Author : Mark

Date : Dec 21,2022

Magic Eden is preparing another benefit for its collectors after the platform introduced an optional royalty arrangement

Recently, the main Solana NFT marketplace Magic Eden has been making headlines in important web3 media. Thus, Magic Eden is preparing another benefit for its collectors after the platform introduced an optional royalty arrangement as part of the recent Polygon integration. With the help of the new project known as the Magic Eden Prizes program, collectors will be able to set up profiles across various wallets and receive rewards without ever leaving the platform.

As a result, the upgrade makes it possible to reward both those who develop NFTs and those who trade them on the Magic Eden platform. The marketplace wants to entice traders to choose its cutting-edge cross-chain platform by offering Magic Eden Rewards.

The out-of-the-box tool is now in beta, so anyone wishing to create a profile can do so, though the initial rewards program won't be available until the end of the year.

These are the most notable of the primary advantages of the Magic Eden Loyalty Rewards program promised to consumers of the marketplace:

Multiple wallets can be covered by one profile.
Secondary trading activities taking place on-site that award Magic Points.
A user gains more Magic Points the more SOL he trades. It assigns users to one of the five categories.

This means that for every SOL traded, users earn five Magic Points. Regarding the loyalty tiers, each one offers a collector a particular set of benefits, such as access to NFT giveaways, significant creator discounts, and partner discounts.

Additionally, the tiered structure will enable the marketplace to introduce dynamic fee pricing, shared between buyers and sellers, based on activity inside the site. Magic Eden wants to increase involvement by encouraging collaboration between makers and collectors through initiatives.

It's a pretty cool opportunity for us to add value to our assets, and it gives creators a platform to interact with potential and current collectors. According to Jack Lu, co-founder and CEO of Magic Eden, "as a marketplace, we've been working hard to ship innovation that extends beyond the core transactional layer.

Zhuoxun Yin, co-founder and chief operating officer of Magic Eden, added in response to his colleague's remarks: "We pride ourselves on delivering value to our creators and consumers, and Magic Eden Rewards is a testament to that. We're eager to work with creators to help them uncover methods to enhance engagement with their communities by providing progressively better incentives, benefits, and price discounts based on user behavior.

A novel and advantageous method of communication between collectors, authors, and the platform itself is the awarding of Magic Points based on the total amount of cryptocurrency spent and secondary trading transactions.

It's time to visit Magic Eden's website if you haven't already registered for the program. By the end of the month, those who sign in during this week will receive a reward. So move swiftly!