Magic Eden is looking to increase engagement on its platform at a time when the overall digital asset market is experiencing a downturn. The Solana-based NFT marketplace has announced a loyalty rewards initiative to attract buyers of digital collectibles. The feature earns users five “Magic Points” for every trade worth SOL 1. According to today’s market rate, Solana (SOL) is trading at $14 (approximately Rs. 1,170). As users collect more Magic Points, the platform will update them to complete all loyalty tiers.
Each loyalty tier unlocks different benefits for users Magical Eden to buy and sell digital collectibles.
These rewards include exclusive content from creators, discounts from partners, and airdrops NFTs to them.
For now, the rewards program has been launched into its beta phase, the company said in a Twitter post.
:thread:/ Magic Eden Buddies: Gotta catch them all!
• Sign up for Magic Eden Rewards (Beta) today!
• Earn points for buying and selling NFTs
• Points bring you future perks and benefits
Fee discounts from 2023 (fee waiver by EOY) pic.twitter.com/sanlM7B7mh
— Magic Eden :magic_wand: (@MagicEden) December 14, 2022
Selected users are already testing the program.
Set up a 1 Sol Challenge Wallet and be ready to rock on the new Magic Eden Rewards system.
Volume rewards will add interesting dynamics to Solana NFT trading in terms of strategies etc.
I’ve also been adding input to this system for over a month, so hope everyone likes :ok_hand::purple_heart: pic.twitter.com/GnB2LP7fut
— Run:chart_with_upwards_trend: (@runn1ngm8n) December 14, 2022
“We want Magic Eden to be a place where collectors and creators connect beyond the transactional level, and instead a hub where users can engage more deeply with the community,” according to Coindesk report quoted CEO Jack Lu as saying.
The platform, which raised $130 million (approx.
Earlier this year, the marketplace added support for NFTs built on top of the Ethereum Blockchain.
Solana’s NFT volume has been declining since June, with sales of US$91.52 million (about Rs.7.30 billion) in June, down 64 percent from US$261.07 million (about Rs.2,100 million). ) in May 2022, on analysis by BeingCrypto over the past few months.
Sales volumes also plummeted on NFT marketplace OpenSea, Magic Eden’s more established rival.
According to cryptanalysis community Dune DataOpenSea trading volume has seen a steady decline for the first two quarters of the year, slipping to US$3.1 billion (around Rs.24,800 crore) in May.
