Month: November 2024

How to sell Solana NFTs on Magic Eden Magic Eden has grown to become Solana's top NFT marketplace, with more than 50% market share. The platform, which launched in September 2021, has already transacted over $200 million. Magic Eden is a new NFT platform developed for the Solana Network that allows users to purchase, sell, and mint NFTs. Around the world, there has never been a scarcity of creatives. The only issue now is locating unique platforms on which to display their work. The advent of NFTs has ushered in a new era of possibilities for creatives, yet the high cost and technical expertise necessary for this endeavor have proven to be a significant barrier for most individuals. Magic Eden has addressed these constraints by simplifying the minting process and lowering transaction costs, making non-fungible token (NFT) projects more accessible and inexpensive to everyone. Because Magic Eden is based on the Solana blockchain, all fees are almost non-existent due to the network's tremendous throughput. Magic Eden's trade volume topped 350K SOL on October 5 last year, and it is currently rapidly increasing. This demonstrates the massive demand for Solana NFTs. What exactly is Magic Eden? Magic Eden is a new NFT platform designed specifically for the Solana Network that allows users to purchase, sell, and mint NFTs. The NFT transactions are very similar to Ethereum transactions, with the exception that users will pay a 0% listing charge and a 2% transaction cost, lowering the entry barriers for new and experienced NFT buyers and makers. SOL tokens are the currency used to pay fees. Magic Eden's NFT collections are expanding by the day, and this growth will continue, resulting in higher trade activity and a stronger community. Set Up A Wallet To Buy NFTs In Magic Eden Phantom, Solflare, and Sollet are three typical wallets supported by the Solana Network, where the Magic Eden is located. Phantom, for example, will be utilized as a model for constructing a wallet. Phantom's setup procedure will be quite similar to anyone who has used the MetaMask wallet, which is one of the most popular crypto wallets today. Users must visit Phantom's official website, install the browser extension, and choose "Create New Wallet" from the drop-down menu. After that, all users have to do is follow a few simple steps to get an authorized crypto wallet. Purchase SOL Tokens To acquire NFTs on Magic Eden, users must first purchase SOL and then transmit these tokens to their wallets. The top 5 crypto exchanges that support SOL are as follows: Users can use this list to find 36 additional exchanges where they can purchase SOL. They may now withdraw their SOL tokens to their wallets after acquiring SOL, and the withdrawal process is the same on most exchanges. Make a connection between your wallet and Magic Eden. Now that you have funds in your wallet, click "Connect" in the top-right column to link them to the Magic Eden portal. Look through the NFT Collections. After you have connected, go to the top of the website and type anything in the search field. You may either search for individual NFTs in the field or click "Browse Collections" on the right to see the most recent and popular collections available. NFTs should be purchased. Click on the NFT you want to buy once you have made your decision. By selecting "Buy now" in this example, you may acquire a CatPunk OG Pass at the current selling price or make an offer to buy at a lesser price. You never know when the vendor will be generous. Note that sellers maintain the right to accept or reject bids; therefore they are not guaranteed to be filled. Basics of Bidding Eden does not charge cancellation or offer fees, but bidders' offer prices must be within its escrow. Users can also cancel offers on the platform's "My Profile" page by clicking to the "Offers Made" tab. To maximize the chances of matching the bids, bidders should submit a minimum offer of 50% of the listing price. By applying for the Magic Eden Launchpad, you can increase the number of NFTs you have. The platform's 'Launchpad' makes it easy for users to generate and sell NFTs, removing the need to go through several technical steps merely to get started with digital assets. Users must complete this form to join the Magic Eden Launchpad. Here is a rundown of some of the questions the Launchpad will pose to NFT creators: Discord ID for the primary contact Project Name Creator Name Stage of the Project The main contact's email address Details about the project, the creator's backstory, and his objectives Handle on Twitter Discord Servers Instagram Websites Launchpad Criteria The platform has created precise criteria to choose the right NFT developers for Magic Eden, therefore not everyone who registers for the Launchpad will be approved. The platform strives for the following qualities among digital asset creators: 100% Completion of the Submission Form The platform's system will accept application forms that have all of the required information and will immediately reject any forms that contain missing questions. PNG (Portable Network Graphics) PNG-based artworks or static pictures are now accepted on the platform. Minting Magic: The Complete Collection Eden does not allow for bespoke mintings, such as pre-mint campaigns or whitelisting, therefore producers must debut their whole collection at once. It does, however, state that if authors desire personalized minting, they must remove the artwork from the minting when releasing NFTs on the platform. NFT makers can determine the overall price of their collection using randomized fixed price minting, and each NFT will have a fixed price that adds to the total value of the digital asset collection. A well-defined route Magic Eden promotes NFT collection developers