Magic Eden is a peer-to-peer marketplace for trading non-fungible tokens (NFTs). Magic Eden was initially developed for Solana but has since expanded to support NFTs issued on platforms including Polygon, Ethereum, and on Bitcoin using Ordinals inscriptions.
How to get started with Magic Eden
Anyone can browse the available NFT collections listed on Magic Eden, but to trade assets, you will need to connect a wallet, such as Phantom or MetaMask, preloaded with some cryptocurrency or NFTs to sell. It’s worth noting that not all wallets are compatible with all blockchains supported on Magic Eden.
Once you have a wallet and crypto balance, go to the official Magic Eden homepage and click the “Connect wallet” button. Choose the blockchain that’s compatible with your wallet, select your wallet from the list, and follow the steps on screen to enter your password and authorize the connection.
Navigating Magic Eden
You can navigate the various areas of the Magic Eden marketplace using the main menu, which has options to browse collections using different parameters such as popularity or drop dates. Access to the Launchpad for new featured collections or the Magic Eden games platform is also via the main menu.
The user menu contains all the user-specific options. From the user menu, you can access your own NFTs and collections, change the settings, or manage your connected wallets. Users in some jurisdictions can also top up their Magic Eden wallets with fiat currency via third-party payment providers.
From the “My Items” page, you can see an overview of all your assets and activity on Magic Eden.
Buying NFTs on Magic Eden
Go to the page for your chosen collection by searching for it via the search bar or finding it from the browsing pages. You will need enough cryptocurrency in your wallet to pay for your purchase.
If your chosen NFT is from a specific high-profile collection, check that the contract address for the item matches the address communicated by the project on its official channels.
Magic Eden offers many different options for purchasing NFTs within a collection. You can click each to view attributes, traits, and rarity, along with information about the underlying contract, previous transactions, purchase fees, and royalties. There are also different payment options, although the availability of some options, such as credit card payments, may depend on jurisdiction.
It’s also possible to bulk buy by selecting multiple NFTs or to buy a number of items based on specific traits or chosen at random.
NFTs may be listed with a fixed price where you can make an instant purchase. Alternatively, you can also make an offer to the creator. Magic Eden will calculate the probability of the offer being accepted based on the offer price relative to the ask.
Magic Eden also allows unlimited offers using only one bidding wallet with a limited amount of funds. If an offer is accepted, the smart contract will deduct the funds from your wallet. You will then have the option to top up your wallet with funds for the outstanding bids.
Minting NFTs on Magic Eden Launchpad
The Launchpad is Magic Eden’s minting platform. Creators wishing to apply for the Launchpad can select “Apply” from the main menu, which will open the application form.
However, Magic Eden operates a strict vetting process, so only a small minority of projects that apply to the Launchpad are accepted. Therefore, most creators will need to mint their NFTs on a separate platform before listing them on Magic Eden.
Listing NFTs on Magic Eden
Magic Eden’s Creator platform allows users to list NFTs.
To go to the Creator area, select Creators from the main menu. You will need to register with an email address for this part of the Magic Eden platform. Once registered, you can view the Creator dashboard, from which you can create a new collection.
Select the button to create a new collection and follow the steps on screen to enter the required information about your collection, as well as social links.
From the Creator area, you can also set up whitelists for your project, which allows you to set criteria for users to be whitelisted for purchasing your NFTs. For example, if the collection is only to be available to holders of an existing NFT.
Magic Eden reviews each listing, so it takes a day or two to approve it.
Creators can also create Announcements for their listings on Magic Eden when they have updates to share. Announcements help to enhance project visibility and engage audiences. From the main Creator homepage, go to the Announcements screen and click “Create new announcement.”
Magic Eden Games
Magic Eden Games is a section of the platform dedicated to listing and trading NFTs used in play-to-earn and other blockchain games.
Select Magic Eden Games from the menu options to navigate to the Games platform. You can either browse through all games, the most popular games currently being played via the leaderboard, or simply type the name of the game you want to play into the search bar.
Selecting a game takes you to the Magic Eden creator page for the game, which lists all the available assets for sale that can be used within the game itself. From here, you can simply buy the assets you want to use in the game using the same purchase process as listed above. Magic Eden doesn’t support in-app gameplay, but you can navigate to the game via the official website that’s listed in the Games app, which avoids encountering cloned websites that may be a scam.
How to use Magic Eden essentials
- Set up a cryptocurrency wallet such as Phantom or MetaMask, and add some cryptocurrency, e.g., SOL.
- Connect your wallet to the official Magic Eden app and start browsing collections to buy immediately or place an offer.
- List your own NFTs for sale using the Magic Eden Creator platform.