Magic Eden NFT Market Tries to Entice Visitors with Rewards as Market Crumbles

Magic Eden is attempting to dial up the engagement on its platform at a time when the digital belongings market as an entire is present process a downturn. The Solana-based NFT market has introduced a loyalty rewards initiative to entice the consumers of digital collectibles. The characteristic will fetch customers 5 ‘Magic Factors’ for each commerce value SOL 1. As per at this time’s market price, Solana (SOL) is buying and selling at $14 (roughly Rs. 1,170). As customers accumulate extra Magic Factors, the platform will improve them to finish all loyalty tiers.

Every loyalty tier will unlock completely different set of advantages for individuals who use Magic Eden to purchase and promote digital collectibles.

These rewards embody unique content material from creators, reductions from companions, and airdropped NFTs to them.

For now, the rewards programme has been launched in its Beta section, the corporate stated in a Twitter submit.

Choose customers are already testing the programme.

“We wish Magic Eden to be a spot the place collectors and creators join past the transactional degree and as a substitute, a hub the place customers can extra deeply interact with the neighborhood,” a Coindesk report quoted CEO Jack Lu as saying.

The platform, which raised $130 million (roughly Rs. 1,020 crore) in a Collection A funding spherical in late June, touched a valuation of $1.6 billion (roughly Rs. 12,620 crore) in current instances.

Earlier this yr, {the marketplace} added help for NFTs constructed on the Ethereum blockchain.

Solana NFT volumes has been down since June, with gross sales quantity figures of $91.52 million (roughly Rs. 730 crore) in June, down by 64 % from $261.07 million (roughly Rs. 2,100 crore) in Could 2022, an analysis by BeingCrypto had highlighted in earlier months.

On OpenSea NFT market as properly, which is Magic Eden’s extra established rival, gross sales volumes plunged.

Based on crypto analytics neighborhood Dune knowledge, OpenSea’s buying and selling quantity noticed a gradual declined all through the primary two quarters of the yr, sliding to $3.1 billion (roughly Rs. 24,800 crore) in Could.