Magic Eden NFT Marketplace Rolls Out Loyalty Program, Native Token in Talks

Magic Eden wants NFT enthusiasts to catch all of the Magic Buddies as native token rumours surface.

Magic Eden NFT Marketplace Rolls Out Loyalty Program, Native Token In Talks

Magic Eden, the leading NFT marketplace on the Solana (SOL) network, opened its gates to a new loyalty program. Magic Eden Rewards’s beta version is live, and the alpha is coming soon. According to a tweet on Magic Eden’s official Twitter, creators on the NFT marketplace can “easily partner with us to provide perks, discounts, and even NFTs beyond traditional fragmented channels. “

5 Levels of NFT Magic Buddies

Since the loyalty program launched, users have been able to collect Magic Points. For instance, one SOL transferred is equivalent to five Magic Points. The benefits program will have five levels highly dependent on the monthly user transaction volume. To maximize rewards, NFT enthusiasts will also have to connect the sub-wallets after they connect the main wallet.

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Further on, Magic Eden will introduce a new dynamic fee structure in early 2023. On top of that, the largest SOL NFT marketplace has plans to launch its native cryptocurrency, according to popular crypto analyst Colin Wu.

Solana (SOL) Struggles Below Key Level

SOL has been soaked in blood courtesy of the brutal crypto bears for the last two months, as the altcoin is down by 52.9% in the last 60 days. Moreover, SOL failed to restore its crucial resistance level at $15,00 since the FTX breakdown.

Hence, the quickly escalated events of the FTX fiasco led to SOL exiting the TOP 10 by global market capitalization. At press time, the 18th-ranked altcoin trades at $13.93, dropping another 5% in the last 24 hours, according to CoinGecko.

  • Magic Eden has stood for creator fee royalties on top NFT platforms but received immense backlash from the Twitter community.

Why You Should Care

Magic Eden is the second largest NFT marketplace in the world, behind only OpenSea.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.