Magic Eden to Reward Users Based on Marketplace Activity
The Magic Eden Rewards program enables NFT collectors to earn rewards based on their marketplace activity directly on the platform.
Details of the Reward Program
A rewards program that lets users claim rewards, benefits, and fee discounts based on their marketplace activity is being introduced by Magic Eden as a beta version of Magic Eden Rewards. Users must create a profile across multiple wallets in order to receive rewards, and this requirement must be met before the pilot rewards program launches later this month.
"We pride ourselves on delivering value to our creators and users, and Magic Eden Rewards is a testament to that," said Zhuoxun Yin, the COO and Co-Founder of Magic Eden, in one of the briefings. "We're excited to work with creators to help them find ways to deepen engagement with their communities by providing progressively better rewards, perks, and fee discounts based on user activity," he added.
Earning Magic Points Rewards
The buying and selling of NFTs will allow collectors to accrue Magic Points (beta). Collectors will receive 5 Magic Points for every 1 SOL that a connected wallet spends in volume. They will be assigned to one of five loyalty tiers based on their spending, each of which offers a different level of reward benefits and fee discounts.
Users can also combine all of their wallets into one profile to find out their true tier based on the total volume of transactions across all of their wallets. All prizes will be given out as NFTs, and they might include things like loot boxes from NFT creators, special deals and benefits from ecosystem partners, and NFT giveaways. The rewards will be airdropped into users' profiles where they can be claimed.
Magic Eden will switch from charging sellers a flat fee to a dynamic maker/taker model where the cost of trading is split between sellers and buyers. This is done so that transaction fees can be split between buyers and sellers according to each user's standing in the Magic Eden Rewards program.