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Magic Eden to reintroduce platform fees in 2023



Magic Eden in a recent announcement launched a NFT marketplace loyalty program for collectors in the Magic Eden platform. This move, according to Magic Eden, is a way to reintroduce platform fees considerably. “Having re-introduced a sustainable way to respect royalties on Magic Eden via protocol enforcement, we wanted to approach re-introducing fees in the most considered manner to our community.” 

According to Magic Eden, it is the platform’s latest experiment. Participating in the Magic Eden loyalty program enables users to claim rewards from partners and creators in the ecosystem. Collectors can earn Magic Points based on their activities and be eligible for fee discounts based on the points earned. 

The Magic Eden Rewards is aimed at providing a platform for creators to give out perks, discounts, or free NFTs in the form of airdrops to Magic Eden’s community. Magic Eden said it is another way for creators and collectors to connect. “Creators and collectors need more ways to connect, not fewer, and we’re happy to provide another way for creators to engage Magic Eden’s users.”

It can also become a place where partners and dapps in the ecosystem share amazing products with users on the platform, Magic Eden added.

Joining Magic Eden Rewards

Users who are willing to take up the Magic Eden Rewards program would start with a Sign in to Magic Eden, then add and connect all their wallets. Users’ wallets linked under one username are private to their profile only, also, are not available to be viewed by the public. 

The initial level for any user is determined by the highest level they reach before 2022 ends. Magic Eden, in the announcement, mentioned that the first rewards would be rolled out before the end of the year (EOY). The rewards (NFTs) will first be dropped in the “Rewards Hub,” which could be NFT loot boxes or discounts from partners. 

The reward program is in five different levels based on the user trade volume where “the higher the level, the better the benefits.” Higher levels can access higher rewards, which are airdropped directly to users’ profiles for a claim. “We believe users should be rewarded based on how much they transact on Magic Eden,” Magic Eden said

According to Eden Magic, there should be a significant fee difference between an everyday trader and a first-time NFT buyer on the platform. The marketplace also affirmed that that was the reason the platform decided to offer higher discounts at each level of trade volume. 

Magic Eden described the reward program as a ‘Beta’ exercise to how the platform would approach fees while considering creators, collectors, and the Magic Eden team.

Read also; 

Crypto Bank Silvergate faces FTX-linked lawsuits

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