The world’s leading Solana NFT marketplace wants to offer a bonus on certain trades.
Magic Eden, a multi-chain NFT marketplace that leads in the Solana (SOL) market, is set on paying homage to its Solana roots, announcing a “Chapter II” initiative to further develop the platform.
Amongst the initiatives include the marketplace giving away free SOL to traders who buy and sell NFTs on their platform.
Welcome to Chapter II. It's time to make some changes.
Starting today we are:
✅ Launching NFT aggregation on Solana
✅ Embracing composability
✅ Offering -0.25% maker fee on ME for a limited time. Now you can earn SOL when your offers are accepted & listings are sold! 🧵👇 pic.twitter.com/3b0QXal4re
— Magic Eden 🪄 (@MagicEden) May 24, 2023
As part of their latest chapter, the platform has begun to aggregate listings from their rival marketplaces – making Magic Eden a one-stop shop for traders to manage their listings across the entire Solana NFT market.
Additionally, Magic Eden said it will make their marketplace smart contract open-source in the following days, and then will remove a “co-sign” feature which prevents listings made on Magic Eden from being aggregated by other NFT marketplaces.
Magic Eden was valued at $1.6 billion in June 2022 VC funding round, and has consistently maintained at the top of Solana NFT marketplaces since its launch in late 2021.
The decision to implement these changes were made in an attempt to address long-criticised issues of Magic Eden, with many users claiming that the platform has increasingly “centralised” in their method in growing their business. Additionally, rival platforms and other Solana-based developers have criticised the platform for using closed-source code and for limiting developers from composability opportunities across platforms.
Despite the effort, it still remains unclear whether Magic Eden will implement an escrow contract that will take custody of users’ listed NFTs – which remains a leading critique of Magic Eden’s marketplace model due to being a potential security threat.
Magic Eden has yet to clarify on the issue.
Magic Eden’s temporary “maker fee” perk
The “Chapter II” initiative is kickstarted with a temporary shift of Magic Eden’s “maker fee” shifting to -0.25% for particular types of transactions.
This means, in a limited amount of time Magic Eden will pay users to buy and sell NFTs on their platform.
For example, if a user lists an NFT for 100 SOL, the amount earned will be 100.25 SOL upon a confirmed sale.
The bonus will also apply to collection offers for certain Solana NFT projects. Once fulfilled, users will get a 0.25% rebate on the purchase price.
Users can also earn from operating automated market maker (AMM) NFT trading pools on Magic Eden.
Stepping up the game
Magic Eden has come under pressure recently as rival marketplace Tensor has taken hold of Magic Eden’s leading Solana NFT market share.
Tensor offers a similar rewards model to Blur, Ethereum’s new leading NFT place after toppling OpenSea due to its royalties-optional NFT sale pricing models.According to market data from Tiexo, Magic Eden has been leading in the Solana NFT market last week, taking up 44% of trading volume market share, while Tensor followed up at 40%. But things are turning around, as Magic Eden’s Solana NFT market share has jumped to 51%, as Tensor’s plummeted to 35%.