Magic Eden, a multi-chain NFT marketplace, is intensifying its dedication to its original base on Solana. On May 25, the company unveiled an initiative known as “Chapter II”.
The new scheme aims to expand the accessibility of the Magic Eden platform through various means. Notably, traders will receive complimentary SOL for engaging in the buying and selling of NFTs.
Welcome to Chapter II. It's time to make some changes.— Magic Eden 🪄 (@MagicEden) May 24, 2023
Starting today we are:
✅ Launching NFT aggregation on Solana
✅ Embracing composability
✅ Offering -0.25% maker fee on ME for a limited time. Now you can earn SOL when your offers are accepted & listings are sold! 🧵👇 pic.twitter.com/3b0QXal4re
The company has initiated the aggregation of listings from rival marketplaces. This approach allows traders to handle their listings across multiple platforms conveniently. Also, they gain insights into prices and listings spanning the entire Solana NFT market.
Moreover, the company intends to release its marketplace smart contract as open-source in the upcoming days.
In addition to these, the company plans to eliminate a “co-sign” functionality. The feature previously hindered the seamless aggregation of its marketplace listings by other NFT marketplaces.
3/ On composability:— Magic Eden 🪄 (@MagicEden) May 24, 2023
Today we are taking steps to becoming more composable by:
✅ Open sourcing our marketplace contract in the next few days
✅ Opening up our API with updated documentation
✅ Removing cosign for fulfillment
We'll share a thread this week with more info.
Magic Eden, the foremost Solana NFT marketplace since its inception in 2021, has addressed enduring criticisms through these recent actions. Competing platforms and fellow Solana developers have admonished Magic Eden for employing closed-source code and impeding interoperability across various platforms.
Nevertheless, it remains to be seen if Magic Eden will persist in utilizing an escrow contract that assumes custody of users’ listed NFTs. Rivals have previously condemned this aspect of Magic Eden’s marketplace model as a potential security risk.
Magic Eden will temporarily modify its “maker fee” for specific transaction types as part of its relaunch. It will offer a remarkable -0.25% rate. In simpler terms, Magic Eden will pay users when they buy or sell NFTs.
4/ Earn fees by trading on Magic Eden:— Magic Eden 🪄 (@MagicEden) May 24, 2023
To give back to our community, we have a -0.25% MAKER FEE promo for all users.
Simply put, you EARN fees on Magic Eden whenever
✅ Someone accepts your offers
✅ Someone buys your listings
This applies to BOTH our marketplace and AMM! pic.twitter.com/5jHY5Rffjb
For instance, let’s consider an example where you list an NFT for 100 SOL on Magic Eden. If your NFT successfully sells, you will ultimately receive 100.25 SOL. Similarly, traders can place an offer on a particular Solana NFT project. If it gets fulfilled, they will effectively receive a rebate of 0.25% on the purchase price. Additionally, users can earn fees by operating automated market maker (AMM) NFT trading pools on Magic Eden.
Magic Eden Continues Its Streak Of Groundbreaking Moves
Also, along with Fenix Games, Game7, and Yied Guild Games, Magic Eden was involved in the Web3 Games Collective (W3GC).
From the examples, it can be understood that Magic Eden is very active in this virtual world.