Magic Eden introduces discount and rewards system for marketplace users

Quick Take

  • Solana’s top NFT marketplace Magic Eden will reward users with discounts and NFTs based on their activity on the platform. 
  • The move comes after several changes to bolster user engagement on the platform, such as a reinstated creator royalty system. 

Magic Eden announced a rewards system that allows users to receive rewards, discounts and other perks based on their activity on the platform. Magic Eden Rewards, as it's called, will officially launch on 5 p.m. EST on Dec. 14. 

The move by Solana's biggest NFT and gaming marketplace follows other attemps to bolster user engagement on the platform, including its reinstated royalty protection system for creators and hiring a Chief Gaming Officer Chris Akhavan to scale web3 gaming sales on Magic Eden.

"This tooling is different from Open Creator Protocol, which was specifically created to allow creators to incentivize royalty payments through different protocol-enabled mechanisms like dynamic royalties pricing, customized transferability and protected royalties," Magic Eden CEO Jack Lu and Head of Marketing Tiffany Huang told The Block in an email. 

The executives added that although Magic Eden fees will be waived until 2023, users can expect transaction discounts between 5%-45% based on the trader's role when the fees return. And although the price of Magic Eden Rewards NFTs are based on market value, the company is working with "ecosystem partners" to add early access invite codes and trading research tools to the roster.

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