Magic Eden Review: Is it legit, safe and trustworthy for UAE citizens and residents?
Users are able to purchase, sell, and trade one-of-a-kind digital assets on
the decentralized platform known as Magic Eden, which facilitates the purchasing
and selling of NFTs. Users are able to communicate with one another in a setting
free from the need for trust because the platform is based on the Solana
blockchain. Magic Eden is a brand-new NFT platform that was developed for the
Solana Network. It enables users to more easily purchase, sell, and mint NFTs.
Visit Magic Eden Website.
Around the world, there has never been a shortage of people with creative minds. The only obstacle that still stands in their way is locating cutting-edge platforms on which they may display their inventions. The introduction of NFTs has ushered in a new era of opportunity for creatives, but the high costs and extensive technical knowledge necessary for this endeavor have proven to be an enormous barrier for the majority of people.
The NFT transactions are essentially similar to those of Ethereum, with the exception that users will have a 0% listing cost and just a 2% transaction charge. This reduces the entry barriers for new and experienced buyers and makers of NFT and makes the platform more accessible overall. Tokens issued by the SOL platform may be used to settle fees.
New breakthroughs in blockchain technology have led to an explosion in the number of software use cases, which coincides with the current growth in popularity and creativity in the field. One such company is Magic Eden, whose mission is to simplify the process of purchasing and minting non-fungible tokens (NFTs) on their platform. After then, these NFTs will be utilized inside of Solana's networked applications (that are built specifically around digital asset ownership).
Magic Eden provides its users with access to a broad variety of functions, including the following:
A Selection of Favorite Items
Launches Still to Come: This feature displays anticipated NFT launches, allowing users to readily anticipate when their preferred launch will occur in the near future. Because of this, there is no longer a requirement to laboriously look for the upcoming major release. Simply click on any of the projects, and you will be sent directly to that project's Twitter account.
The most popular collections highlight the trends that are currently popular as well as the projects that are generating a lot of attention. This is the place to be if you want to make some money off of the cryptocurrency craze that's been going around. It is a simple method for determining who is getting all the attention and what digital assets are certain to be in demand.
Tweets by MagicEden
This characteristic differentiates Magic Eden from any other NFT platform available. Your non-fungible tokens may now be created and sold in a revolutionary new way thanks to Magic Eden's brand-new Launchpad platform. Minting will be simplified and made more secure thanks to this uncomplicated technical approach, which will also make full-service support available around the globe.
Because it has an automatic distribution system on its platform, there is no need for any kind of technical labor; all you need to do is upload your files, or generate them in preparation, and you will be ready to begin. Launchpad will automatically take care of everything else, leaving you with more time to concentrate on the aspect of your work that is most important: your creativity.
This innovative filtering method, which is not available on any other platform, makes it much simpler for you to select the NFT that is a good fit for your preferences. The characteristics filter in Magic Eden allows you the ability to employ a wide range of discriminators to assist you in finding the specific NFTs that you are looking for. These discriminators include the backdrop, attire, jewelry, eyes, and a great deal more.
On Magic Eden, you have fast access to information on the entire supply, category, and overall worth of your digital asset. This helps to determine which NFTs are more valuable and at what quantity they become profitable, and it also gives you a beautiful overview of all the assets you now have in their network.
It displays the volume % along with the floor price, which makes it much simpler for you to distinguish between assets that are in high demand and those that are not. It functions similarly to an overview of a stock market for digital assets contained within the platform.
Customers are able to receive their desired NFT right away thanks to this fantastic feature, which eliminates the need for them to wait for the vendor to drop the price. In addition to this, it offers its customers reduced sale costs as well as commission bonuses for those who engage in auctions on a regular basis and successfully bid on a wide variety of things.
The platform takes into consideration the feedback and ideas made by the community, which means that it is continuously getting better as a result of its users. Magic Eden, along with all of the other products and services incorporated inside this new marketplace, will improve in quality according to the number of people who use it and provide their feedback.
It is the epitome of active engagement at its highest level, the kind that is essential to the health of every functioning ecosystem. This is the location where you may join their Discord.
The creators of the Solana-based Magic Eden NFT marketplace have revealed that a DAO is now in development and that there are fundamental changes driving this transition.
The Magic DAO is comprised of three primary components, which are as follows:
A purpose and ruleset to which the organization will run its funding and treasury, which may be used to financially support and reward particular activities
the chance to vote on important issues and help define guidelines for operations
No description available.
According to dappradar.com, the popular NFT market Magic Eden is the 12th largest market in terms of the volume of sales generated by NFTs. These numbers are based on a period of 24 hours. According to further metrics, the NFT marketplace Magic Eden, which is situated in Solana and has a total transaction volume of $704.15 million, is the sixth largest of all time.
According to information provided in a blog post published by the team on Tuesday, "Magic DAO's objective is to work together with our community to develop a stronger Solana NFT ecosystem." "It goes without saying that we have a financial stake in the continued success of Magic Eden as a platform. On the other hand, we believe that because we operate a platform, we have the potential to improve the ecosystem.
In addition to providing active wallets with 4,000 NFT, the Magic Eden team said that it will be airdropping NFTs on both February 23 and Wednesday, February 24, respectively. "This brings us to the end of our first drop. The blog article written by the Magic Eden team reveals that they do not have a definitive number for a predetermined quantity. This is because of the nature of what they have mentioned. Soon, or "within the next two weeks," Magic Eden will have a treasury wallet that is exclusively designated for funding activities.
