Magic Eden Debuts New Mint Format

Magic Eden Debuts New Mint Format

The Magic Eden team has announced a new minting style format to be supported on its marketplace, in a tweet this afternoon.

This style will be familiar to those who participated in auctions for Doodles Genesis Boxes and a few other notable projects over the past months, but this will be the first time this format is supported by an NFT marketplace.

This is how it will work:

  • Minters will deposit ETH over a 24-hour auction period
  • Magic Eden will balance the total ETH committed with the total NFT supply
  • A final clearing price will be determined
  • All winning bids above the clearing price will get NFT(s)
  • All excess ETH and those who bid under the clearing price will be fully refunded

Magic Eden touted some benefits of this style, including fair price discovery, timing flexibility given the 24-hour window, and less FOMO (though anyone who has experienced the last few minutes of this auction style may debate that one).

There will be a live leaderboard so minters can see where they rank along with the current mint price, to help them determine whether or not to deposit more ETH for minting.

Magic Eden is debuting this new format via the GakkoVerse Space Auction drop today.

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