Introducing Magic Eden Rewards: A Sustainable and Inclusive NFT Community

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3 Feb 2024

INTRODUCING: MAGIC EDEN REWARDS

We’re proud to be launching Magic Eden Rewards, a cross chain rewards program built for the long term. Our goal for a rewards program is simple: create a sustainable rewards program that gives back to everyone that contributes to the NFT community.

INTRODUCING: MAGIC EDEN REWARDS

Since our inception in September 2021, we've been working tirelessly to build something extraordinary, and now it's time to share some of that magic with you. In this letter, we wanted to share why we relaunched Magic Eden Rewards and why we think you’re going to love it. We'll also delve into the guiding principles behind it, and offer a glimpse into our grand vision for the future of Magic Eden.
For those of you who are reading this, we want you to know that we firmly believe in the power of boundless communities. It was only 12 months ago that many were writing Solana’s obituary, yet here we are today celebrating win after win, with the true believers benefiting the most. Magic Eden was a big part of what was a truly special time on Solana back in 2021. We were there for the rise of the monkes, we were there when the geckos hatched, and we think it’s time to bring that magical feeling to 2024. But it’s not just Solana that has grown, we’ve seen Ordinals spark headlines around the globe and create an entirely new ecosystem for Bitcoin. And we can’t talk about NFTs without mentioning the birthplace of them, Ethereum, which continues to boast a rich history in NFT culture and a vibrant community. Separate chains, sometimes separate visions, all filled with users coming together with love in their heart and NFTs in their wallets.
In the next five years, we envision NFT experiences without limits. Magic Eden’s mission is to make digital ownership universal. That's why we're absolutely thrilled to introduce our comprehensive cross-chain rewards program, designed to give back to every member of our remarkable community.

WHY DID WE BUILD A REWARDS PROGRAM?

To understand why we built a rewards program, you have to understand who we are as Magic Eden. We believe NFTs are core to the future of human experience: belonging, fandom, identity, commerce, and more. Our very name Magic Eden is meant to invoke a place where everyone who loves NFTs can live in harmony with each other, from collectors to traders to creators across ecosystems.
We want to give people the best end-to-end NFT collecting experience with the greatest breadth of communities.
That is why we built:

The most seamless, flexible marketplace and AMM to support new collectors and traders
Launchpad to help creators achieve their dreams without the friction of code, and to help people discover the hottest projects
1 platform across 4 chains to be the one stop shop for every collector
Magic Eden wallet which offers the best in-wallet NFT experience

Today, we’re proud to be launching Magic Eden Rewards, a cross chain rewards program built for the long term for everyone. The Magic Eden Rewards program is built for degens, collectors, and creators alike. We know that some protocols have launched tiresome rewards programs with poorly aligned incentives, but that's not what we’re about. We are in this to grow the pie and bring our industry forward, and we think rewarding our users is a great way to do that.

HOW DO I GET STARTED?

To get started, and maximize your Diamond earning, visit the Rewards page and turn your loyalty to 100% by transferring all your listings to Magic Eden and start completing buying, listing and offer Quests. Listings can be easily relisted with a click of a few buttons. Pools can currently be delisted, with relisting to come soon. To learn specifics about how our rewards program works, please visit our help center articles. Here are some principles of our program:
Built for our true believers: Currently, Diamonds account for activity on our platform in the last year. On February 2, we’ll be giving a Retroactive Diamond Drop to top up everyone for their activity since our platform launched in September ‘21. Furthermore, when you have 100% loyalty (meaning all your listings and pools are on Magic Eden), you will earn a 100% bonus on your Diamonds.
Collector friendly: While most rewards programs only incentivize listing and making offers, our program will also reward you for buying native listings on Magic Eden and accepting offers. That means casual collectors also get to enjoy the program.
Cross chain rewards to grow the pie: We’re starting our Magic Eden Rewards where it all began on Solana but we’ll be bringing the fun to all our supported chains, including Ethereum, Bitcoin, and Polygon. Great news is that past, present, and future activity on these chains will be rewarded.
Rewards for Magic Eden Wallet (soon): Today, you will be able to earn Diamonds on our marketplace and AMM on Solana. We will launch Magic Eden Wallet in a few days, which powers seamless onboarding experiences, cross chain swaps, and NFT management. Diamonds rewards will also be integrated into the wallet at a later date.
Creator friendly: We will support creators by offering Diamond bonuses on hot collections. We are also partnering closely with creators across chains, more to come.

OUR LONG TERM GOAL: MAGIC EDEN BECOMES 100% OPEN SOURCE WITH IP GOVERNED BY THE COMMUNITY.

Magic Eden Rewards will be a long term program that will always remain on Magic Eden, but beyond Magic Eden Rewards, we’re excited to share some of our future visions for the company.
We believe the ceiling is very high for NFTs and that potential is far from being realized. There are currently 5 billion internet users and more than 99% of them have never owned an NFT. Our mission is to help close this gap. Everyone who understands NFTs understands that the size of the community is set to skyrocket over the coming years. We believe the ethos of transparency and composability is critical not only for us, but the industry to succeed. We know we cannot get there ourselves. We need the help of the community to get there.
To support this vision, we’re announcing our participation in Non-Fungible DAO, a community-owned organization whose mission is to drive adoption and development of open sourced NFT infrastructure that will power the NFT industry. The Non-Fungible DAO community will use its (not yet launched) $NFT token to control and govern the best open source tech for NFTs.
Magic Eden is open-sourcing and contributing all of its NFT trading and minting protocols across chains to Non-Fungible DAO. Decentralization is a cornerstone of the crypto ethos and critical to the global adoption of NFTs, and we’re excited to hand over governance of our minting and trading protocols to Non-Fungible DAO community so we can embrace trustlessness. We have already open sourced our M2 (Solana marketplace contract), MMM (Collection Offers & AMM contract), and PBST (Ordinals marketplace contract). More contracts, including our Polygon and Ethereum marketplace contracts, will also become open sourced and contributed to the DAO in due time. We will continue investing in ecosystem tools and look forward to collaborating with the DAO to steer us in the right direction.
We all want NFTs to win, so let’s do it together. We will soon turn our dream into reality by becoming the best cross-chain NFT platform, providing an unparalleled breadth of experience that will endure the test of time, built on community governed open-source protocols accessible to all.
It’s a new year and a new beginning for us all. See you on Magic Eden.
The information provided on this website is provided for general educational purposes only and is in no way financial or investment advice. Certain information may have also been provided to us or prepared by third parties; these materials are provided for convenience and are not an endorsement by Magic Eden. Magic Eden is not liable for any errors, changes or amendments to such information, including any actions taken in reliance on such information.