What Is Magic Eden?
Magic Eden is the largest NFT marketplace on Solana, allowing users to buy, sell, mint, and manage the assets.
Background
Launched in September 2021, Magic Eden quickly became dominant in the NFT ecosystem. Sid Zhang, Jack Lu, Zhuoxun Yin, and Zhoujie Zhou founded Magic Eden.
How It Works
Magic Eden is used for launching new NFTs and trading on the secondary market. Its uniform 2% transaction fee and position on Solana give it a competitive advantage. The marketplace has gained popularity due to sought-after token launches.
The Magic Eden Launchpad, designed for minting new NFTs, is user-friendly and helps creators launch their projects. However, fewer than 5% of projects are accepted, ensuring high standards. The secondary marketplace includes many valuable features, such as a page for popular collections and an attributes filter, making it a favorite for traders.
Key Takeaways
- Magic Eden is Solana’s largest NFT marketplace, allowing users to buy, sell, mint, and manage tokens.
- Unlike most NFT marketplaces built on Ethereum, Magic Eden operates on Solana.
- It was launched in September 2021 by Sid Zhang, Jack Lu, Zhuoxun Yin, and Zhoujie Zhou.
- The marketplace has a uniform 2% transaction fee and features the Magic Eden Launchpad for minting new NFTs.
- Only fewer than 5% of projects are accepted, maintaining high standards, and the secondary marketplace includes many valuable features for traders.
