on top of the SOL organization. Like OpenSea, Magic Eden permits clients to make and deal with their own NFTs. These tokens can address anything from computerized work of art to gaming things.

With the new ascent in notoriety and advancement, new improvements in blockchain innovation have prompted a blast in programming use cases. One such model is Magic Eden, whose objective is to make it simple to buy or mint NFTs on their foundation. These NFTs are subsequently utilized inside Solana’s arranged applications (that are fabricated explicitly around advanced resource proprietorship).

Enchantment Eden offers its clients a great many elements, for example:

  • Impending Launches
  • Famous Collections
  • Platform
  • Credits Filter
  • Details
  • Closeout
  • Local area

Forthcoming Launches

This element shows forthcoming NFT dispatches before very long, so one can undoubtedly foresee when their #1 send off is around the bend. This eradicates the need to look for the following huge delivery drearily. Simply click on any venture, and it will send you directly to its Twitter account.

Famous Collections

Famous assortments show what’s hot at the present time and the tasks that are getting a ton of buzz. On the off chance that you’re hoping to capitalize on a crypto trend, this is your place. It’s a simple method for seeing who’s getting all the promotion and what advanced resources make certain to be famous.

One of the most outstanding increases to Magic Eden is the STEPN application Sneaker NFTs, which are utilized to partake in a transition to procure running stage.

Magic Eden Adds New Payment Methods for NFTs

Magic Eden NFT Market is growing Curious part of Solana Network 1

NFT marketplace Magic Eden, seen as a competitor to OpenSea, has added new payment methods. Added native tokens of popular NFT projects to its payment list.

NFT marketplace Magic Eden on the Solana network has added DUST and AURY, native tokens of Solana’s popular NFT projects DeGods and Aurory collections, to its payout list. Thus, users will now be able to purchase NFT from the Magic Eden platform with DUST and AURY tokens.

On March 31, 2022, the platform announced on Twitter that it has integrated DeGods native token DUST.

Then, with a fantastic bar-themed tweet, Aurory announced on April 1, 2022 that its native token AURY will also be integrated.

Tomorrowland and Magic Eden Partner for Festival NFT

The celebrated celebration Tomorrowland is set to send off a progression of NFTs in organization with Magic Eden and FTX. To get a more profound investigate the task and what utility they’ll have for celebration participants, Hypemoon talked with the pioneers behind Magic Eden.

The new NFT assortment by Tomorrowland will be named “The Reflection of Love” and is the second in a progression of three assortments. It is roused by the occasion’s mainstage topic for its 2022 celebration in Belgium. While the celebration has proactively sold out its 600,000 tickets, the new NFT drop allows holders the opportunity at unrivaled advantages. Benefits incorporate admittance to the NFT people group, celebration makers, and specialists, as well as giveaways from behind the stage visits to secret shows.

Stamping of the new Tomorrowland NFT will occur on FTX and is controlled by the Solana-based stage Magic Eden — which has effectively sent off north of 250 computerized resource assortments and sees more than 92% of all NFT exchange volume on Solana.

At the point when asked how the assortment will assist with overcoming any barrier among Web3 and live occasions, Magic Eden prime supporters told Hypemoon, “there are two sections to this joint effort among Tomorrowland and Magic Eden. The initial segment of the organization includes a restricted mint for gatherers hoping to buy Tomorrowland tickets,” adding that “this examination permits us to preliminary ticket reclamation in a controlled setting, so we can all the more likely comprehend the work process for exercises going from on-tie exchanging to off-chain recovery. This mint will illuminate how future IRL tagging dispatches on NFTs could work.”

Magic Eden closes $130M Series B funding round

Magic Eden NFT Market is growing Curious part of Solana Network 2

Solana NFT marketplace Magic Eden accounts for more than 90 percent of NFT trading volume on Solana.

Magic Eden, the popular NFT platform on the Solana (SOL) blockchain, announced Tuesday that it has closed its $130 million Series B funding round with 112,927 SOLs, which equates to approximately $4 million in 24-hour trading volume. 1.6 billion dollars. Investors including Electric Capital, Greylock, Lightspeed Venture Partners, Paradigm, and Sequoia Capital led the funding round.

The new capital will be used to expand the company’s primary and secondary markets, explore multi-chain opportunities, new hires, and research and development. Since its launch in September 2021, the market is currently receiving an average of 22 million private monthly sessions and more than 40,000 NFTs are traded daily.

With more than 250 projects included to date, Magic Eden’s Launchpad provides customization, marketing support and functional implementation to new NFT collections reaching the primary market. Meanwhile, its secondary market covers more than 7,000 listings and sees over 92 percent of all NFT volume in Solana.

Magic Eden has also launched more than 50 game and metaverse projects. In this area, the firm controls 90 percent of all gaming NFTs traded in Solana in its market. Zhuoxun Yin, COO and co-founder of Magic Eden, said about the development:

“We are excited to see the continued support of our investors and community, and we look forward to presenting Solana and so much more.”

Solana NFTs Take Center Stage

Magic Eden NFT Market is growing Curious part of Solana Network 1

While the NFT space thrives on Ethereum, other blockchains are gaining traction with a competitive trading environment and much lower gas fees. Solana shines in this race as NFT enthusiasts rush to new projects on the chain.

One of the most impressive recent achievements of Solana NFTs was the OkayBears collection. It has taken the NFT space by storm, outpacing the big names on all chains like Bored Ape Yacht Club, Axie Infinity, and CryptoPunks.

Considering the stellar rise for such projects, Solana NFTs are gaining momentum. More users are turning to the high throughput and low gas fees blockchain to find their next favorite collectibles. This just begs the question of what are the best markets for Solana NFTs. And the answer is simple – Magic Eden and OpenSea.

Magic Eden vs. OpenSea

Getting started is pretty simple to get started with Magic Eden and OpenSea. To view your current NFT portfolio, you need to link your wallet for platforms. If you want to buy new NFTs they will go to that wallet and if you want to sell some of your existing assets they have to be stored in the linked wallet.

Magic Eden supports thirteen wallet providers, including Phantom, Solflare, Solet, and Exodus. OpenSea, on the other hand, sticks to more traditional options like Metamask, Wallet Connect, Phantom, and Glow.

Both platforms have a simple user interface and allow you to link your portfolio in seconds and with just a few clicks. However, if you’re looking for the ultimate Solana wallet variant, Magic Eden outperforms OpenSea in terms of options available.

Listing and Selling Solana NFTs

You should have no trouble listing and selling your Solana NFTs on Magic Eden and OpenSea. After connecting your wallet to your preferred platform, you can decide which collectibles you want to list for sale.

Magic Eden does not charge any additional fees for listing or delisting your NFTs on the market. Of course, the 2% transaction fee remains when the item is sold, and that’s pretty much all you owe Magic Eden when listing and selling NFTs through the platform. More importantly, creator fees or royalties will be deducted from the selling price of your NFTs each time they change owners.

OpenSea works pretty much the same. Ethereum NFT sales on OpenSea require verifications and higher gas fees, while the Solana beta keeps these costs to a minimum. You pay a 2.5% platform transaction fee for every sale you make. In addition, creator royalties are also deducted from the final sale price.

Both platforms allow artists and creators to set their own royalty percentages.

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