Solana’s Leading NFT Marketplace — Magic Eden Review

11 min readMay 6, 2022

Have you ever been stocked with your digital asset like NFT and don’t know where to trade it? Or perhaps you want to buy some more NFTs for gaming but don’t know where to get them? Then you’re in the right place. In this article, we will be looking at a quick review of Solana’s premier NFT marketplace — Magic Eden.

With the recent surge in popularity and originality of blockchain technology, new innovations have resulted in an explosion of software application cases. One such example is Magic Eden, which was designed with one aim; to make it simple to buy or mint Non-Fungible Tokens (NFTs) on their platform. These NFTs are then used in the network applications developed by Solana.

When it comes to buying and selling digital assets like NFTs, Magic Eden is your best bet. Magic Eden makes it much easier to buy, sell or invest in NFTs on the Blockchain. Wanna know how Magic Eden does the Magic, grab your pop-corns, and let’s ride…

What Is Magic Eden

Magic Eden is a new decentralized application (dApp) built on the Solana blockchain that allows its users to buy, sell and mint non-fungible tokens (NFTs) on the blockchain.

With a market share of more than 90%, Magic Eden is the main NFT marketplace on Solana. Magic Eden was released on September 17, 2021, and it has been on the rise since then.

Ethereum has faced issues with high gas prices over time. The blockchain can only perform 15 transactions per second, which has a significant impact on transaction costs. This also explains OpenSea’s exorbitant prices. Solana, with over 65,000 transactions, is substantially quicker and less expensive.

Users on the Magic Eden platform can simply mint and trade NFT with cheap transaction costs of about 2%, high liquidity, and a straightforward user experience with no listing charge, making it easier for new and regular NFT buyers and creators.

How Does Magic Eden Work?

The Magic Eden NFT trading platform allows users to create and manage non-fungible tokens (NFTs) on the blockchain. These NFTs can be used for a variety of purposes, including digital collectibles, gaming assets, and more.

There are four major ways that Magic Eden works which are;

Magic Eden Marketplace

The secondary market is Magic Eden’s main product. Projects must first apply to have their NFTs listed on the Magic Eden Marketplace, but once approved, the NFTs can be freely exchanged, purchased, and sold. The marketplace includes various unique features and services that add value to consumers, such as:

A popular collections page that displays popular projects and helps visitors to locate trending NFTs.
A filter for qualities that helps users easily filter through NFTs and discover specific designs.
A detailed statistics page that displays each NFT’s total supply, volume %, floor price, and value, allowing users to perform more thorough research and make more informed investments.

Magic Eden Whitelabel Marketplaces

Furthermore, Magic Eden provides the technological infrastructure for other cryptocurrency initiatives. Magic Eden provides the underlying technology that projects may use to create their own markets or add mint-functionalities. Three Solana-based NFT projects, Raydium, Thugstore, and Galactic Geckos, are now powered by Magic Eden’s technology.

Magic Eden DAO

Magic Eden has just released its MagicDAO. The DAO presently has minimal influence, and the bulk of decisions are still decided by the Magic Eden Team, which is centralized. The MagicDAO is governed via Discord, and users have the option to vote on:

Which NFT projects will be highlighted on the marketplace’s homepage?
The MagicDAO treasury money and how to use it
Certain operational guidelines and decisions are required.

Participants in the DAO must be holders of a Magic Edens NFT, sometimes known as a “Magic Ticket.” 30,000 Magic Ticket NFTs were generated and airdropped to Magic Eden’s oldest and most active users. These NFTs are available for sale on the secondary market, with a current floor price of 0.16 SOL.

Magic Eden Launchpad

The Magic Eden Launchpad serves as the project’s exclusive minting platform. The launchpad’s primary goal is to make minting simple, smooth, and safe for innovators all over the world. The Magic Eden Launchpad needs no technical knowledge and offers developers substantial support and assistance throughout the minting process.

To launch an NFT collection with Magic Eden, users must apply to join the launchpad. Less than 5% of all applications are accepted, and only the best projects can be launched on Magic Eden. This ensures the Solana community can trust all the NFT collections released on Magic Eden to be secure, reliable, and high-quality projects that have been thoroughly vetted.

Magic Eden also provides their launchpad projects with marketing support prior to their launch, thus, helping the project gain exposure and reach. And lastly, Magic Eden also has an exclusive creator community where approved projects can collaborate and receive crowdsourced support and feedback.

