Regular traders on Magic Eden will earn appealing discounts and even free NFTs for using the platform. This is according to a new rewards program introduced yesterday afternoon by the leading NFT marketplace on Solana.
The reward program features five tiers that increase in rewards. So, the more an individual or entity uses the platform, the more points they will earn. This will position them in a higher tier where they have access to more fee discounts and possibly free NFTs.
The basis of judgment is how much Solana (SOL) you spend on the NFT marketplace. Those with multiple Solana wallets who use them to trade NFTs can link all of them to a single Magic Eden account.
By doing this, they will boost the points they earn and position themselves on a higher tier for more rewards. And there is no need to worry about sensitive information being exposed to the public. As the platform will keep it private according to a representative of the platform.
According to a press release, the rewards program will include “loot boxes” from various NFT projects, NFT giveaways, and discounts. The whole point is to help creators reach the platform’s large user base. By doing this, Magic Eden achieves two goals: it offers NFT projects a chance to market themselves and, at the same time, stamps its authority on the Solana space.
Magic Eden Set To Introduce A New Fee Structure
Announcing the launch of the Magic Eden Rewards program, Jack Lu was ecstatic, noting, “As a marketplace, we’ve been trying hard to ship innovation that goes beyond the pure transactional layer.”
“Magic Eden Rewards gives us ways to celebrate and engage our community in new ways.”
The rewards program comes at a time when Magic Eden is working on changing how it handles fees on its platform. Starting January next year, the platform will launch a dynamic maker/taker model. One where fees will be split between buyers and sellers. In the past, only sellers were charged fees.