At Magic Eden, we are dedicated to safeguarding our community while adapting to the ever-evolving NFT landscape. As part of our commitment, we have established comprehensive Launchpad vetting criteria and processes. This article aims to provide clarity and transparency regarding our Launchpad guidelines, ensuring that only the most suitable projects are launched.
Evolving with the NFT Landscape
The NFT space is dynamic and constantly evolving. To meet the expectations of our community and maintain accountability, we continually refine our community protection processes, including the Launchpad application. Our goal is to increase transparency, ensuring the Launchpad vetting criteria are clear and understandable.
Individual Project Considerations
While we strive for consistency, it's important to note that there is no one-size-fits-all standard applicable to all projects. We understand that unique circumstances may arise, such as established web2 creators transitioning to web3 without a large social media following. Additionally, certain web3 native projects may require exposure and assistance in connecting with potential partners. Although we have established guidelines, we rely on our peer review system to evaluate each Launchpad project thoroughly, accounting for such exceptions.
Vetting Criteria: Safety Signals and Project Quality Signals
To be considered for the Launchpad, a project must successfully pass both Safety Signals and Project Quality Signals. These criteria ensure the safety, reliability, and quality of the projects we support.
The Safety Signals consist of mandatory actions that the project must fulfill, including:
Private doxxing: All project founders and advisors must go through a private doxxing process, providing necessary identification to the Magic Eden team.
Third-party exchange wallet verification: The project must utilize a third-party exchange wallet verified through the founder's identity.
Legally binding agreement: The project must sign a legally binding agreement with Magic Eden, solidifying their commitment to our platform.
Project Quality Signals
The Project Quality Signals comprise six parameters that are carefully scored to assess the project's potential:
Team quality: The quality of the team is a leading indicator of a Launchpad project's success. We may request references and consult with the community to evaluate the individuals behind the project. Projects involving individuals with a history of unethical practices or rug pulls will not be launched. Specifically we are looking for:
Shared social accounts for team members
Established Twitter/LinkedIn accounts, with at least one prominent member on the team
Demonstrated familiarity and a history of working together
Extensive work history related to their roles and the project vision/whitepaper
Dedicated full-time developers
Partnerships: Strong projects often have partnerships with respected entities within the Solana, Polygon, Bitcoin or Ethereum ecosystems, aligning their visions with the project's objectives. These partnerships should be communicated through their social media channels.
Whitepaper / Roadmap: The strongest projects present achievable roadmaps with completed work, outlining a clear path to execute their plans and transparently allocating funding.
Art Quality: Projects are expected to showcase detailed, high-quality, and original artwork, contributing to the overall appeal of the collection.
Investments: The team should have dedicated a substantial amount of time, effort, and resources to the project before the minting phase.
Social media and community following: We look for active and engaged communities with a significant following, relative to the size of the collection's supply.
Each project quality parameter is scored individually, and the cumulative score determines the project's overall evaluation. This evaluation is then subject to peer review and discussed internally. The entire team has visibility into this process, with the ability to veto a project before formal approval. Finally, a team manager conducts a final review before granting approval.
Magic Eden's Launchpad vetting criteria reflect our commitment to community safety and project quality. By establishing transparent guidelines and leveraging our peer review system, we ensure that only the most suitable projects are launched on our platform. With ongoing adaptation to the NFT landscape, we strive to build a thriving platform where innovation and creativity flourish.