Magic Eden Will Reward Loyal Traders With Discounts, Free NFTs

The top Solana NFT marketplace is rolling out a rewards program with freebies and perks alongside an upcoming fee model shift.

In brief

  • Magic Eden is launching a rewards model for Solana NFT traders that includes perks, discounts, and potential free NFTs.
  • The marketplace will introduce a “dynamic maker/taker” platform fee model starting in 2023, with heavy traders receiving larger discounts.

Magic Eden, the largest Solana NFT marketplace by sales volume, today announced a rewards initiative that will give its frequent traders special benefits including fee discounts and free NFTs.

The Magic Eden Rewards program, which kicks off later this afternoon, spans five tiers of rewards, with users earning points towards the program based on how much Solana (SOL) they’ve spent on the marketplace. Each step up the ladder provides greater benefits, the company said, including deeper discounts and access to NFT rewards.

For traders that have used multiple Solana wallets to trade NFTs on the platform, they can link all of them to a single Magic Eden account to maximize rewards considerations, rather than having each account based solely on a single wallet. A Magic Eden representative confirmed that wallet associations shared with the marketplace will be kept private and not disclosed publicly.

Magic Eden said that rewards will include things like “loot boxes” from NFT projects, NFT giveaways, and discounts.. The program is described as a way for NFT creators to reach Magic Eden’s large user base, making it a marketing opportunity for projects while also potentially further entrenching the marketplace as the leader in the Solana space.

“As a marketplace, we’ve been trying hard to ship innovation that goes beyond the pure transactional layer,” CEO Jack Lu said in a release. “Magic Eden Rewards gives us ways to celebrate and engage our community in new ways.”

The rewards initiative also ties into an upcoming shift in the way that Magic Eden handles its own marketplace fees. Until recently, Magic Eden took a 2% cut from all secondary sales, although it temporarily waived its fee starting in mid-October when implementing the divisive decision to make creator royalty fees optional for traders.

Magic Eden will continue to waive that platform fee through the end of 2022, and then in January, it will launch a new “dynamic maker/taker model” for platform fees. Essentially, the model will split fees between buyers and sellers, rather than have the firm take its cut solely from sellers.

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