who have a long-term goal. A lack of a defined plan indicates that a developer is simply interested in making fast money, which will stifle the platform's growth. Community-Focused The platform's purpose is to build a robust community, and cooperation and collaboration among members are essential to achieving this lofty goal. Magic Eden wants creators who are not just interested in their own worlds, but also in connecting with the community to help each other grow in terms of knowledge, talents, and yes, even friendship. Commitment The application of a group or a person must clearly demonstrate their commitment to their trade as well as how they can be helpful and collaborative members of the Solana community. If accepted into the Launchpad, here's what creators may expect. A confirmation message will be sent to creators, along with an invitation to meet the Magic Eden team, action items, and key dates to keep an eye on. Following that, they must deliver files to Magic Eden, describe their marketing strategy, and do a test launch on Devnet to confirm that no technical difficulties have arisen throughout the collection. Finally, on the Magic Eden Launchpad, a group or an individual will be able to live mint. Other Important Information Regarding The Launchpad Applications will be accepted on a rolling basis. The team will tell the next round of candidates if their applications are denied by the end of October. If they have not gotten a communication, it is because the team has already submitted their proposal for the next application. However, this does not mean that their proposal will be approved in the following stage. Applicants who have been rejected before are welcome to reapply. They must provide supplemental information in their applications, such as additional collection data and project updates, to improve their proposal and boost its chances of getting accepted. On Magic Eden, how do you list your NFT collection? Magic Eden accepts all sizes of gifs, mp4s, and static pictures. Magic Eden, as the most popular marketplace on Solana, has a large number of daily visitors looking to list their NFTs. To list your NFTs on Magic Eden, go to https://airtable.com/shroOLXKGFsfhVWfd In addition, fill out the whole application. Please keep in mind that an application that is either incomplete or wrongly filled will be rejected. When listing your NFTs on Magic Eden, consider the following points: The marketplace accepts applications for collections that have already been minted as well as collections that will be minted in the near future, and all applications are typically responded to within 1 to 4 days of submission, with rejection or acceptance notifications. The Magic Eden team currently decides which listings will go live after reviewing the applications. However, the centralized paradigm will be phased out shortly. You will be notified through email if your application has been approved or refused. The following are some interesting facts regarding Magic Eden: With each passing day, the platform's daily visitor volume approaches 200k, and it has over 40k wallet connections every day. Magic Eden provides about 1,000 collections on the site, with a volume that exceeds the combined volume of other ETH markets, and the number is growing by the day. Magic Eden is the first platform of its kind to include features like the rarity index, auction, and the Launchpad. This might explain why, after just two weeks, the daily transaction volume surpassed 50,000 SOL. The site also supports local languages including Japanese, Vietnamese, Turkish, and Korean. Magic Eden focuses on five important areas in order to expand its community: Core Secondary Marketplace- The team is working hard to create a platform where users may trade non-fungible tokens with instant liquidity. The platform seeks to give a great user experience by making browsing, searching, and researching simple. Magic Eden's Launchpad is a straightforward mechanism for creating and selling non-fungible tokens. This Launchpad is designed to make minting for creators all around the world relatively easy, secure, and simple. It provides full-service NFT minting, outbound marketing, and automated distribution on Magic Eden to the creators. Integration of major partners- The team is concentrating on integrating huge partners. It has already begun integrating with Raydium, which provides the creators with tremendous liquidity and exposure for their NFT collections. Magic Eden focuses on delving deeper into the gaming arena and has teamed up with Faraway to do so. Mint Authority is a self-service minting application that facilitates direct file uploading. On December 1st, it is scheduled to become online. Final reflections Magic Eden is a new platform for non-fungible tokens that allows you to create, sell, and purchase them. However, because of Solana Blockchain's high throughput, the costs associated with Magic Eden are essentially non-existent, making it one of the best platforms for trading NFTs. Magic Eden has struck a nice balance between providing opportunities and keeping a high level of quality. Even while it has decreased the entrance hurdle for anyone who wish to utilize its platform, it has made it clear that it will not allow anyone who may jeopardize Magic Eden's quality and reputation. Its stringent screening procedure ensures that every application it accepts is capable of launching high-quality NFTs and has the same aim to improve the community and add value to their peers. Links https://medium.com/geekculture/list-your-nfts-with-solanas-nft-marketplace-magic-eden-with-0-listing-fees-c778166965 https://www.asiacryptotoday.com/magic-eden/

Month: November 2024

How to Sell Solana NFTs on Magic Eden

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