Overall, Magic Eden’s launchpad isn’t just a minting platform, but a supportive and exclusive community that empowers creators.

What Are NFTs?

NFTs are digital assets that reflect real-world assets such as artwork, music, films, and in-game tokens. Perhaps the most common use of NFTs is for the purchase and sale of digital artwork, however, they may also be used to represent other real-world assets. NFTs effectively serve as proof that the digital item they represent is a genuine article.

When it comes to digital things such as artwork or music, a limitless number of copies are possible. While everyone may download a duplicate of anything digital, just as with everything physical, there is only one original.

NFTs are often marketed and distributed through internet markets such as NFTcatcher.io. Rarity. tools. Investors can peruse an inventory of assets before deciding which one to purchase. To purchase the digital asset, the buyer must have a cryptocurrency and create an account on the marketplace, which may be linked to the cryptocurrency wallet containing the coin.

The Ethereum ERC-20 tokens are the most often used blockchain by NFT. The Ethereum network employs the ERC -20 token to launch a smart contract.

How To Buy NFTs In Magic Eden

Buying NFTs in Magic Eden can be a bit confusing as a newbie but here are some guidelines to follow;

Set Up A Wallet

The Magic Eden is located on the Solana Network, which supports three common wallets: Phantom, Solflare, and Sollet. Phantom, for example, will be used as a guide in the creation of a wallet.

Phantom’s setup procedure will be quite similar to anyone who have used the MetaMask wallet, which is one of the most popular crypto wallets today.

visit Phantom’s official website,
install the browser extension, then
click the “Create New Wallet” button.
They only need to take a few easy steps after that to get an authorized crypto wallet.

Buy SOL Tokens

To acquire NFTs on Magic Eden, users must first purchase SOL and then transmit these tokens to their wallets.

Here are the top 5 cryptocurrency exchanges that accept SOL:

Users can check 36 other exchanges where they can buy SOL from this list. After purchasing SOL, they can now withdraw their tokens to their wallets, and as for the process of withdrawing, it is similar on the majority of exchanges.

Connect Your Wallet to Magic Eden

After you’ve added funds to your wallet, connect them to the Magic Eden webpage by clicking “Connect” in the app’s top-right corner.

Explore NFT Collections

Once connected, navigate to the top-of-the-page search bar. You may either search for specific NFTs in the field or just click “Browse Collections” on the right to see the most recent and popular collections on the market.

Purchase NFTs

Once you’ve decided on an NFT to purchase, click on it. In this example, you may buy a CatPunk OG Pass at the listed price by clicking “Buy now,” or you can make an offer to buy at a lesser price. You never know when the vendor will be feeling generous. It should be noted, however, that offers are not guaranteed to be filled because sellers maintain the right to accept them.

Top 6 Solana NFT Projects

If you’re trying to figure out how to invest in NFTs, it’s important to know which assets are accessible. The following are five of the most sought-after NFTs to be aware of:

1. DeGods NFTs

DeGods portrays themselves as a deflationary band of outcasts, misfits, and punks. DeGods uses the DUST coin to power the whole DeGods ecosystem. You may earn a set amount of DUST every day and gain access to the DeDAO channels via Matricia by purchasing an NFT.

Owners of the DeGods NFT can start earning DUST by staking their NFT on the DeGods official dashboard. Users may also alter their DeGods by paying 1000 DUST to update the metadata of their DeGod and exchange it for a DeadGod.

Normal DeGods produce 10 DUST per day, whereas DeadGods produce 20 DUST per day. Users can also switch between DeadGod and DeGod at any moment. However, bear in mind that you will have to pay DUST in order to do so.

One interesting aspect of DeGods is their 33.3% paper hand tax. If you sell your DeGods for less than the purchase amount, you must pay a 33.3 percent tax. It’s a terrific idea that encourages people not to take excessive risks due to a lack of patience.

The entire volume of the DeGods NFT collection is 120k SOL ($10.8 million), with an average sale price of 29.71 SOL ($2.6k). We strongly recommend that you check out their collection because they have one of the best-designed NFTs on the market and are a perfect alternative to the famous Bored Ape collection.

