Magic Eden NFT Marketplace Tries to Entice Traffic with Rewards as Market Crumbles

 


As users collect more Magic Points, the platform will upgrade them to complete all loyalty tiers.



In an environment when the market for digital assets as a whole is experiencing a slump, Magic Eden is attempting to increase interaction on its platform. A loyalty rewards programme has been introduced by the NFT marketplace in Solana to persuade customers to purchase digital collectibles. For each SOL 1 trade, the feature will earn users five "Magic Points." Solana (SOL) is currently trading for $14 according to market rates (roughly Rs. 1,170). The platform will upgrade users as they accrue more Magic Points until they have reached all loyalty tiers.

For users of Magic Eden who buy and sell digital collectibles, each loyalty tier will open up a unique set of advantages.

These benefits include discounts from partners, airdropped NFTs, and special material from the developers.

According to a tweet from the company, the rewards programme has currently been released in beta. A few people have already started testing the application.

The CEO of Magic Eden, Jack Lu, was quoted in a Coindesk article as saying, "We want Magic Eden to be a location where collectors and artists connect beyond the transactional level and instead, a hub where people can more intimately participate with the community."


The platform has reached a valuation of $1.6 billion, which is equivalent to around Rs. 12,620 crore. In late June, it raised $130 million (nearly Rs. 1,020 crore) in a Series A fundraising round.

NFTs created on the Ethereum blockchain are now supported by the market, which was launched earlier this year.


According to a report by BeingCrypto, Solana NFT volumes have decreased since June, with sales volume data of $91.52 million (approximately Rs. 730 crore) in June representing a decline of 64% from $261.07 million (about Rs. 2,100 crore) in May 2022.

Sales volumes fell on Magic Eden's more seasoned competition, OpenSea NFT marketplace as well.

OpenSea's trading volume showed a gradual dip during the first two quarters of the year, falling to $3.1 billion (approximately Rs. 24,800 crore) in May, according to statistics from the crypto analytics community Dune.

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