What is Magic Eden? – A guide to Solana’s NFT platform

Solana blockchain has established itself very well in the NFT market in recent months. NFTs have long been an Ethereum-only domain. But Solana has caught up extremely. One of the most well-known NFT platforms based on Solana blockchain is Magic Eden.

Magic Eden has benefited greatly from the growing demand for Solana NFTs over the last few weeks. The NFT platform is growing rapidly and there are extremely interesting collections outside the well-known, mostly expensive collections on large platforms like OpenSea. Today we present Magic Eden.

What is Magic Eden?

Magic Eden is a relatively new NFT platform for the Solana blockchain. On it, users can buy, sell and create NFTs. On the platform, the token of the Solana network, SOL, is used as a means of payment.

Similar to platforms using Ethereum, the fees are small. There is a listing fee of 0% and a low transaction fee of only 2%. This makes it particularly easy for new buyers and creators to access the platform and use it comfortably.

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Magic Eden is a growing platform. More and more collections are being created on a daily basis. The predictions for the future are that the platform will continue to grow over the next few months. Thus, the functions of the platform should continue to increase and the community of the platform should continue to grow.

What is Solana?

Solana is one of the hottest cryptocurrencies in 2021. Especially in the second half of the year, when the cryptocurrency market again became bullish after the spring price crash. Solana blockchain uses the new proof-of-history consensus mechanism. This massively increases the transaction speed. As a smart contract platform, Solana can achieve massive scalability.

Solana

The SOL token is Solana’s network token. The solar path rose massively in 2021 and entered the top 10 cryptocurrencies. Meanwhile, Solana has dropped a bit due to repeated performance issues and crashes. However, it is still one of the most hyped cryptocurrencies at the moment.

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What are famous collections at Magic Eden?

One of the most famous NFT collections ever can be purchased at Magic Eden. “Degenerated Apes” has become one of the most famous NFT collections of the fourth quarter of 2021. Their hype caused the price of Solana’s SOL token to reach a new high.

Degenerate monkeys

The collections consist of NFTs showing “degenerate,” meaning mentally retarded cartoon monkeys. The collection created a massive hype at the end of 2021. It remains the most famous Solana NFT collection. “Degenerate monkeys” can of course also be purchased at Magic Eden.

How do I use Magic Eden?

In the following, we would like to present the functionality of Magic Eden. We tell you how to buy, sell and create NFTs.

How do I set up a wallet on Magic Eden?

To use Magic Eden, you need to connect a Solana wallet to the platform. To do this, go to “ConnectWallet“! Here you can choose a Solana purse. You can connect the following wallets:

Magic Eden wallet

Many of these wallets act as browser extensions. Follow the platform’s instructions to use the appropriate wallet.

How do I buy SOL tokens?

To purchase NFTs on Magic Eden, you must purchase SOL tokens for your wallet. You have the opportunity to do so on the well-known crypto exchanges.

Now is a good opportunity to buy the SOL token. Easily buy SOL and other coins on the Binance and Bitfinex exchanges!

How do I get to the NFT collections?

In the main menu, click on the menu on the leftCollections“. How to get to the Magic Eden collections.

NFT collections

Here you can choose between all, the popular and the new collections. Under “Popular” you will find large collections like this Degenerate monkeys.

How do I buy NFTs on Magic Eden?

Once you have browsed the collections and found an NFT, click on the NFT you want to purchase. You can buy NFT at list price by clicking on “buy now“clicks. You will be connected to your wallet and then confirm the transaction.

Buy Magic Eden NFT

How does bidding work on NFTs?

Alternatively, you can bid on an NFT. You must bid at least 50% of the list price. If your bid is the highest after a certain period, you will receive NFT.

above “Mine profile“and”offer madeYou can also cancel the offer you have submitted before the tender process is completed.

How does the Magic Eden Launchpad work?

Be the first to see and buy new projects on Magic Eden Launchpad. To do this, go to “in the menu on the leftlaunch pad‘and you will soon see new collections.

You can see the name of the collection, the number of items in a collection, the average price and the time until the project starts. Below you will find projects that have already been published.

Magic Eden Launchpad

On the other hand, you can create an NFT collection yourself and sell your NFTs through the home panel. To sell via the home panel, go to “in the menu on the leftCreators‘and then to’Apply for Launchpad“.

How do I create NFTs on Magic Eden?

To create your own NFTs, go to “in the menu on the leftCreators“. Here you can choose between Listing, Launchpad and Auctions. You get to the Creators interface.

Magic Eden Creators

To do this, enter an email. The platform sends you a confirmation email. After confirmation, you land at Creators of Magic Eden. To start the process, go to “Create new collection“!

What other features does Magic Eden offer?

The Magic Eden website offers other features that we will briefly summarize:

  • Auctions: At auctions, you can bid on NFTs until the bidding period expires and the NFTs are awarded.
  • statistics: You see statistics about the platform’s NFTs.
  • Eden Games: Here you will find many play-to-earn games based on Solana blockchain. This is another way to acquire NFTs.
  • Community: You can follow Magic Eden on Twitter and Discord here and access the platform’s podcast and blog.

You can also buy the SOL on the crypto exchanges Coinbase and Kraken.

We have an exciting test offer for you right now! you can our Premium membership Try it for 1 € / day in the first month. Consider testing it if you want to stay up to date on the crypto market! You will receive trading ideas and professional trading support in the premium area. In addition, you will often receive information about the latest crypto trends at an early stage! Our customers could too also buy different NFTs early enough. If you want to read more about our Premium Trial offer, then click here!


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