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NFT Marketplace Magic Eden Rolls Out Rewards Program
After re-enforcing royalties earlier this month, the marketplace will reward users for trading NFTs on the marketplace.
By Cam Thompson
Updated Dec 14, 2022, 9:25 p.m. Published Dec 14, 2022, 9:03 p.m.
Leading Solana-based non-fungible token (NFT) marketplace Magic Eden is rolling out a loyalty rewards program, the company said Wednesday.
Called Magic Eden Rewards, the new feature will allow users to create a profile across all wallets and will award users with “Magic Points” based on secondary trading transactions on the platform.
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For every 1 SOL traded, users earn five “Magic Points,” placing users in one of five loyalty tiers. This ranking system will reward users with unique benefits, including exclusive creator content, partner discounts, and NFT giveaways airdropped directly to their profile.
Magic Eden also plans to introduce dynamic fee pricing into the tiering structure. This means that instead of flat fees for trading, the amount that users and creators pay to transact will depend on their marketplace activity and will be be distributed between sellers and buyers.
Magic Eden’s effort to introduce loyalty rewards to its marketplace comes after it moved to a royalty optional model in October, which caused its trading volume to dip. Earlier this month, the marketplace rolled back its decision and launched an opt-in tool that will allow creators to enforce royalties on their projects.
Magic Eden CEO Jack Lu and head of marketing Tiffany Huang told CoinDesk that the Magic Eden Rewards program will allow collectors and creators to better collaborate through an infrastructure that entices engagement.
“We want Magic Eden to be a place where collectors and creators connect beyond the transactional level and instead, a hub where users can more deeply engage with the community,” said Lu and Huang.
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