Magic Eden Announces New Rewards Program
The leading Solana marketplace Magic Eden has announced a new rewards system for its users, as shared by The Block this afternoon. The Magic Eden Rewards will officially launch at 5 p.m. ET today (Dec. 14).
The rewards system will be based on trading activity on their platform, likely benefitting high-volume traders and high-price NFT buyers, though it is unclear at this time exactly what those rewards will entail. The Magic Eden team also noted that fees will be waived until 2023, and that users should expect major transaction discounts (in the 5%-45% range) when those fees are re-enabled.
Although the rewards program was set to launch at 5 p.m. ET today per The Block, it appears some users are already receiving rewards.
After all of that, only level 3? I gotta step my game up. Overall not bad though. I like it. You get discounts on fees the higher level you climb making trading more co-efficient and able to save more over time. @MagicEden pic.twitter.com/Ddg0kU5dJo— Jawn (@Jawnxwick) December 14, 2022
This is just the latest in a string of big updates from Magic Eden over the last 30 days, including:
- The launch of its Open Creator Protocol, which was driven by royalty enforcement and also included dynamic royalties, customizable transfers, and gamification
- A project newsfeed directly on their marketplace
- Its introduction of support for Polygon NFTs
- A new minting style format aiming for fair price discovery, timing flexibility
It's been a big month for the marketplace, and it appears the innovations and feature updates are just getting started.