How to trade NFTs on Magic Eden
Magic Eden is a popular NFT Marketplace on Solana Blockchain. Like all other NFT Marketplaces, you can buy and sell NFTs on Magic Eden and it is a secondary marketplace solely for NFTs that are built on the Solana blockchain.
Interestingly, on Aug 2, 2022, the platform announced that it would soon be extending its offerings to Ethereum NFTs. However, its primary ecosystem and blockchain are Solana.
About Magic Eden
To trade with Magic Eden, first, you need to open a compatible wallet with the Solana Blockchain. After filling the wallet with SOL, you can click ‘connect wallet” on the top right of the site interface. Once your wallet is connected, you can browse through the collections on display and bid for the NFT of your choice.
Similar to market leader OpenSea, Magic Eden allows you to browse through collections according to their attributes. In the NFT, space, NFT features that are rare and unique, or at some times, those with a high community base, often sell with higher volumes than those without
As earlier mentioned, there are ongoing plans for the marketplace to begin supporting ETH, the primary coin:: Ethereum, which supports most of the volume of trading activity daily. Magic Eden’s first ETH-supported collection will be Ezu, and this collection can be minted on either ETH or SOL.
Magic Eden also offers Magic Tickets. This provides access to a decentralized autonomous organization (DAO). Practically speaking, this DAO is a Discord chat that allows users to vote on the operations of the platform.
Also, the marketplace has a launchpad, which allows new projects to mint NFTs on Magic Eden. The advantage of these projects is that they get the chance to be featured on the platform after a successful mint. According to Magic Eden, just 3% of projects that apply to the launchpad make it through the application process.
How to Sell On Magic Eden
- Visit the Magic Eden website. Be sure you browse thoroughly before you start the selling process.
- Select Wallet on the top right corner of the page, follow the provided instructions, and connect your wallet to Magic Eden.
- Click in the top right corner, this should show your Solana wallet address. You will access a dropdown menu with the option to Sell.
- At this point, your NFTs should be visible in My Items. Once you have confirmed, click on the NFT you want to sell. You can choose between listing your NFT for a Fixed Price or putting it up for Auction.
- To set your fixed price, don’t forget to do your research before you choose how the amount you’ll sell for.. Look for the current floor price and determine how close the price you want to set on your sale list.
- To auction your NFT, you need to decide the Auction start date and time, as well as the period of days and hours. Also, you can select the auction starting price in SOL. Again, you need to do your research here. You don’t want to put the price so low, that the NFT sells for a price you didn’t bargain for, on the other hand, you don’t want to make it too high that it throws off prospective buyers from bidding. After you have selected to sell at Auction or for a Fixed Price, select the option to List Now, and then you can begin to wait for the offers.
How to Buy on Magic Eden
- Firstly, locate the NFT you want to buy. Get the floor price, the average sale price, and the trading volume of that particular NFT Collection. Decide if you think the collection will last long. This requires you to do your research.
- Once you’ve seen the NFT(s) you wish to buy, select it and you will see one of two choices. You can either perform Quick Buy or Review Order. Magic Eden offers users the chance to purchase more than one NFT from the same collection, or across multiple collections, in the same transaction.
- Also, you can get extra information about an NFT by checking the details in the bottom right-hand corner of the box. Here, you will get necessary information like price history, features, collection details, and also, the chance to Make An Offer.
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