Our Marketplace evolves as the NFT landscape evolves. First and foremost, we are committed to protecting our community, and we have improved our Launchpad vetting criteria and process. More info about our Launchpad guidelines here.
The NFT landscape is constantly changing. We continuously work to improve and refine our community protection processes, including the Launchpad application. We understand that the community expects accountability from Launchpad and that our launchpad vetting criteria have not been clear in the eyes of the community. We want to increase transparency as much as possible to address that.
While we share these expectations, please note that there is no universal standard we can apply to all projects. For example, large web2 creators trying to enter web3 may not have large social media followings. Or, certain web3 native projects that lack exposure might need our help to introduce them to potential partners. We take these parameters as our guidelines, but there are exceptions that take place, which is why we lean on our peer review system to confirm all Launchpad projects.
Project must pass
Safety Signals and Project Quality Signals
before they can be considered for Launchpad
Safety Signals include mandatory actions for the project:
All project founders and advisors must go through private doxxing to the Magic Eden team
The project must also use a third-party exchange wallet verified by a founder’s identity
The project must sign a legally binding agreement with Magic Eden
Project Quality Signals are a set of 6 parameters we score:
Team quality: This is the leading indicator of a Launchpad project’s success. We may ask for references and consult with the community on the individuals behind the project. We will not launch new projects from individuals who have previously rugged or if founding teams have a clear association with rugging.
We look for projects which:
Share their social accounts for all team members
Have established Twitter/LinkedIn accounts with at least one prominent member on the team
Know each other and have a history of working together
Share extensive work history related to their roles and the project vision/whitepaper
Have full-time developers dedicated to project
Partnerships: Strong projects should have partners who are known and respected in the Solana and/or Ethereum ecosystem(s), whose vision aligns with the project’s. These partnerships should be communicated through their social media channels
Whitepaper / Roadmap:
The strongest projects have achievable roadmaps with completed work
They outline a clear path to execute all plans and indicate where funding will be allocated
Art Quality: We expect projects to have detailed, high-quality, original art
Investments: The team should have spent a meaningful amount of time, effort, and resources working on their project before mint.
Social media and community following: We look for active and engaged communities with sizeable followings in relation to the size of the supply of the collection
Each project quality parameter is scored on a scale based on their strength until a cumulative score is reached. There is a passing score and a failing score. That original score is then peer reviewed by another team member and discussed on an internal forum. The full team has visibility into this process and can veto a project before it’s formally approved. The last step before approval is a final review by one team manager.