Magic Eden introduces New Reward Program

SNEAK PEEK

  • Magic Eden’s users can earn Magic Points on secondary trade deals.
  • Pilot awards will also be given.
  • It would revise its strategy on artist royalties for new sets.

Magic Eden, a renowned cross-chain NFT network, has confirmed the debut of its Magic Eden Prizes program, which enables collectors to build their own profiles across wallets and get rewards immediately on the site. Since this is a test version, all customers can presently create their own accounts; however, pilot prizes will be available later this month.

Magic Eden’s new rewards program, an industry first, allows buyers to gain Magic Points on secondary trading transactions and spend money. Based on how much a collector spends, they will be assigned to one of five membership tiers, each with its own set of reward advantages and cost savings.

The initial beta test of rewards will be accessible before the end of the year, with the awards eventually becoming available as NFTs in the Prizes Hub and being transferred directly to users’ accounts.

The announcement follows Magic Eden’s previous declaration this month that it will be revising its policy on artist payments for new collections that opt-in to its new open-source system, the Open Creator Protocol.

Magic Eden made headlines in October when it revealed that the formerly required creator royalties on its platform will be made voluntary for all NFT producers. While it does not eliminate the possibility of paying a seller their requested royalty, purchasers now have the option to toggle and choose to pay a seller half or none. 

However, it appears that older collections are still subject to the previously contentious licensing structure.

Built on Solana‘s SPL-controlled protocol, OCP will give authors announcing new collections the option of having revenues safeguarded or excluding markets that do not enforce royalties. While Magic Eden’s free platform costs will be extended until the end of the year, all new Magic Eden customers will receive fee savings and be allowed back into an existing loyalty tier.

The network will offer a flexible producer model for billing merchants, with charges shared between maker-takers and determined based on a user’s suitable leveling.