Quick take:
- Users would have to create a profile across wallets in order to receive rewards.
- Collectors will be able to earn Magic Points based on secondary trading transactions.
- The pilot rewards will launch later this month.
Magic Eden is launching Magic Eden Rewards in beta, a rewards program that allows users to claim rewards, benefits, and fee discounts based on their marketplace activity.
To receive rewards, users would have to create a profile across multiple wallets starting now, with the pilot rewards launching later this month.
Collectors will be able to earn Magic Points (beta) based on the buying and selling of NFTs. For every 1 SOL spent in volume by a connected wallet, collectors will earn 5 Magic Points. Based on their spending, they will be placed in one of five loyalty tiers, which each contain their own level of reward benefits and fee discounts.
Users can also combine each of their wallets to their profile in order to discover their true tier based on total transaction volume across wallets. Initial tiers will be determined by the user’s higher volume between the months of November and December.
All rewards will be distributed in the form of NFTs and could include items such as loot boxes from NFT creators, discounts and perks from ecosystem partners, and NFT giveaways. The rewards will be airdropped into users’ profiles where they can be claimed.
“We are excited about Magic Eden Rewards. This is a really cool way for us to deliver value to our users and a tool for creators to engage with new and existing collectors. As a marketplace, we’ve been trying hard to ship innovation that goes beyond the pure transactional layer. Magic Eden Rewards gives us ways to celebrate and engage our community in new ways,” said Jack Lu, CEO and co-founder of Magic Eden.
Additionally, Magic Eden will be extending their waived platform fees through the end of the year. Starting in January, all Magic Eden users who sign in will be provided fee discounts and grandfathered into an existing loyalty tier, with regular tiering beginning today.
In the new year, fee discounts based on user tiering will also come into effect. Instead of a flat fee charged to sellers, Magic Eden will introduce a dynamic maker/taker model for fees, where the cost of trading will be distributed between sellers and buyers. This is so that transaction fees will be shared between buyers and sellers and determined based on a user’s respective tiering with Magic Eden Rewards.
Zhuoxun Yin, COO and Co-Founder added, “We pride ourselves on delivering value to our creators and users and Magic Eden Rewards is a testament to that. By offering progressively greater rewards, perks, and fee discounts based on user activity, we’re excited to pair this up with creators and help them find ways to deepen engagement with their communities.”
The newly launched rewards program could potentially increase trading volume on Magic Eden. The NFT market has picked up slightly over the past two days as the total NFT trading volume has surpassed 20,000 ETH (~$26.6 million), with Blur taking the lion’s share.
For the 2nd day in a row, total NFT trading volume has surpassed 20K ETH (~$26.6M).@DuneAnalytics dashboard by @CryptusChrist. pic.twitter.com/TtXqNyodcF
— NFTgators 🐊 (@NFTgators) December 15, 2022
Blur has also created a rewards program for opting into creator royalties, and is airdropping $BLUR tokens to users for listing and bidding activities.
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