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How do I earn and use Diamonds on Magic Eden?
How do I earn and use Diamonds on Magic Eden?
Understanding the benefits of being a loyal Magic Eden User
cavus avatar
Written by cavus
Updated over a week ago

Magic Eden is excited to introduce Diamonds! Users can now earn diamonds based on different quests and unlock greater rewards on Magic Eden. This program aims to reward our community for their commitment to the platform and provide long-term benefits outside of fee discounts. In this guide, we’ll explain how you can earn diamonds.

Why Diamonds?

Diamonds are a rewards currency that will remain constant month-to-month. Magic Eden aims to reward its community for a variety of actions that showcase their commitment to the platform, rather than just transaction volume. By introducing diamonds, the platform hopes to offer a more comprehensive and rewarding experience to its users.

How Do I Earn Diamonds?

There are currently three ways to earn diamonds:

  1. Listing: List your NFTs for sale on Magic Eden, when your NFT is sold, you earn diamonds. However, if you accept a bid on your listing, you become a taker and are not eligible to receive diamonds since diamonds are only rewarded for maker actions.

  2. Bidding: Bid on NFTs on Magic Eden, when bids are accepted you earn diamonds. This only applies if you're a maker who creates liquidity by placing an order.

  3. Completing Your Profile: Complete your Magic Eden profile by filling in your username to earn diamonds.

These diamonds are not limited to a monthly cycle and will remain constant month-to-month.

To learn more about the concepts of 'Maker' and 'Taker' you can read this article.

How Do I Accelerate My Diamond Earning?

Your loyalty to Magic Eden is rewarded through our loyalty score. You will be able to check your loyalty score in the Rewards Hub:

Users who regularly list and bid on the platform will earn more diamonds and, in turn, enjoy more benefits.

How is my loyalty score calculated?

Loyalty scores are used to determine the multiplier on diamonds earned. The information below shows how the multiplier is calculated based on the loyalty score:

  • 100% loyalty score = 2x multiplier

  • 95% to 100% loyalty score = 1.75x multiplier

  • 90% to 95% loyalty score = 1.5x multiplier

  • 80% to 90% loyalty score = 1.25x multiplier

  • Less than 80% loyalty score = 1x multiplier

If you come across "N/A" for your loyalty score, it means that we could not locate your maker volume for the previous six months.

Loyalty is checked every 24 hours, and the loyalty multiplier is applied when diamonds are earned. The loyalty score calculation considers the user's activity over the last six months.

What is the Future of Fee Discounts?

Fee discounts will be determined the same they have been previously–via your trade volume. However, rather than using points, Magic Eden will use trading volume directly. Diamonds will be rewarded for various activities, but they will not contribute to fee discounts.

Coming soon: More Ways of Earning Diamonds & Rewards

We will update this article to share more ways of earning diamonds, as well as specific diamond benefits and rewards down the road.

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