You can now earn rewards based on how much you trade on Magic Eden: the more you trade, the more rewards you get! Starting today, Magic Eden will be introducing a new dynamic platform fee structure which rewards active users based on levels, with discounts and cost savings.

Can I link multiple wallets to my Magic Eden profile?

Yes! The great news is that your reward level will be based on your total trading activity across all the wallets you connect to your Magic Eden profile! So make sure to connect all your wallets to your profile so you can accumulate points as many points as possible. More info here on how to connect wallets.

How do points convert?

  • 1β—Ž = 5 pts: Every 1β—Ž of trading volume (Buy or Sell) will be equivalent to 5 points.

  • Daily accumulation: Points will be accumulated daily. Once you hit the next level, you will enjoy the next level benefits the following day.

  • Points earned on ME trading: As a starting point, only trading volume made on magiceden.io will convert to points. Minting on ME Launchpad will not count towards points. Trading done via aggregator sites may also not contribute to points.

How are levels determined?

Level

Points required to qualify for the level

1

0

2

250

3

1,250

4

7,500

5

50,000

How do reward cycles work?

  • Cycle duration: The cycle starts at the beginning of each calendar month. At any point in time, your level will be the highest possible level you'd be in based on your trade during the previous and current month

  • Mid-cycle start: Even if you start in the middle of the month, your level will still be the highest possible level you'd be in based on your trade during the previous and current month to date.

πŸ’‘ Let's see an example:

  1. You start trading on Magic Eden for the first time on January 1st. Once you link your wallet to your profile, you will start at Level 1.

  2. You trade to the amount of 50β—Ž on January 9th. 50β—Ž gets you 250 points and qualifies you for Level 2 as of January 10th.

  3. In February your trading volume dips. Even then, you remain in Level 2 until the end of February because Level 2 is the highest possible level based on your January and February trading activity.

  4. You make no other trades in February.

  5. On March 1st your level will drop back to Level 1 until such time you make enough trades to reach Level 2 again.

What is Magic Eden's fee structure?

  • Dec 2022: All users will be charged Zero fees.

  • Jan 2023: All users will enjoy Level 4 fees by default, but users who qualify as Level 5 based on January trading volume will instead enjoy Level 5 fees.

  • Feb 2023: Fees will be determined by your rewards level, as in the table below

Level 4 fees for January are now in effect until January 31st at midnight . Please note there is currently a bug in Phantom that shows the incorrect fee. Please refer to the Magic Eden website or Solscan for the actual numbers. The Phantom team is currently working on fixing this.

Maker fees (as of Feb 2023)

Makers are those that provide liquidity to the marketplace either by selling items (through listings) or making offers.

Level

Fee

1

0.50%

2

0.45%

3

0.35%

4

0.20%

5

0.10%

πŸ’‘ Selling Example:

You are at Level 4 this month and list an NFT for 5β—Ž. Based on the above table, you will be charged a maker fee of 0.01β—Ž (0.20%*5β—Ž) and you could expect to receive net sales proceeds of 4.99β—Ž (5.00 listing price less 0.01 maker fee).

Taker fees (as of Feb 2023)

Takers are those that receive the liquidity provided by the makers by way of buying items, selling against an offer or instant selling against a collection offer.

Level

Fee

1

1.50%

2

1.45%

3

1.40%

4

1.30%

5

1.05%

πŸ’‘ Buying Example:

You are at Level 4 this month and you buy an NFT listed at 5β—Ž. For this example, let's also assume that the NFT has a fixed royalty of 2%. Based on the above table, you will be charged a taker fee of 0.065β—Ž (1.30%*5β—Ž) and royalties amounting to 0.1β—Ž (2%*5β—Ž). As such, 5.165β—Ž will be deducted from your wallet at the time of the transaction -- this is the sum of the listing price, the taker fee and royalties.

The above is accurate as of the date this article was published. Points required to qualify for each level and the fees for each level may be modified from time to time.

Note: Magic Eden will be monitoring unusual trades. Should a profile demonstrate an inordinate level of suspicious activity, especially trades that appear to artificially inflate their volume so as to qualify for higher levels, this profile will be reviewed by our team and may be downgraded to Level 1 and made ineligible for other rewards.

What other types of rewards are there?

In general, most rewards are not transferrable between wallets and secondary market purchases will not grant you the original benefits of these rewards.

AssetDash: Gold Membership

Instantly unlock deals at your favourite merchants based on your investments. Purchasing this reward on the secondary market will not grant you AssetDash Gold Tier Membership. Membership is reserved only for wallets originally granted this reward.

GCR: Gold+

Community members are able to enjoy and participate in various events, deals, and resources.

  1. Join GCR Discord

  2. DM one of the Core Team members with (i) a brief about yourself, (ii) why you’re excited to join GCR, and (iii) your wallet address that contains the NFT

  3. Enjoy the GCR Gold+ benefits for 3 months for FREE!

Purchasing this reward on the secondary market will not grant you GCR Gold+ benefits. Membership is reserved only for wallets originally granted this reward.

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