Magic Eden launches the beta version of Magic Eden Rewards, a rewards program that allows users to claim rewards, perks and commission discounts based on their activity in the marketplace.
As creators and collectors sell and buy NFT, rewards will be issued under the program.
Magic Eden Rewards
Rewards are awarded in the form of points, called Magic Points, which contribute to one of five loyalty tiers, each with a different level of perks and commission discounts.
To receive the rewards, users will have to create a profile in various wallets as of now, while the pilot rewards will go live later this month.
🧵/ Magic Eden Buddies: Gotta Catch Em All!
• Sign in today for Magic Eden Rewards (Beta)!
• Start earning points for buying + selling NFTs
• Points get you future perks & benefits
Fee discounts starting 2023 (fees waived thru EOY) pic.twitter.com/sanlM7B7mh
— Magic Eden 🪄 (@MagicEden) December 14, 2022
Collectors will be able to earn Magic Points (betas) based on the purchase and sale of NFT. For every 1 SOL spent in volume from a linked wallet, collectors will earn 5 Magic Points.
Based on their spending, they will be classified into one of five loyalty tiers, each of which contains its own level of benefits and commission discounts.
Users can also combine all their wallets in their profile to find out their true level based on the total transaction volume across all wallets.
Initial levels will be determined by the user’s highest volume between the months of November and December.
All rewards will be distributed in the form of NFT and may include items such as loot boxes from NFT creators, discounts and perks from ecosystem partners and NFT gifts.
Rewards will be sent to users’ profiles so they can claim them.
When your favorite marketplace is about to announce a rewards program 👀 pic.twitter.com/JzqWDuQIBA
— Magic Eden 🪄 (@MagicEden) December 14, 2022
“We are excited about Magic Eden Rewards. It’s a very exciting way to offer value to our users and a tool for creators to engage new and existing collectors. As a marketplace, we have tried to offer innovations that go beyond the transactional level. Magic Eden Rewards offers us the opportunity to celebrate and engage our community in new ways,” said Jack Lu, CEO and co-founder of Magic Eden.
In addition, Magic Eden will extend the platform’s fee waiver through the end of the year. Starting in January, all Magic Eden users who sign up will receive commission discounts and will be included in an existing loyalty tier.
Discounts will also come into effect in the new year depending on the user’s level. Instead of charging a fixed commission to sellers, Magic Eden will introduce a dynamic commission creation/reception model, where the cost of transactions will be distributed between sellers and buyers.
In this way, transaction commissions will be shared between buyers and sellers and will be determined based on each user’s Magic Eden Rewards level.
Zhuoxun Yin, COO and co-founder, added: “We pride ourselves on delivering value to our creators and users, and Magic Eden Rewards is proof of that. By offering progressively greater rewards, perks and fee discounts based on user activity, we are excited to tailor this program to creators and help them find ways to deepen engagement with their communities.”
The new rewards program could increase trading volume at Magic Eden.
The NFT market has rebounded slightly over the past two days, with total NFT trading volume exceeding 20,000 ETH (~$26.6 million), with Blur taking the lion’s share.
Magic Eden and its recent initiatives
In October, Magic Eden announced plans to integrate into the Polygon network, which will allow the marketplace to work with strategic IP owners, world-class game developers and emerging creators in the Polygon ecosystem.
More recently, Magic Eden announced its partnership with Stripe to enable users to conveniently purchase cryptocurrencies and top up their wallets.
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