Magic Eden Introduces Diamonds

Magic Eden Introduces Diamonds

Magic Eden introduced Diamonds, a rewards currency to incentivize user engagement and loyalty on the platform.

The Deets:

  • Diamonds are earned through listing NFTs, bidding, and completing profiles.
  • Loyalty score multiplies diamond earnings.
  • Diamonds offer long-term benefits.
  • Diamonds earned only for Solana at present time. 

The Details

Magic Eden, now firmly a cross-chain NFT marketplace, has introduced Diamonds as a rewards currency to encourage users to engage with the platform and foster loyalty. Users can earn diamonds by listing NFTs for sale, bidding on NFTs, and completing their Magic Eden profile.

The loyalty score system helps accelerate diamond earnings, and users can check their loyalty score in the Rewards Hub. A higher loyalty score translates to a higher multiplier for diamond earnings. Loyalty scores are checked every 24 hours, and the multiplier is applied when diamonds are earned.

While Diamonds do not contribute to fee discounts, they offer long-term benefits to users. Trading volume will continue to determine fee discounts as it did previously.

❗Why It Matters

The introduction of Diamonds on Magic Eden provides a unique way to reward and engage users beyond simple fee discounts or token accrual. By providing additional incentives to users, Magic Eden can strengthen its community, promote platform growth, and encourage user loyalty in a sustainable way. 

🔜 What’s Next?

The first Magic Eden rewards drop will come soon for top Diamond earners. 

ğŸŽ¬ Take Action

To start earning Diamonds, create or complete your Magic Eden profile, list your NFTs for sale, and bid on NFTs available on the platform's Solana marketplace. Keep an eye out for future updates on additional ways to earn Diamonds and potential rewards across blockchains.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.