Overview
Magic Eden is the largest NFT marketplace in Solana blockchain, hosting more than 90% of ecosystem trades on its platform. The Magic Eden platform offers both an intuitive and extremely easy-to-use interface for purchasing NFTs as well as creating, launching, and managing your own NFT collection.
Blockchains
Categories
Supported Languages
Pros & Cons
- Low transaction fees
- Launchpad
- Easy to use
- Closed source software
- Mobile app is for browsing only
Full Review
Magic Eden launched in 2019 as a decentralized application (DApp) NFT exchange built on top of the Solana blockchain initially, utilizing Solana’s fast transaction speeds and low fees. The project was backed by Coinbase Ventures, Solana Ventures, Alameda Ventures, Sequoia Capital and others.
Magic Eden is the largest NFT marketplace in Solana blockchain, hosting more than 90% of ecosystem trades on its platform. The Magic Eden platform offers both an intuitive and extremely easy-to-use interface for purchasing NFTs as well as creating, launching, and managing your own NFT collection.
Magic Eden differs from competing marketplaces by incorporating a Launchpad, which filters for the most viable projects to add to its exchange. It has also positioned itself as a much more accessible NFT Marketplace by selecting projects that are more affordable than those on rival platforms such as OpenSea.
In addition to a launchpad, Magic Eden has unique features compared to the competition such as upcoming Solana NFT collections, insights and an auction feature.
Magic Eden does not allow the creation or purchase of NFTs on its mobile app. There is also no wallet integration available on the app, so personal collections cannot be viewed on it. The mobile app only works to browse NFT collections.
What cryptocurrencies are accepted on Magic Eden?
Magic Eden initially launched on the Solana blockchain and was a single-chain marketplace. However, Magic Eden recently expanded and added support for the Ethereum blockchain as well. This gives NFT shoppers the option of using either chain to trade on the marketplace. You can use SOL or ETH tokens to buy NFTs.
Magic Eden fees
The transaction fees for selling or buying on any NFT marketplace are a percentage of the total value of the digital asset. Magic Eden offers a flat 2% transaction fee, which is one of the lowest on the market. There is no fee for listing NFTs and for making offers; the fees you pay are transaction fees when a sale is made.
Magic Eden security
The platform relies on closed-source software that cannot be audited by the community. This lack of transparency increases the potential for issues to arise that could potentially affect NFT traders.
Magic Eden support
Magic Eden's FAQs provide answers to any questions or concerns you may have. The platform's 24/7 chat support is run through Intercom. Their Discord is also available for the community.
Bottom line
Magic Eden stands out from the competition because of its unique features in the platform and low fees. Magic Eden is a good option for creators and collectors. The process of creating and minting NFTs on Launchpad is simple and straightforward and overall its a simple and user-friendly platform.