Welcome to Lucky Buy 2.0 on Magic Eden!
Reintroducing Lucky Buy: Version 2 Is Here!
Magic Eden is thrilled to reintroduce a game-changing feature called Lucky Buy. If you're an avid collector or an NFT enthusiast, this is your opportunity to acquire incredible collectibles at a fraction of their original price. Lucky Buy is designed to add an element of excitement to your NFT shopping experience, making it both fun and rewarding. Lucky Buy is supported on Solana and Ethereum.
What is Lucky Buy?
Lucky Buy is an exciting addition to our platform, offering you a unique way to expand your NFT collection. While you can still use the traditional Buy option, Lucky Buy takes things up a whole notch. It allows you to potentially acquire rare and coveted collectibles for a significantly reduced price.
How Lucky Buy works
Lucky Buy can be played by a user, with a percentage of the NFT's list price committed for the probability of getting the NFT or other NFTs (such as the Lucky Emmy NFT).
Here is a detailed breakdown on how Lucky Buy works:
Identify eligible NFT
Note: Lucky Buy is not supported for cNFT, Core, SPL listings or ERC-1155 at this time.
Begin by searching for NFTs adorned with the 🍀 symbol. These symbols indicate that the NFTs are part of the Lucky Buy program.
Click the "Lucky Buy" button
When you spot an NFT that catches your eye, click the "Lucky Buy" button associated with it. This action will trigger the Lucky Buy modal, where you can take your shot at securing the NFT or other NFTs.
Input your SOL/ETH commitment
To proceed, input your probability (or the amount of SOL/ETH you wish to commit). You can use the slider for quick selection or manually input a specific SOL/ETH amount in the provided box.
Review your options
Directly below your selected percentage you will see more information about the transaction. You will expect to see:
Potential upside: This information gives you an idea of the potential value of the NFT you're trying to acquire in reference to your commitment amount.
Probability of win: This metric indicates your likelihood of successfully obtaining the NFT based on your SOL/ETH commitment.
Item total price: Understand the full price of the NFT.
How much you will pay: Know the exact amount of SOL/ETH you're willing to pay.
Commit to Lucky Buy
If you're comfortable with your choice and ready to take the leap, click the pink "Lucky Buy" button. This action will take you to your connected wallet to confirm the transaction securely.
Taking the leap
Once you've clicked the "Lucky Buy" button, you're taking a leap of faith. Upon confirming the transaction, and ultimately what you’ve won. If luck is on your side and you succeed, congratulations! The NFT is now yours to keep in your collection or sell instantly.
Everyone gets something. If you don’t receive the NFT, you will still snag an Open Edition!
Endless opportunities
The beauty of Lucky Buy lies in its unlimited opportunities. There's no restriction on how many times you can try to make an NFT yours. As long as you have SOL/ETH in your wallet, you can try again and again.
Magic Eden utilizes the on-chain record to troubleshoot Lucky Buy transactions.
Understanding the Lucky Buy fee structure
Lucky Buy operates with a fee structure of 5% designed to enhance the platform's sustainability and support its growth. From these fees, sellers benefit from Lucky Buy by receiving an additional 1% on top of their sale price, and this provides sellers with more reasons to list their NFTs on Magic Eden, creating a win-win scenario for both sellers and buyers. Buyers can potentially get an NFT at an incredible price while sellers make more with each sale.
Fee structure and discounts in Magic Eden’s Lucky Buy feature
In Magic Eden’s platform, the fee structures for buying and selling NFTs through the Lucky Buy (LB) feature can be intricate. With multiple fees at play, the overall pricing is subject to various charges. Below is a comprehensive guide to understanding how the LB fee structure works.
Standard Lucky Buy Fee
The standard LB fee is a flat 5%, applied on top of the total listing price, which comprises the base price of the NFT, any applicable taker fees, and royalties.
Treasury’s role
If a buyer reveals an NFT, the dedicated Treasury funds the gap between the listing price and the committed amount from the buyer. This ensures that the entire sum of the listing price plus the LB fee is covered.
Summary
Buyers: Pay only the committed amount and receive a NFT.
Sellers: Receives the total listing price, plus 1% of the 5% Lucky Buy fee.
A dedicated treasury: Funds the gap (listing price less committed amount) and the distribution of the LB fee among the seller and Magic Eden.
By understanding these simplified fee structures, both buyers and sellers can make more informed decisions on Magic Eden's marketplace.
Frequently asked questions
What happens if I don't receive an NFT?
If you don't receive the NFT, the committed SOL/ETH is not returned to your wallet, but don't worry! Lucky Buy ensures that everyone is happy in some way. Even if you don't secure the NFT, you will still receive an open edition as compensation. This ensures all participants walk away with some value.
Are there any scenarios where I would receive a refund?
Yes, refunds are issued in specific situations, including the following scenarios:
If the item was already sold before the Lucky Buy transaction completed.
If the item price increased before the Lucky Buy transaction completed.- If your transaction fails due to system issues.
If your transaction expires (commonly labeled as "fulfilled expired" in the transaction status).
In such cases, your committed SOL/ETH will be automatically refunded to your wallet. To confirm the refund, check your transaction history on Solscan or Etherscan
If I receive an NFT for a percent of the list price, who covers the difference?
