What is Magic Eden? Features, Comparisons, and How to Use It

2024-12-05

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What is Magic Eden? As the cryptocurrency market continues its rapid growth, one standout trend is NFTs (non-fungible tokens), revolutionizing digital asset ownership and trading. Magic Eden, a leading NFT marketplace launched in 2021, has quickly gained attention for its user-friendly platform and innovative features. Designed to meet the growing demand for NFT trading, it has become a favorite among users seeking seamless transactions.

In this article, we’ll explore everything about Magic Eden, including how it works and step-by-step guides on trading NFTs, helping you navigate this exciting platform.


What is Magic Eden?

Magic Eden is a top NFT trading platform where users can create, buy, sell, and exchange tokens, especially NFTs.

Launched initially on the Solana network, Magic Eden quickly expanded to other major networks like Bitcoin, Ethereum, and Polygon. Its success is driven by key features such as a user-friendly interface, low transaction fees, and high liquidity. These strengths make it a preferred hub for NFT investors and creators.

Continuously innovating, Magic Eden enhances its platform to cater to both professional traders and casual users, solidifying its status as a leading global NFT marketplace.

▶Read more: Magic Eden Listing: Everything You Need to Know About the ME Token Launch


Key features of Magic Eden

Magic Eden is a comprehensive platform for digital collections and NFTs. Special features include:

  • Launchpad:
    This is a powerful tool for developers who want to publish their NFT collections. Magic Eden supports the entire process from start to finish, including minting NFTs on multiple blockchains such as Solana, Ethereum, and Polygon, optimizing accessibility for different user groups. This feature is especially suitable for developers who want to promote their projects in the Web3 ecosystem.

  • Auction:
    The auction feature provides a dynamic trading space through negotiation between buyers and sellers to determine the value of NFTs. This is not just a trading tool. It also helps artists price their works more accurately to ensure fairness and optimize profits.

  • Multi-chain support:
    Magic Eden goes beyond the limits of a single blockchain. The platform supports major blockchains such as Solana, Ethereum, Polygon, and recently added support for Bitcoin transactions. This gives users flexibility and expands the scope of NFT projects.

  • Bitcoin Network Support:
    One of the key differentiators of Magic Eden is its ability to support Bitcoin’s Rune standard token. This further expands the potential of the NFT market by allowing users to mint and trade unique NFTs such as Dog Go To The Moon and The Runix Token.

  • Diamond Reward Program:
    This program rewards users with diamonds to encourage active trading. (diamonds). The collected diamonds can be traded on the platform for the opportunity to participate in exclusive events, rewards, and perks.


How does Magic Eden work?

Magic Eden acts as a multi-chain NFT trading platform that allows users to easily browse, buy, sell, and trade digital collectibles across multiple blockchains. The platform automatically lists NFT collections according to the EVM standard, allowing creators to quickly showcase their work without any hassle.

In addition, Magic Eden also offers the ability to auction entire NFT collections, making transactions easier and faster, especially at auctions near the lowest price. The platform allows users to connect to their wallets, ensuring security and full control over their assets and transactions.

Magic Eden supports multi-blockchain transactions such as Ethereum, Solana, and Polygon, making it the ideal one-stop marketplace for enthusiasts to enter the NFT world.


Difference between Magic Eden, Open Sea, and Blur

In today’s NFT market, there are numerous trading platforms, but Magic Eden, OpenSea, and Blur stand out as the most prominent. Each platform has unique features, transaction fees, and user approaches. So, what are the key differences between them? Which platform is the best fit for your needs?

Below, we’ll break down the distinctions among these three platforms to help you choose the one that aligns best with your goals and trading style.

Characteristic

Magic Eden

OpenSea

Blur

Supported Blockchains

Solana, Ethereum, Polygon, BTC

Ethereum, Polygon, Solana

Ethereum

Transaction Fees

2%

2.5%

0% (no royalty fees)

Primary Audience

Creators and collectors

Broad community

Professional traders

Key Features

Launchpad, Diamond Rewards

Lazy Minting, multi-chain

Advanced trading analytics

 
How to choose the right platform to trade NFTs?

When choosing an NFT trading platform, understanding your needs is key. Magic Eden, OpenSea, and Blur each cater to different audiences in the NFT space.

Magic Eden is ideal for creators and collectors seeking multi-chain support and community-driven features. With networks like Solana, Ethereum, and Polygon, it offers flexibility and innovation for diverse NFT needs.

OpenSea stands out as the largest and most established marketplace, offering stability and a vast collection of NFTs. It’s perfect for those who value familiarity and variety in their trading experience.

Blur targets professional traders with advanced analytics and tools for in-depth market insights, making it the go-to platform for high-volume and strategy-driven trading.

Choose the platform that aligns with your trading goals and style to maximize your success in the NFT market.


How to connect Bitget Wallet to Magic Eden? 

To start trading on Magic Eden, the first step is to connect your Bitget wallet to the platform. Bitget Wallet is a pioneering platform known for its user-friendly design and robust security. With Bitget Wallet, managing assets and trading on Magic Eden becomes simple, safe, and fast.


Step 1: Download and set up Bitget Wallet

  • Visit the official website or app store to download the Bitget Wallet.

  • Create an account and securely back up your recovery phrase to protect your assets.


Step 2: Access Magic Eden from Bitget Wallet

  • In the main interface of the Bitget Wallet, use the search bar at the top of the screen.

  • Enter the keyword Magic Eden and wait for the results to appear.

  • Once the Magic Eden icon is displayed, tap it to open the wallet’s DApp browser. 

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Step 3: Connect Bitget Wallet to Magic Eden

  • On Magic Eden’s main interface, find and click the pink “Connect Wallet” button.

  • Select Bitget Wallet from the list of supported wallets.

  • Choose the blockchain network you want to use (e.g., Solana, Ethereum, or others as needed).

  • Approve all necessary requests from both Magic Eden and the Bitget Wallet to complete the connection.

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After completing these steps, your wallet will now be successfully linked to Magic Eden.


How to buy NFTs on Magic Eden?

Step 1: Search for a collection

  • From the main interface, use the search bar or browse categories to find your desired NFT collection.

  • Filter the results by blockchain, floor price, or popularity to narrow down your options.

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Step 2: Select an NFT and view details

  • Click on the NFT you want to purchase to check its details: price, attributes, rarity, and transaction history.

  • If you’re satisfied with the price, click “Buy Now” to proceed.


How to sell NFTs on Magic Eden?

Step 1: Select the NFT to sell

  • Navigate to the “Items” tab from your profile page.

  • Locate the NFT you wish to sell and click on it.

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Step 2: List the NFT for sale

  • Click “List” to start the listing process.

  • Set your desired selling price. You can choose the current floor price or set a custom price.

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Step 3: Monitor and complete the transaction

  • Your NFT will be displayed on the marketplace for buyers to review.

  • Once the transaction is complete, the proceeds will be sent to your wallet.


Conclusion

Magic Eden stands out as a leading NFT trading platform with its low transaction fees of just 2%, providing an affordable option for users looking to trade NFTs effectively. To enhance your trading experience on Magic Eden, consider downloading Bitget Wallet.

With Bitget Wallet, you can securely store, manage, and trade your NFTs while enjoying seamless transactions across multiple platforms. Start your NFT journey today and unlock the full potential of Magic Eden with the convenience and security of Bitget Wallet!

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