NFT
Multiple chains NFT marketplace Magical Eden puts more emphasis on his original home Solanaand today the company announced a “Chapter II” initiative allowing Magic Eden to further open up its platform in a variety of ways – even giving traders free SOL for buying and selling NFTs.
Magic Eden has begun collecting listings from competitive marketplaces, giving traders a single destination to manage listings across platforms and view prices and listings across the entire Solana NFT market. The started – what was worth $1.6 billion from June 2022 – said it will also open source its smart contract on the marketplace in the coming days.
In addition, the company will also remove a “co-sign” feature that prevented its own marketplace listings from being easily merged by other NFT marketplaces.
2/ At aggregation:
Users can now view and purchase offers from various marketplaces on Magic Eden.
On Magic Eden, it’s now easier than ever
✅ Manage and update ALL your listings
✅ See real, up-to-date bottom price and collection statsMore on aggregation here: https://t.co/o3wVSU9a8i pic.twitter.com/RXQrh2puja
— Magic Eden 🪄 (@MagicEden) May 24, 2023
These movements addressing long-standing criticisms from Magic Eden, which has consistently been the leading Solana NFT marketplace since its launch in late 2021. Rival platforms and other Solana builders have taken Magic Eden to task for using closed source code and for limiting composability capabilities across platforms.
However, it is still unclear whether Magic Eden will still use an escrow contract that takes custody of users’ registered NFTs – a leading criticism of Magic Eden’s market model that rivals have previously cited as a potential security threat. Decrypt asked a Magic Eden representative for clarification, but didn’t immediately hear back.
As part of the relaunch, Magic Eden will temporarily change its “maker fee” to -0.25% for certain types of trades. In other words, Magic Eden pays you to buy and sell NFTs.
If you list an NFT for 100 SOL, Magic Eden wrote as an example, you would end up with 100.25 SOL when it is sold. Similarly, if you make a takeout offer on a particular Solana NFT project and it is fulfilled, you will effectively receive a 0.25% discount off the purchase price. Users can also earn fees for operating automated market maker (AMM) NFT trading pools on Magic Eden.
Tensor grabbed Magic Eden’s Solana NFT crown. But for how long?
Magic Eden’s moves come amid the rise of a rising rival named Tensor, which has taken a leading share of Solana NFT’s market share at certain points in recent weeks. Tensor offers a reward model similar to Blur, the leader Ethereum NFT marketplace.
Market data from Tiexo shows Magic Eden ahead of last week, with nearly 44% of trading volume compared to about 40% for Tensor. However, in the last day, Magic Eden takes a heavier share with 51% of the Solana NFT market, compared to about 35% for Tensor.
Amid the market turmoil, Tensor developers criticized Magic Eden for its co-sign requirement, renewing arguments put forward by some rivals last year when Magic Eden was dominant. Although Magic Eden expanded to other chains such as Ethereum, PolygonAnd Bitcoin in recent months, the company recently said it did returning the primary focus to Solana.
