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Introducing Magic Eden
As enchanting as it sounds, Magic Eden (ME) truly is a magical marketplace for Solana players. With just 4 months to go until our first NFT drop of 10,000 Komoverse on ME, we put together a short guide on how to purchase and mint on their platform.
Obviously we all have heard of OpenSea, the current largest marketplace for buying and selling digital goods. So what is the difference between the two networks?
| Magic Eden | OpenSea | |
| Definition | A new NFT platform for Solana Network that facilitates digital transactions such as buying, selling, and minting of NFTs. | The biggest decentralized marketplace that promotes and supports the buying, selling, and trading of NFTs. |
| Established | 2021 | 2018 |
| Founders | Ex-members of Google, Facebook, Coinbase, and Uber | Alex Atallah and Devin Finzer |
|
Transaction Fees |
2% | 2.5% |
| Network | Solana | Ethereum |
What's Magical About Magic Eden?
The most attractive feature of Solana Network and ME is of course, low transaction fees that are basically negligible thanks to the network's high throughput. By simplifying minting process and lowering transaction cost, ME makes NFT exploration more affordable and simple for everyone. To add, the zero listing fee adds to the steady user retention.
Launchpad is another appealing feature of ME, in which minting process is customized so that NFT creators can launch their entire collections. Its interface is also user-friendly as it is designed to help creators mint their collections even if they lack technical expertise.
Despite being relatively new in the space, ME's user base keeps growing steadily and shows a promising future #LFG!
Ok Then! Let's Start Buying NFTs in Magic Eden!
1) Set Up A Wallet
The Solana Network supports three wallets: Phantom, Solflare, and Sollet.
Go to Phantom's official website, install the browser extension, and select the "Create New Wallet." From there, follow the site's instructions to have an approved cyrpto wallet.
2) Buy SOL Tokens
Users need to purchase SOL and send them to their wallets (just like you depositing money to your bank account and use it for transactions).
Below are the top 5 crypto exchanges that support SOL:
- Binance
- Coinbase Pro
- OKEx
- FTX
- Huobi Global
After purchasing SOL, users can now withdraw their tokens to their wallets.
3) Connect Your Wallet to Magic Eden
Now that you have SOL tokens in your wallet, connect them to ME webpage by clicking "Connect" on the top-right section.
3) Explore NFT Collections
Now you can head over to the search bar at the top of the page. Whether you search for specific NFTs or simply click "Browse → Collections" on the right side, do explore the many collections and be amazed by the creative community! Komoverse' NFT collection will be listed soon as well, so stay alert and don't miss the drop!
4) Buy NFTs
Once you've decided on an NFT to buy, click on it and usually you can choose to "Buy now" or make an offer to buy at the price you want. Bid price should be within its escrow and the minimum offer price should be 50% of the listing price to increase the possibility of matching the offers.
Mint NFTs Using Launchpad
ME's Launchpad provides a simple process for users to create and sell NFTs. Users simply have to fill up this form. Do note that not everyone who signs up will be accepted since the platform has a specific criteria to pick the ideal NFT creators for ME. Here are the things that they look for in digital asset creators:
- 100% completed submission form
- PNG format
- Full collection minting (no pre-mint campaigns or whitelisting etc.)
- Randomized fixed price minting
- A clear roadmap
- Community-focused
- Commitment
Once approved, creators will receive a confirmation message and their project will be listed!
Mint Authority: Another Method to Mint NFTs
ME recently announced 'Mint Authority,' a DIY minting tool that will make the minting process even more easier for creators (just how easy can we go?!)
The Mint Authority will have its initial pilot on select NFT projects, will support public mint, airdrops, launch, 1/1 mint, and pre-sale. ME adds that its upcoming service would not restrict any file types.
The file types that it will support for each media:
- Images - png, gif, svg, jpg
- Audio - mp3, wav, flac
- Video - mp4, mov
- VR & HTML - gltf, glb
Once this service goes live, users can start minting by signing up and creating a profile in Mint Authority. Afterward they can upload their creations and share their mint link with the community.
Conclusion
Magic Eden is definitely a promising marketplace that offers a great balance between quality and opportunity. Despite its lower barrier to entry to those who want to use its platform, it accepts only those who meet their standards. Its thorough screening process guarantees that every approved applicant can launch high-quality NFTs and have the same vision and mission to strengthen the community and give value to other creators.
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