Magic Eden is a leading cross-chain NFT marketplace for creating, buying, and selling digital collectibles across several blockchains. Initially built for Solana NFTs, the platform expanded to support NFTs on other blockchains, including Bitcoin, Ethereum, Polygon, and more.
Read on to learn everything you need to know about Magic Eden, from its features and functionalities to its supported blockchains and assets and how it squares up against other Web3 marketplaces.
Magic Eden Overview
Before we dive into the review, here are the key facts about Magic Eden.
- Founded: 2021
- Headquarters: San Francisco, CA
- Supported blockchains: Solana, Bitcoin, Ethereum, Polygon, Base, Arbitrum, Berachain, Apechain, Sei, BNB Chain, plus more to come
- Key features: NFT launchpad, Mint terminal, creator dashboard, rewards program, multi-chain marketplace, cross-chain token trading via wallet app
- Native Token: $ME
- Supported wallets: Abstract, Coinbase, Eden Online, Exodus, Magic Eden, MetaMask, OKX Wallet, Phantom, Rainbow, Trust Wallet, and WalletConnect
What Is Magic Eden Marketplace?
Magic Eden is a crypto token and NFT trading hub that enables users to buy, mint, sell, and trade NFTs across multiple blockchains, including Bitcoin, Ethereum, and Solana, and trade fungible tokens across 5+ chains via the Magic Eden Wallet app.
Although Magic Eden was originally built for Solana NFTs, the platform expanded to support several assets across many ecosystems. Today, Magic Eden is one of the major players in digital collectibles and crypto art and has expanded into cross-chain token trading.
The platform features a launchpad for new non-fungible token projects, a strong community focus, and a user-centric interface.
Moreover, Magic Eden has a rewards program designed to give back to everyone who contributes to its NFT community. Besides its cross-chain functionality, which makes it attractive to most users, Magic Eden also has a 0% NFT listing fee and low transaction fees.
Key Features You Should Know
Below are some key features of Magic Eden that you should know about:
NFT Mint Terminal
Magic Eden has an NFT mint terminal that enables users to mint and discover new NFT projects. Users can sort digital collectibles by availability, design, platform, and price. Being a live aggregator, Magic Eden’s NFT terminal aggregates real-time live mints across multiple protocols supported by Magic Eden.
NFT Creator Launchpad
Magic Eden’s NFT creator launchpad is designed to help NFT creators create and launch their projects without requiring technical knowledge. However, to ensure that the projects minted on the platform are of high quality, Magic Eden has a rigorous application and screening process for creators before their projects are accepted.
Multichain NFTs
Magic Eden supports 10+ blockchains, making it a multi-chain platform. This means that users can interact with non-fungible tokens on multiple blockchain networks in one place instead of changing platforms to access the same NFTs.
Market Insights and Analytics
The platform provides users with market insights and analytics to help them track NFT prices, trading activities, and trends. This allows users to gain insights into trending and top-performing NFT collections.
Advanced Collector’s Tools
Magic Eden features a comprehensive suite of advanced tools built for NFT collectors interested in an advanced trading experience. Some of the tools include an enhanced analytics suite that offers access to detailed market insights and a real-time activity stream that offers instant updates on movements for each NFT collection.
Magic Eden Wallet
Magic Eden’s non-custodial wallet is a multi-purpose Web3 wallet that enables users to receive, send, and swap digital assets. Users can manage a wide range of digital assets in the Magic Eden wallet. Additionally, users can connect to decentralized applications across 5+ blockchains.
Magic Eden’s Cross-Chain Ecosystem: Which Blockchains Are Supported?
One of Magic Eden’s most outstanding features is its multi-chain support, which sets it apart from its competitors.
By supporting Bitcoin, Ethereum, Polygon, and Solana (and several other Layer 1 and Layer 2s) the platform enables users to seamlessly manage and trade their digital assets freely across several blockchains.
Below is a list of the blockchain networks supported by Magic Eden:
- Abstract
- ApeChain
- Arbitrum
- Base
- Berachain
- Bitcoin
- BNB Chain
- Ethereum
- Polygon
- Sei
- Solana
Rewards Program: How Does the Marketplace Reward Its Users?
Magic Eden has a cross-chain reward program that’s built for every member of its community, from creators to collectors and traders. The platform allows users to earn rewards in Magic Eden tokens ($ME) through completing quests or staking.
$ME holders can complete quests on the Magic Eden platform to earn more rewards and improve their staking power.
The platform continuously releases new quests, giving users a chance to earn rewards and contribute to the ecosystem’s decision-making.
Besides completing quests, users can also stake their $ME tokens by locking up their $ME tokens to multiply their rewards and earn staking power.
To stake $ME tokens, users need to connect their wallet, click on the ‘Earn’ tab on Magic Eden, and enter the amount they wish to stake. Next, they need to set up a lock period, review the details keyed in, and confirm the stake.
Security Features
Magic Eden has employed a plethora of security features to ensure users securely execute their trades. The platform has a robust fraud detection engine that leverages machine learning and translation analysis across all blockchains for fraud prevention. Its wallet utilizes 2FA to maximize the wallet’s security.
The platform is also regularly audited by third-party security companies.
User Experience
Magic Eden is one of the most user-friendly and intuitive platforms for traders and collectors of all levels. The platform has an intuitive interface that makes it easy to buy, mint, and sell NFTs, and its wallet app makes cross-chain token trading incredibly fast and simple.
Customer Support
The platform has a live chat support function that allows users to reach out to the Magic Eden team in case of any challenges or concerns using the platform.
Marketplace Fees and Costs
Magic Eden has different fees and costs for makers and takers. As an NFT creator or collector, it’s important to understand Magic Eden’s fee structure in order to make informed decisions.
Maker Fees: Fees for Liquidity Providers
Makers are described as users who offer liquidity to the Magic Eden platform by either making offers or selling items through listings. Maker fees are charged at the point of sale and not when listing an NFT or making an offer. Additionally, it’s only charged to the buyer when a seller accepts their offer and to a seller when their listing is sold.
Taker Fees: Point of Sale Fees
Takers are users who use the liquidity offered by Makers by instantly selling against a collection offer, purchasing items, and selling against an offer. A taker fee is paid at the point of sale by the buyer once they complete a market order to purchase an NFT.
Pros and Cons
Pros
- High liquidity
- Offers low transaction fees
- 0% listing fee
- Features a launchpad for NFT creators
Cons
- Limited blockchain support on the wallet app
How Does Magic Eden Compare to its Competition?
Now, let’s take a look at how Magic Eden fares against other Web3 marketplaces, including OpenSea, Blur, and Rarible.
| Feature | Magic Eden | OpenSea | Blur | Rarible |
| User-interface | Simple and beginner-friendly | User-friendly | Advanced | User-friendly |
| Listing fees | 0% | 2.5% | 0.5% | 2% |
| Transaction fees | 2% | 2.5% | 0% | 0.5% – 7.5% |
| Multi-chain functionality | Yes | Yes | No | Yes |
Final Verdict: Should I Use Magic Eden?
If you’re looking to mint, collect, or trade NFTs across multiple blockchains, there’s arguably no better marketplace than Magic Eden. Magic Eden has established itself as a market leader in Web3 assets by offering NFTs from 10+ blockchains, a user-friendly platform, and low trading fees.
What’s more, using the Magic Eden Wallet app, you can seamlessly swap tokens across multiple blockchains and store them securely in one place, adding additional features and functionalities to the broader Magic Eden ecosystem.
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