Magic Eden, the Solana-based world’s second-largest marketplace, has announced a new program called “Magic Eden Rewards”. Users can now redeem benefits for trading NFTs on the platform.
After the success of adding the Royalties program for creators, the marketplace wants to award users using “Magic Points” for secondary sales trading. According to the official statement, individuals will be given 5 Magic points for each 1 SOL traded on the marketplace.
The points can then be redeemed for exclusive benefits such as discounts, creator content, NFT giveaways, and more.
“Magic Eden Rewards gives us ways to celebrate and engage our community in new ways,” said CEO Jack Lu.
Furthermore, the trading platform will also introduce a dynamic fee pricing where users will pay the transaction fee based on their marketplace activity; this amount will be distributed among users.
Magic Eden is the first marketplace to introduce royalties and now the loyalty program. It also recently introduced Open Creator Protocol, an open-source tool for creators to protect the royalty of their new collections.
The trading platform is home to some of the best-selling NFT collections including DeGods, Okay Bears, Y00ts, ABC, Solana Monkey Business, and many more.
To keep up with the rivalry, OpenSea, which is the world’s largest marketplace, also launched its own rewarding programs for creators.
