NFT Marketplace Magic Eden Launches Its Rewards Program

Following the re-introduction of copyright earlier this month, users will be rewarded for trading NFTs on the marketplace.

What are Magic Eden Rewards?

With the new feature Magic Eden Rewards, users will be able to create a profile in all wallets and receive “Magic Points” depending on their secondary trading activities on the site. Users are placed in one of the five loyalty tiers, receiving five “Magic Points” for each SOL they exchange. Thanks to this scoring system, players will receive special rewards such as free NFT gifts, partner discounts, and access to rare creator content.

In addition, Magic Eden aims to add dynamic pricing to its tiering system. This means that instead of charging fixed fees for trading, users and creators will pay a variable cost that will be split between them based on their marketplace participation.

Why does Magic Eden Use This Method?

Magic Eden made an attempt to add loyalty rewards to its marketplace after switching to the optional royalty model in October. This, in turn, reduced trade activity. The marketplace reversed its course earlier this month, introducing an opt-in option that allows creators to pay royalties on their work. According to Magic Eden CEO Jack Lu and marketing Manager Tiffany Huang, the Magic Eden Rewards program will enhance collaboration between collectors and creators by providing an environment that encourages participation.

References

www.coindesk.com