Multi-chain NFT marketplace, Magic Eden, has revealed a return to its roots by rewarding traders for buying and selling Solana NFTs. Through a new initiative, they will earn $SOL for their trading activities on the platform.
Going forward, Magic Eden has temporarily reduced its maker fee to minus 0.25%, which will effectively see traders earn $SOL when buying and selling NFTs. As such, on selling an NFT traders will receive 100.25% of the listing price, and on buying an NFT, they will receive a 0.25% $SOL rebate.
Magic Eden has introduced a number of key changes to its NFT marketplace in order to operate more efficiently with the rest of the industry. In addition to rewarding its traders, it has launched an aggregation feature that provides users with a single destination to purchase Solana NFTs across competitive marketplaces.
Furthermore, in response to previous criticism, Magic Eden has pledged to open-source its smart contract code, as well as remove the ‘co-sign’ feature that prevented competitors from aggregating its own listings.
Welcome to Chapter II. It’s time to make some changes.
Starting today we are:
✅ Launching NFT aggregation on Solana
✅ Embracing composability
✅ Offering -0.25% maker fee on ME for a limited time. Now you can earn SOL when your offers are accepted & listings are sold! 🧵👇 pic.twitter.com/3b0QXal4re
— Magic Eden 🪄 (@MagicEden) May 24, 2023
The Magic Eden Marketplace Reacts to the Rise of Tensor
This new approach from Magic Eden comes amid increasing competition from rival NFT marketplace, Tensor. Over recent months, the newcomer has been eating into Magic Eden’s market share by offering a rewards program similar to the one deployed by the Blur marketplace.
Immediately following its announcement, trading on Magic Eden began to rise. However, only time will tell if it has done enough to turn the tide on the plucky new upstart. With this in mind, the platform has hinted at further innovations to arrive on Magic Eden over the coming months.
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