Welcome to Magic Eden's guide on earning rewards and receiving fee discounts. Magic Eden has introduced an innovative fee structure that rewards active users based on their trading activity levels. In this article, we'll explore how you can maximize your rewards, understand the fee structure, and uncover other types of exclusive rewards available to you.
Can I link multiple wallets to my Magic Eden profile?
Absolutely! You can connect multiple wallets to your Magic Eden profile, and your reward level will be based on the total trading activity across all linked wallets. To ensure you accumulate as many rewards as possible, it is highly recommended to connect all your wallets to your profile.
For more information on how to connect wallets, please refer to the dedicated article.
How do reward cycles work?
The reward cycle begins at the start of each calendar month. Your reward level at any point in time will be the highest level achievable based on your trading activity during the previous and current months.
Even if you start trading in the middle of the month, your reward level will still be determined by your trading activity during the previous and current month to date.
Magic Eden's fee structure
At Magic Eden, we believe in rewarding our active traders through an innovative fee structure. The platform fees are determined based on whether you are a maker or a taker. To learn more about our fee structure, you can refer to our dedicated article here.
This article will provide you with all the details you need to understand and maximize your rewards. Read on to learn more!
Please note that the fee structure may be subject to modifications over time, and trading activity requirements for each level can change accordingly.
The following are the maker and taker fee levels as of May 2023:
Maker fees:
Level | Limited Promo | Usual Fee |
1 | -0.25% | 0.50% |
2 | -0.25% | 0.45% |
3 | -0.25% | 0.35% |
4 | -0.25% | 0.20% |
5 | -0.25% | 0.10% |
Taker fees:
Level | Fee |
1 | 1.50% |
2 | 1.45% |
3 | 1.40% |
4 | 1.30% |
5 | 1.05% |
Example:
Let's say you are at Level 4 this month, and you purchase an NFT listed at 5◎ with a fixed royalty of 2%. Based on the fee table, you will be charged a taker fee of 0.065◎ (1.30% * 5◎) and royalties amounting to 0.1◎ (2% * 5◎). The total deduction from your wallet at the time of the transaction will be 5.165◎, which includes the listing price, taker fee, and royalties.
Maintaining eligibility for rewards
Magic Eden closely monitors trading activity to maintain a fair ecosystem. Profiles engaging in suspicious or artificially inflated trades may be downgraded to Level 1, making them ineligible for other rewards.
Other exclusive rewards
In addition to fee discounts, Magic Eden offers exclusive rewards that enhance your trading experience. Please note that most rewards are non-transferable between wallets, and purchasing rewards on the secondary market may not grant you the original benefits.
AssetDash: Gold Membership
Unlock amazing deals with your favorite merchants based on your investments. AssetDash Gold Tier Membership is granted only to wallets that receive this reward directly from Magic Eden.
GCR: Gold+
Enjoy various events, deals, and resources as a GCR Gold+ member. To become a member, join GCR Discord and DM one of the Core Team members with (i) a brief introduction about yourself, (ii) why you're excited to join GCR, and (iii) your wallet address containing the NFT. This exclusive membership is reserved for wallets originally granted the GCR Gold+ reward.
Trading on Magic Eden comes with exciting opportunities to earn rewards and receive fee discounts. By actively engaging in trades, linking multiple wallets, and adhering to the platform's guidelines, you can enhance your trading experience and enjoy exclusive benefits. Start trading smarter today and maximize your rewards at Magic Eden!