Magic Eden to launch a rewards program & reward traders with free NFTs


  • Magic Eden to release a Magic Eden rewards program exclusively for NFT traders to offer them discounts, benefits and free NFTs.
  • The program will allow Magic Eden to interact with the community and celebrate.
  • A dynamic maker/taker platform fee will be launched in the coming year.

Frequent traders of Magic Eden will now seek unique perks that include free NFT and fee discounts too, thanks to the recently announced rewards initiative. 

Termed as the ‘Magic Eden Rewards’ program, the initiative will begin this afternoon with five tiers of rewards. Users will earn points depending on the amount of Solana spent by them on the marketplace. According to the company, the benefits will increase at each step and include access to NFT rewards and major discounts as well. 

Traders who have utilized several Solana wallets on the platform can connect each one of them  to one Magic Eden account and increase possibilities of rewards. A representative at Magic Eden shared that wallet associations won’t be shared publicly and will be strictly kept private.

‘Loot boxes’ from NFT projects, discounts and giveaways will be covered as rewards, as shared by Magic Eden. The program will allow NFT creators to connect with the wide user base of Magic Eden, which will lead to marketing opportunities for NFT projects. Moreover, it will establish the marketplace as a dominant name in the Solana space.

Jack Lu, CEO of Magic Eden, said:

As a marketplace, we’ve been trying hard to ship innovation that goes beyond the pure transactional layer.

He added that Magic Eden Rewards provide them ways to engage with the community and celebrate. 

Magic Eden recently took a 2% cut from secondary sales; however, the marketplace waived its fee temporarily in mid-October. 

The marketplace will waive the platform fee by this year’s end. In January 2023, it will introduce a “dynamic maker/taker” model for platform fees, wherein, fees will be split between sellers and buyers.

The split will be regulated by the loyalty rewards level of users who log into an account and the transaction type. Under this model, listing non-fungible tokens and bidding on listed non-fungible tokens are viewed as “maker” transactions. On the other hand, purchasing or selling an NFT immediately through a collection offer is considered as a “taker” transaction.

Based on rewards loyalty level, both makers and takers can get up to 45% off the platform fee. Complete details about the new structure are not out yet. 

In June, Magic Eden was valued at $1.6 billion upon raising a $130 million Series B round. Ruling the Solana world since late 2021, it has grown into Ethereum ever since. Despite losing the market share this fall, the marketplace recovered it and also made creator fees optional for users.