December 26, 2022
By Sharan Kaur Phillora
Leading Solana-based non-fungible token (NFT) marketplace Magic Eden is rolling out a loyalty rewards program, the company said Wednesday. Called Magic Eden Rewards, the new feature will allow users to create a profile across all wallets and will award users with “Magic Points” based on secondary trading transactions on the platform.
Here’s what we know:
While this is a beta version, the rewards program allows all users to set up their own profiles. However, pilot rewards will launch later this month. “This is a really cool way for us to deliver value to our assets and a tool for creators to engage with new and existing collectors,” said Jack Lu, co-founder, and CEO of Magic Eden. “As a marketplace, we’ve been trying hard to ship innovation that goes beyond the pure transactional layer.”
As an industry first, Magic Eden’s new rewards program allows for collectors to earn “Magic Points” on secondary trading transactions and the spend amount. Depending upon a collector’s spend, they will be placed in one of five loyalty tiers, which each contain their own level of reward benefits and fee discounts.
In its announcement, Magic Eden shared that the first beta test of rewards will be released before the end of the year, which will eventually be accessible as NFTs in the Rewards Hub and airdropped directly to users’ profiles.
“We pride ourselves on delivering value to our creators and users and Magic Eden Rewards is a testament to that,” Magic Eden co-founder and COO Zhuoxun Yin shared. “By offering progressively greater rewards, perks, and fee discounts based on user activity, we’re excited to pair this up with creators and help them find ways to deepen engagement with their communities.”
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
