The Solana Network has a brand-new NFT platform called Magic Eden that makes it easier to purchase, sell, and mint NFTs.
The world has never been short on innovative people. The only issue left is locating state-of-the-art venues where they can display their works. The advent of NFTs has opened up new prospects for creatives. Still, the astronomical cost and technical expertise required for this endeavor represent a significant barrier for most individuals.
What is Magic Eden?
The most well-known NFT marketplace on the Solana blockchain is Magic Eden. The platform, which went live on September 17, 2021, was developed by members of the NFT community as a rival marketplace that could also serve as a base for the top NFT collections on SOL.
You can organize collections in Magic Eden by attributes, such as the bears’ hats, fur, and eyeglasses. Okay Bears, a collection of bear profile pictures, is the largest NFT collection by trading volume and floor price. In the world of NFTs, qualities with greater community cachet or more incredible rarity frequently command higher SOL prices than attributes with more significant commonality.
The Solana -based NFT marketplace Magic Eden, with $704.15 million in total sales, is the sixth-largest of all time. According to 24-hour statistics from dappradar.com, the famous NFT market Magic Eden ranks as the 12th largest by NFT sales volume.
How Does It Work?
Within the Magic Eden marketplace, users can engage with a wide range of NFTs in the art, collectibles, and gaming sectors, as well as a variety of digital blockchain experiences. There is an iOS app, but it just allows surfing; therefore, you must use a web browser to access the website and link your web3 wallet. According to Magic Eden, just 3% of initiatives that apply to the launchpad are accepted.
There is a launchpad in the marketplace and a section of the website where projects can create NFTs on Magic Eden.
What Makes Magic Eden Special?
The NFT transactions are similar to those made on the Bitcoin network, except that users only pay 2% transaction costs and 0% listing fees.
Blockchain technology has recently experienced a surge in popularity and innovation, which has resulted in an explosion of software application cases. Magic Eden is one instance whose objective is to make it simple to buy or mint NFTs on their platform. Later, these NFTs are utilized in networked applications by Solana.
Magic Eden provides its users with a variety of functions, including:
- Future Launches
- Iconic Collections
- Launchpad
- Filter by attributes
- Stats
- Auction
- Community
Supported Wallets
Any Solana wallet is required to enter Magic Eden. Numerous Solana wallets, including Phantom wallet, Solflare, Sollet, Slope, and Solong, are supported by Magic Eden. Additionally, multi-chain wallets like Clover, Ledger, and MathWallet are supported. You require SOL in addition to the Solana wallet to mint or purchase NFTs.
Guide
You can use multi-chain wallets such as Clover, Ledger, and MathWallet to access Magic Eden. But for this guide, we will use Phantom Wallet.
- You need SOL to mint or buy NFTs. Click on Add to Chrome/ Firefox/ Edge.
- Click on Select Wallet, located in the top right corner of the website.
- Install Phantom
- Connect Phantom Wallet to Magic Eden
- Allow Magic Eden to Connect
