Magic Eden has announced it will roll out a brand-new loyalty rewards program. This means that it will now reward users for interacting with its platform. The leading Solana-based NFT marketplace is calling it the “Magic Eden Rewards” program. Let’s dive into how it works.
What are the benefits of the Magic Eden Rewards program?
- Users will be able to create a profile that they can use across all wallets.
- Secondary trading transactions on the platform earn “Magic Points”.
- Users earn 5 “Magic Points” for every 1 SOL traded. This places users into 1 of the 5 loyalty tiers. These tiers are a ranking system that awards users benefits such as partner discounts, exclusive creator discounts, and access to NFT giveaways.
Why is Magic Eden offering this NFT rewards program?
Magic Eden has had its fair share of twists and turns in its royalty and rewards infrastructure. Earlier this month, it released the “Open Creator Protocol”, which protects NFT creator commission when their products are sold in the secondary market. Essentially representing a major backtrack in its earlier move to an entirely optional creator royalty model. Through the new update, Magic Eden will look to reward not only those creating the NFTs, but also the vital traders that use the platform. Therefore, incentivizing and encouraging NFT traders to opt for the innovative cross chain marketplace.
🧵/ Magic Eden Buddies: Gotta Catch Em All!
• Sign in today for Magic Eden Rewards (Beta)!
• Start earning points for buying + selling NFTs
• Points get you future perks & benefits
Fee discounts starting 2023 (fees waived thru EOY) pic.twitter.com/sanlM7B7mh
— Magic Eden 🪄 (@MagicEden) December 14, 2022
Fortunately for users, The Magic Eden program rewards NFT purchasers but the benefits do not stop there. Additionally, the marketplace plans to offer dynamic fee pricing to the tiered structure. This would mean the transaction amounts creators and users pay will depend on marketplace activity and will be divided between buyers and sellers. Magic Eden aims to allow creators and collectors to collaborate through programs, like this rewards initiative, which incentivizes engagement.
Magic Eden aims to create a marketplace where creators and collectors are building a community. Per Magic Eden: “We are passionate about supporting game creators and their communities.”
The platform’s reward program comes at a great time for users to reap the benefits and be part of what’s in store next.
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