As was discussed previously, the expenses of transaction fees on Magic Eden are extremely low in comparison to those on other platforms operating in the same market sector. To purchase or trade NFTs in Magic Eden, all you need is a wallet that is compatible with the Solana protocol, such as Phantom. The following is a list of the fees that are listed in their platform:
$0 for the listing fee and 2% of the total transaction price
The royalty percentage varies depending on the creator.
$0 Offers Fee
The minimum price for an offer is equal to fifty percent of the listing price.
Because it is a marketplace that is designed to help both collectors and artists, this platform is going to be very popular among both groups. Magic Eden is the ideal location for anybody who is interested in conducting business with other members of their community, regardless of the number of items or assets that they are trying to purchase or sell.
Launchpad is a feature of this platform that digital asset producers really ought to take use of if they want their work to be seen. In addition to its straightforward integration, it possesses its own unique minting authority, which makes it a great deal less difficult for item manufacturers to mint their very own NFTs than it would be otherwise.
Additionally, there is no need to set up your own infrastructure because everything, from the creation of the design to the sharing of it with others, can be done within the platform itself. People with little or no technological knowledge won't have any trouble getting started.
An NFT marketplace built on the Solana blockchain called Magic Eden has just completed a Series A fundraising round that brought in $27 million and was managed by Paradigm with participation from Sequoia and Solana Ventures. The hosts of "The Hash" examine the development of the Solana ecosystem as a potential rival to Ethereum as well as the rising trade volume of non-fungible tokens (NFTs).
To make the process of minting digital assets more straightforward is one of Magic Eden's primary goals. Nevertheless, it guarantees that every entry will be subjected to quality requirements in order to maintain the legitimacy and quality of the NFT marketplace. Its comprehensive screening process ensures that the NFTs produced will be of a high quality and will be of use to the Magic Eden community. The platform's NFT collections are increasing on a daily basis, and the platform's transaction costs are quite inexpensive, which has led to increased trading activity and a well-established community.
On September 17, 2021, Magic Eden was released to the public. Even though many of Magic Eden's rivals are based on the Ethereum blockchain, in order to purchase and sell non-fungible tokens (NFTs) on the Magic Eden marketplace, you will need to have the SOL token and a wallet that is compatible with Solana (such as Exodus). Magic Eden is a distributed application developed on the Solana blockchain with the intention of enhancing the user experience for content creators as well as purchasers.
Because listing, purchasing, and adjusting the price of NFTs on Solana costs a fraction of what it does on Ethereum, it is not essential to calculate the cost of each transaction individually. Magic Eden has cut the barrier to entry for both new and experienced buyers and sellers of non-fungible tokens by placing the transaction cost at 2 percent and doing away with the listing charge entirely.
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The NFT collection "Just a bunch of Crecked Cets who are up to a whole load of rat crap" is one of the most popular collections available on Magic Eden.
The transaction procedure on Magic Eden is already more cost-effective than that of its rivals as a result of Solana's cheaper gas expenses, which typically amount to only a fraction of a penny. For instance, the gas prices on Ethereum can reach up to one hundred dollars (US), and there are use scenarios in which the gas fees cost more than the value of the NFT itself.
In addition to this, the pace at which transactions are completed in Magic Eden is quite quick. The marketplaces that run on Ethereum are only capable of processing 30 transactions per second, in contrast to Solana's capacity to handle 65,000 transactions per second. And since Solana employs a Proof of History consensus process, which is an expansion on the Proof of Stake concept, Magic Eden's market place transactions are far less harmful to the environment than those that take place on Ethereum's markets.
The amount of energy required to process a single transaction on Solana is around 0.166 watt-hours, whereas the amount of energy required to process a transaction on Ethereum is approximately 238.22 kWh. Regarding the process of minting, users have the ability to do it immediately on the Launchpad provided by Magic Eden. Users do not have a choice of which NFT to mint, since it typically works like a fortunate draw; nonetheless, there is a chance that they will wind up with either a legendary-tier or a common-tier NFT, despite the fact that the cost of minting an NFT remains the same.
In conclusion, Magic Eden has a built-in automation feature that checks the validity and providence of NFTs. A further benefit for the original inventor of these digital assets is the accrual of preset royalties whenever a non-fungible token (NFT) is bought, sold, or otherwise exchanged. These royalties are part of the NFT's underlying smart contract code. All of this is to the benefit of digital artists and buyers, who, historically, have had a difficult time locating an inexpensive and more efficient marketplace to acquire and sell their work. All of this is to the benefit of digital artists and buyers.
Magic Eden has developed into a very competitive marketplace for crypto video games, thanks in large part to the robust community of NFT buyers and creators that it supports. It has been reported that Magic Eden already controls roughly 92 percent of the gaming market in Solana after the debut of its brand-new gaming platform known as Eden Games. In point of fact, the NFT marketplace has announced that it would use a portion of the funds received from its Series A investment round to the development of a gaming experience that is intrinsically linked to the Magic Eden environment.
The battle royale shooter Mini Royale, the player-versus-player tank brawler Panzer Dogs, and the post-apocalyptic looting game the Remnants are all examples of popular blockchain games that have been released on Eden Games.
There will be additional games released, and they intend to add goods to the ecosystem. New specifically, they hope to build out more weapons, skins, competitions, seasons, and other content in order to keep people coming back to games rather than always going on to discover the next big thing.
Magic Eden has its sights set on enhancing the user experience of its mobile app for both the iOS and Android operating systems in the not-too-distant future. It plans to devote a portion of its cash to the development of its software, which will allow users to browse, mint, and trade non-fungible tokens. The company's founders have high hopes that they would be able to create a mass consumer moment on mobile in the cryptocurrency field and maybe unseat their rivals as the most popular destination in the already congested space that is the NFT marketplace.
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.