- Magic Eden has launched free NFTs for frequent traders on the platform
- The free collectibles are among other goodies wrapped in an extensive rewards program
- The NFT marketplace is also planning to overhaul its trading fee approach
Leading Solana NFT marketplace Magic Eden has unveiled an extensive rewards program that includes free NFTs for loyal traders. The package also includes an overhaul of its current trading fee model to introduce a tiered approach guided by a trader’s monthly trading volume. The goodies and a shift in fee model come just days after Metaplex accused Solana of plotting to take over control of Solana’s NFT standard, and two weeks after launching an on-chain royalty enforcement tool.
The Higher Level, the more the Benefits
The rewards program has five levels differentiated by the trading volume measured in the Solana (SOL). Each tier comes with fee discounts with those on level five enjoying the most benefits. Since rewards are calculated per wallet, the NFT marketplace is allowing users with multiple wallets to combine them as a single account on the platform to increase their chances of earning more rewards.
3/ On our 5 levels:
You will be assigned 1 of 5 levels. Your level today will be the highest trade volume achieved in either November OR December. For example, if you traded a lot last month but nothing in December, your level will reflect your November trade volume.
— Magic Eden 🪄 (@MagicEden) December 14, 2022
According to Magic Eden, the program is meant to popularize the marketplace among NFT artists while also cementing the platform’s lead on the Solana NFT ecosystem. Apart from free NFTs and fee discounts, Magic Eden plans to change its fee model and start taking its 2% commission on secondary sales from both buyers and sellers, instead of imposing it only on sellers.
NFT Traders May Enjoy Discounts of up to 45%
The NFT marketplace plans to implement the new fee approach in January, two months after waiving the charges after it embraced optional creator fees. Although the platform is yet to release the full structure of the new model, the platform revealed that it’s likely for buyers and sellers to save up to 45% on transaction fees.
Magic Eden’s move comes at a time when top NFT marketplaces like OpenSea are unveiling new features in a bid to attract more users and a higher trading volume despite the current bear market worsened by the FTX exchange collapse.