If you’ve been into NFTs, you’ve probably heard about OpenSea and Magic Eden.
Although OpenSea got a head start, Magic Eden has become the go-to destination for NFT traders interested in Bitcoin, Ethereum, and Solana NFTs. And now, Magic Eden released its own rewards program, including a governance token: $NFT.
Ready to learn all about it? Let's dive in.
Overview
- Project: Magic Eden
- Token ticker: $NFT
- Blockchain: Bitcoin, Ethereum, Solana & Polygon
- Sector: Non-Fungible Token (NFTs)
- Business Model: NFT trading marketplace
- Similar projects:
What does Magic Eden do?
Magic Eden is an NFT marketplace for NFT creators, collectors, and enthusiasts.
At its core, Magic Eden allows users to discover, buy, sell, and trade NFTs on the Bitcoin, Ethereum, Solana, and Polygon blockchains.
If you're wondering how Magic Eden differs from other marketplaces, such as Tensor, here are some of its unique selling points:
- Bitcoin NFTs: Ordinals is a new innovative way to inscribe data onto the Bitcoin blockchain, creating unique digital assets known as digital artifacts—also referred to as Bitcoin NFTs. While Tensor doesn't provide Ordinal trading, Magic Eden provides a vast and wide selection of digital artifacts to explore.
- Lucky Buy: This feature allows you to take a gamble on your NFT purchase. With Lucky Buy, you can either acquire the selected collectible for a fraction of the price, or receive diamonds instead—as the committed funds will not be returned to your wallet. Either way, it’s a win-win!
- Tokenized trading cards: Magic Eden is also experimenting with real-world assets (RWA). The latest push in this context was the introduction of 100 tokenized Pokémon cards.
What is the $NFT token?
Magic Eden has just announced its reward program, which may be connected to an airdrop. Although some people were speculating that Magic Eden would release a $MAGIC or $ME token, it appears that the token ticker will be $NFT.
In this context, it's Magic Eden's goal to be 100% open source with IP governed by the community i.e. the Non-Fungible DAO.
As a governance token, $NFT will most likely allow holders to propose or vote on changes, upgrades, or adjustments to the platform's operations.
As Magic Eden spans across four different blockchains, and is always at the forefront of technical innovation, governing the NFT marketplace might depict a rather interesting endeavor.
How to qualify for the $NFT airdrop?
Just to reiterate, the full details of the $NFT airdrop still haven't been revealed yet.
However, the Magic Eden reward program might give us some pointers on how to qualify for a potential $NFT airdrop.
The reward program went live on Solana on January 23rd, 2024, and will be expanding to the other blockchains in the coming months.
If you’ve traded Solana NFTs on Magic Eden in the past, you’ll be rewarded with retroactive diamond drops. Moreover, both OGs and newbies can earn diamonds by buying, listing, and making offers on the platform. Also, NFT traders can boost their respective diamond collections by qualifying for bonuses:
- 100% loyalty on Magic Eden (+100%)
- Bonus Diamonds from Diamond Airdrop (+100%)
- Hot collections trading Bonuses (+50%)
Generally, it's speculated that the diamond collection you hold will subsequently correlate to the amount of $NFT tokens you'll be airdropped.
Learn more about the Magic Eden rewards program.
When will the $NFT airdrop take place?
As of now, the full details of the $NFT token and Magic Eden airdrop haven't been revealed.
With that said, we expect a possible $NFT airdrop to function like other ones on Solana. Generally, token rewards aren’t sent directly to your wallet; You must go to a dedicated website to claim them. Magic Eden’s claim page isn’t available yet, but we’ll be sure to share it here, on social media, and via our app if and when it goes live.
⚠️ Beware: During airdrop season, scammers create imitation accounts to trick you into clicking phishing links and wallet drainers. Please exercise caution. Only click on, and visit, links from Magic Eden’s official Twitter account, and do not respond to direct messages from unknown parties related to the $NFT airdrop—regardless if you’re on X (formerly known as Twitter), Discord, Telegram, or other platforms.
For more on airdrops, read our Solana airdrops guide.
How to trade $NFT with Phantom?
- Notice: You need to hold SOL in your Phantom wallet to complete this process.
If you’re not eligible for a possible $NFT airdrop, you can buy, sell, and trade $NFT tokens with Phantom.
After logging-in to your Phantom browser extension or mobile app, select a wallet that holds the tokens you’d like to trade. Next, click on the swap (arrow) icon at the bottom. In the swap widget, select the token pair you’d like to trade, review the order, then submit.
How to set up a Phantom wallet?
If you’d like a friendly multichain wallet for crypto, DeFi, and NFTs, try us out. We offer browser extensions for Firefox, Chrome, Brave, and Edge, as well as apps for iOS and Android.
First, download Phantom. Then, create a new wallet.
If you’d like to fund your Phantom wallet, you can do so via the “Buy” button on your asset tab. We offer various funding options, such as MoonPay, PayPal, and Robinhood to make it easy for you to fund your wallet.
Once you do that, you're ready to go.
How to bridge tokens to Solana with Phantom?
If this is your first time using Solana, you might have most of your assets on other blockchains, such as Ethereum and Polygon. With our Cross-Chain Swapper, you can bridge tokens across Ethereum, Solana, and Polygon right in your Phantom wallet. Here’s how:
