magic eden announced the rollout of an all-new loyalty rewards program. This means rewarding users for interacting with the platform. His leading Solana-based NFT marketplace calls it the “Magic Eden Rewards” program. Let’s see how it works.
What are the benefits of the Magic Eden Rewards program?
- Users can create profiles that can be used with all wallets.
- Secondary trading transactions on the platform earn “magic points”.
- Users earn 5 “Magic Points” for every 1 SOL traded. This places the user in one of her five loyalty tiers. These tiers are ranking systems that give users benefits such as partner discounts, creator-only discounts, and access to NFT giveaways.
Why is Magic Eden offering this NFT rewards program?
Magic Eden had quite a few twists and turns in its loyalty and rewards infrastructure. Earlier this month, he released an “open creator protocol” that protects NFT creators’ fees when their products are sold on the secondary market. Essentially represents a major backtrack in the previous move to a fully optional Creator Loyalty model. Through new updates, Magic Eden aims to reward not only those who created NFTs, but also the important traders who use the platform. Therefore, we encourage and encourage NFT traders to choose innovative cross-chain markets.
🧵/ Magic Eden Buddies: I gotta catch them all!
• Sign in now to get Magic Eden Rewards (Beta)!
• Start earning points by buying and selling NFTs
• Earn future perks and rewards with points
Fee discounts after 2023 (fees waived until EOY) pic.twitter.com/sanlM7B7mh
— Magical Eden 🪄 (@MagicEden) December 14, 2022
Fortunately for users, the Magic Eden program rewards NFT purchasers, but the benefits don’t stop there. Additionally, the marketplace will offer dynamic pricing for the tiered structure. This means that the transaction amount paid by creators and users depends on market activity and is split between buyers and sellers. Magic Eden aims to enable creators and collectors to work together programmatically.
Magic Eden aims to create a marketplace where creators and collectors build communities. Per Magic Eden: “We are passionate about supporting game creators and their communities.”
The platform’s rewards program comes at the perfect time for users to reap the benefits and be part of what’s next in store.
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Writer and author who likes to simplify the topic of blockchain technology.