2. Solana Monkey Business NFTs

Solana Monkey Business also known as SMB is a blockchain-stored collection of 5,000 randomly manufactured SolanaMonkeys. The monkeys’ objective with their accessibility-oriented design is to infiltrate the Solana blockchain with as many people as possible, creating a big community around them, supported by owner-exclusive benefits, a community wallet, and a future voting mechanism.

SMB is a community-focused NFT project with the following advantages:

Access to an exclusive, members-only wallet with an on-chain voting mechanism in the future.
Access to the MonkeDAO, Solana’s first NFT DAO.

Solana Monkey Business is one of the most popular Solana NFT initiatives, with over $107 million in SMBs transacted since its inception.

In October, one Solana monkey, SMB #1355, was sold for $2 million dollars.

One intriguing benefit of holding a Solana Monkey Business NFT is access to the MonkeDAO, Solana’s first NFT DAO.

Membership with MonkeDAO entitles you to the following benefits:

Stake through the DAOPool to obtain daoSOL and earn up to 7% on your staked SOL.
Stake with the MonkeDAO Validator pool to get passive money.
Future Monkeverse 3D Metaverse ready avatars — Future Monkeverse NFTs with ecosystem functionality — Future $MONKE cryptocurrency token — Potential future access to MonkeDAO Capital Venture Fund

Solana Monkey Business has the potential to be the next big NFT initiative, akin to the Bored Apes or CryptoPunks of Solana NFT

NFTs from Solana Monkey Business may be purchased through the Solana Monkey Business Marketplace or Magic Eden.

3. Degenerate Ape Academy

Degenerate Ape Academy is a Solana-based NFT collection containing 10,000 algorithmically-generated unique 3D apes.

The Degenerate Ape Academy project, which is Solana’s first million-dollar NFT collection, is run by ‘Monoliff,’ who heads the art and development team, ‘Obbotis1’, who is responsible for project management, and ‘Conorholds,’ who manages the development side of the project.

Degenerate Ape Academy is a Solana-based NFT collection containing 10,000 unique apes that serve as an interface that allows users to exchange their digital assets. Users can “enroll” in the Ape Academy by minting a Degenerate Ape, which allows them to have a valuable asset and enjoy their utility.

Buyers can rest assured that they will acquire full intellectual property rights of both the art and the Degen Ape itself after purchasing the asset, thanks to the power of smart contracts. After the purchase, the Degenerate Ape Academy cannot modify, seize, or freeze ownership of Ape NFTs from new owners.

All these aspects eliminate any ownership issues after SOL tokens have exchanged hands, and new owners can focus on flipping their new assets to gain profits.

4. CETS ON CRECK

Cets on Creck illustrates the power of art and community. In an oversaturated market of animal PFP projects, this project experienced a breakout month in March, with the floor price reaching an all-time high of over 30 SOL.

This is primarily due to the project’s emphasis on branding and storytelling — who wouldn’t want to be a part of a universe of 6,969 cats on the Solana blockchain that are simply here to hang out, chill, and vibe together?

5. Aurory

One of Solana’s most anticipated play-to-earn NFT games is Aurory. It is a Japanese RPG with both PvE and PvP modes in which players use their NFTs to engage in combat.

Aurory uses the same play-to-earn structure as Axie Infinity (AXS), with players fighting to win NFTs and AURY tokens, which can be used to buy things and increase their chances of success in the game.

This NFT project is supported by well-known investors such as Solana and Alameda Research, who just recruited a team of specialists with years of AAA game production experience.

6. Okay Bears

Okay Bears is a Solana NFT Project with an immaculate collection of 10,000 diverse bears that grant you exclusive access to The Park, where together, we build a virtuous community that will transcend the internet into the real world.

According to data from leading NFT marketplace OpenSea, Okay Bears is the top-traded collection that it tracks, beating an array of prominent Ethereum collections. The marketplace shows 187,543 SOL worth of secondary trading over the last 24 hours, or about $18.4 million worth at Solana’s current price. That covers the entire market, not just sales on OpenSea itself.

Conclusion on Magic Eden: Solana’s Premier NFT Marketplace

Magic Eden’s aim is to make the process of minting digital assets easier. Nevertheless, it guarantees that all entries meet quality requirements in order to maintain the legitimacy and quality of the NFT economy.

Its absolute screening approach ensures high-quality NFTs that will benefit the Magic Eden community. With its low transaction fees, the platform’s NFT collections are expanding on a regular basis, resulting in more trading activity and a well-established community.