The dedicated Treasury covers the difference. The seller will still receive the entire list price for their NFT.
Are there any additional fees?
There is a standard 5% fee associated with Lucky Buy. This fee is split between the seller, and Magic Eden to support the platform's sustainability and development.
How can I claim the SOL/ETH that I've earned from users using Lucky Buy to purchase my NFT/s?
Claiming your earned SOL/ETH from buyers using Lucky Buy to purchase your NFT/s is a straightforward process:
Connect wallet: First, ensure that you've connected your wallet to Magic Eden.
Access your balance: On the Magic Eden platform, click on the drop-down menu located at the top right corner of the screen. Here, you will find an overview of your account, including your Main Wallet Balance.
Check for unclaimed SOL/ETH: Above your Main Wallet Balance, you'll see if there's any SOL/ETH that is currently unclaimed. This represents the SOL/ETH you've earned from Lucky Buy.
Claim your SOL/ETH: To retrieve your earnings, simply click on the pink 'Claim' button. This action initiates the transfer of the SOL/ETH to your connected wallet.
Upon clicking 'Claim,' you will also receive a detailed breakdown of the total items sold and the total amount you have earned, ensuring full transparency in your earnings.
Is every NFT Lucky Buy eligible?
Lucky Buy allows any NFT that is listed for sale on Magic Eden to be available for "lucky buying." As of now, we do not support cNFT, core NFT or ERC1155 standards but they are coming soon!
How do I list my NFT so it is available to be purchased using Lucky Buy?
If your NFT is part of a collection for which Lucky Buy has been activated, you don't need to take any further action; your NFT will automatically be available for Lucky Buy as long as you've listed it for sale on Magic Eden.
How is randomness ensured in Lucky Buy?
This is totally trustless on-chain and Magic Eden has no ability to affect outcomes.
In our Lucky Buy feature, we utilize a Verified Randomness Function (VRF) to ensure fairness and transparency. VRF generates random outcomes that are beyond the control of both users and Magic Eden while allowing for verification.
To enhance trust, we provide a sandbox environment where you can independently audit your result:
Outcome verification: After receiving the result of your Lucky Buy, locate the "Transaction Details" link.
Access transaction hash: Click on the provided link, which will take you to a block explorer where you can find the transaction hash.
Verification sandbox: Visit the following link.
Enter transaction hash: On the sandbox page, enter your transaction hash into the box located on the right.
Accessing the Sandbox RPC: For Lucky Buy verification in the sandbox, users are required to input their own valid and functional RPC URL.
Verify outcome: Submit the transaction hash, and the sandbox will verify the outcome for you.
Understanding the Verification Messages:
When you input the transaction into the sandbox, you will receive detailed verification messages. Let's dive deeper into what each component of the message means:
oddsBps: This represents the odds of winning a specific reward. It is denominated in basis points. For instance, 'oddsBps: 500' means you have a 5% chance of selecting that particular reward.
value: This indicates the cost of that reward. It is denominated in lamports, which are a unit of account on Solana. For example, for an M2 listing, the value is calculated by summing the price of the listing, royalties, and taker fees.
Signer matches: This confirms that the signer of the transaction is legitimate.
Message matches: This confirms that the message in the transaction aligns with the expected message generated based on the given seeds.
Signature is valid: This validates the integrity of the transaction's signature.
Clamped hash value: This represents a computed hash value associated with the transaction. It's used in the process of determining rewards.
Target reward matches: This confirms that the reward selected matches the expected or targeted reward based on the clamped hash value and other factors.
This sandbox allows you to validate the randomness of a Lucky Buy transaction. To verify the outcome of your Lucky Buy attempt on-chain, please refer to our dedicated article.
What happens to the additional SOL/ETH when multiple users attempt Lucky Buys on an NFT, but none of them result in an NFT?
If no user succeeds in receiving an NFT, the extra SOL/ETH contributed by each user is placed into a dedicated wallet known as the Lucky Buy operational wallet, managed on the blockchain. When a user does get an NFT, this operational wallet covers the difference in SOL/ETH. However, in cases where no one gets the NFT, the SOL/ETH contributions from unsuccessful attempts are collected in this wallet, preserving transparency throughout the process.
Troubleshooting Lucky Buy Transaction Issues
Stuck or Pending Transactions
If your Lucky Buy transaction appears stuck or pending:
Check the transaction status on Solscan or Etherscan by entering your account address or transaction hash in the search bar. Use Solscan or Etherscan to monitor your transaction.
If the transaction doesn't confirm within an hour, revisit the situation or contact support for further assistance.
Transactions Spinning Endlessly
Sometimes, transactions spin continuously without completion. To verify the outcome:
Access the transaction hash from your wallet or the transaction details page.
Use the VRF Verification Sandbox at Codesandbox.
Enter your transaction hash and, if required, add a valid RPC URL.
Submit the details to verify the transaction outcome.
Delayed Transactions
Transactions typically resolve within 2–3 hours. If your transaction goes beyond this timeframe:
Wait for up to 8 hours, as delays may occur.
Check your wallet history or Solscan periodically for updates. Persistent delays may require support intervention.
Expired Transactions
If your Lucky Buy transaction exceeds allowable time limits and expires, your SOL/ETH will be refunded automatically. This outcome is commonly labeled as "fulfilled expired" in the transaction status.