Key insights:
- Sign in and add all your wallets to view your Rewards Level
- Sign in this week to earn rewards, starting later this month
- Higher levels benefit with future fee discounts
The vision that we’re working towards is that Magic Eden Rewards Hub will help you make the most out of your experience on Magic Eden. By joining our loyalty program, you can claim rewards from ecosystem partners and creators, earn Magic Points based on your Magic Eden activity, and enjoy progressively greater fee discounts based on your points.
How do I join Magic Eden Rewards?
Sign in and connect each of your wallets. Wallets linked under one username are private to your profile only and are not visible to the public. Your initial level is determined by the highest level you’ve reached in either November or December. Make sure you connect this week, as our first rewards will be rolled out before EOY.
More details on how to link wallets here.
Why is Magic Eden providing rewards?
We want to provide a cool place where creators could provide perks, discounts, or free NFTs via fun airdrops to Magic Eden’s community. Creators and collectors need more ways to connect, not fewer, and we’re happy to provide another way for creators to engage Magic Eden’s users. We hope this can also become a place where ecosystem partners and dapps can share amazing products with our users. If you are a creator or ecosystem partner who wants to partner with us on rewards, please contact us here.
How will rewards work?
We created five different levels. The higher the level, the better the benefits. While we are still fleshing out our full plan for rewards, they will initially be released in the Rewards Hub in the form of NFTs - these NFTs could include loot boxes from your favorite collections, discounts from ecosystem partners, and much more. Higher levels are eligible for greater rewards, but collectors must sign in to see what level they are in. Rewards will be airdropped directly to users’ profiles, where they can be claimed.
How are Reward Points calculated?
Reward Points are earned by activity on ME based on volume of SOL transacted in the last calendar month. For every 1 SOL in volume by a connected wallet (buy or sell – currently, minting transactions are not included), collectors will earn 5 Magic Points. These points are what contribute to upgrading to the next level and better rewards. On the first of every month, a new reward cycle begins; your level from the previous month will carry over unless you surpass that level in the current reward cycle. Once you reach the next level up you will receive the added benefits of that higher level the next day!
How will fee discounts work?
For the last two months, we waived our platform fee. As a deeply creator-centric business, we did not feel that it was right to charge platform fees while going to optional royalties for creators. Recently, we developed the Open Creator Protocol (OCP), an open-source solution with decentralized governance. New collections using OCP can automatically protect their royalties.
Having re-introduced a sustainable way to respect royalties on Magic Eden via protocol enforcement, we wanted to approach re-introducing fees in the most considered manner to our community. We believe users should be rewarded based on how much they transact on Magic Eden. An everyday trader should receive lower fees than someone who is buying an NFT for the first time. That’s why we have decided to offer greater fee discounts at each level of trade volume. Rewards Hub members will save more on fees as their level increases.
Magic Eden will adopt a maker / taker model, meaning that fees will be shared across sellers and buyers. In this system, listing and bid transactions are considered “makers”, as opposed to buying and instant sell transactions, which are “takers.”
Level | Fee discount* | |
1 | Base fee | |
2 | ~5% lower fees | |
3 | ~15% lower fees | |
4 | ~25% lower fees | |
5 | ~45% lower fees | |
Fee structure, shared across makers and takers
Note: Magic Eden will be monitoring unusual trades. Should a profile demonstrate an inordinate level of suspicious activity, especially trades that appear to artificially inflate their volume so as to qualify for higher tiers, this profile will be reviewed by our team and may be downgraded to 'Explorer' tier and made ineligible for other rewards.
More details on how to earn fee discounts work here.
What about Magic Ticket holders?
Magic Ticket holders will receive special perks for the rewards program. We’ll announce more details soon.
As always, community feedback welcome
The above is an initial approach of how we would like to approach fees, and we welcome feedback from the community. It is our desire to always provide value to our users in a way where all parties can succeed – creator, collector, and our team. Please do not hesitate to share your thoughts and we look forward to growing with you.
