Welcome to Lucky Buy on Magic Eden!
Introducing Lucky Buy
Magic Eden is thrilled to introduce 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.
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 notch for select collections. It allows you to potentially acquire rare and coveted collectibles for a significantly reduced price.
Important note:
The product is still in beta, and is being rolled out on a region by region basis.
We are tinkering with the product and testing with select markets
before launching it more broadly.
How Lucky Buy works
Lucky Buy incorporates a percent-based system that determines both the percentage of the NFT's list price you want to use and your probability of revealing an NFT.
For example, if the NFT's list price is 100 SOL, you can choose to use 15% of the price, which equates to 15 SOL. This choice gives you a 15% probability of revealing an NFT.
Here is a detailed breakdown on how Lucky Buy works:
Identify eligible NFT
Begin your Lucky Buy journey 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.
Input your SOL commitment
To proceed, input your probability (or the amount of SOL you wish to commit). You can use the slider for quick selection or manually input a specific SOL 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 commitment.
Item total price: Understand the full price of the NFT.
How much you will pay: Know the exact amount of SOL 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 still get diamonds!
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 in your wallet, you can try again and again.
Be part of the beta
Lucky Buy is an exciting beta product, and we're eager to roll it out and gather your valuable feedback. Your input will help us refine and enhance the Lucky Buy experience. Together, let's bring some Magic back to the world of NFTs!
Note:
Magic Eden utilizes the on-chain record to troubleshoot Lucky Buy transactions.
Understanding the Lucky Buy fee structure
Lucky Buy also comes with a fee structure designed to benefit sellers and creators. When you participate in a Lucky Buy event, there is a standard 3% fee associated with it. This fee is divided into three parts:
Creator Share (1%): In addition to their standard royalties, creators receive an extra 1% from the Lucky Buy event. This added incentive encourages creators to engage with the Lucky Buy feature and promote their collections.
Seller Fee (1%): Sellers benefit from Lucky Buy too, receiving an extra 1% on top of their sale price. This provides sellers with even more reasons to list their NFTs on Magic Eden, creating a win-win scenario for both sellers and buyers.
Magic Eden (1%): Lastly, 1% of the fee goes to Magic Eden, which helps support and maintain the platform, ensuring that Lucky Buy and other exciting features continue to thrive.
This fee structure not only adds value to creators and sellers but also contributes to the overall sustainability and growth of the Magic Eden platform.
Fee structure and discounts in Magic Eden’s Lucky Buy feature
In Magic Eden’s marketplace, the fee structures for buying and selling NFTs through the Lucky Buy (LB) feature can be intricate. With multiple fees and rewards levels at play, the overall pricing is subject to various discounts and charges. Below is a comprehensive guide to understanding how the LB fee structure works.
Standard Lucky Buy fee
The standard LB fee is 3%, applied on top of the total listing price, which comprises the base price of the NFT, any applicable taker fees, and royalties. While taker fees are subject to discounts based on the buyer's ME rewards level, the LB fee itself is not directly discounted.
Maker fee
Contrary to what one might assume, the maker fee is technically paid by the seller. This means that the seller receives the total listing price minus the maker fee.
Treasury’s Role
If a buyer reveals an NFT, the Magic Eden 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 LB fee is covered.
Examples
Example for Buyers:
Let's assume an item is priced at 100 SOL with 1% royalties.
Level 1 User (no taker fee discount):
Total listing price: Base price (100 SOL) + Taker Fee (1.5% or 1.5 SOL) + Royalties (1% or 1 SOL) = 102.5 SOL
LB fee: 3% of 102.5 SOL = 3.075 SOL
Commitment with 10% probability: 3.075 SOL * 0.1 = 0.3075 SOL
Treasury funds the rest: 3.075 SOL - 0.3075 SOL = 2.7675 SOL
Level 5 User (with 1.05% discounted taker fee):
Total listing price: Base Price (100 SOL) + Discounted Taker Fee (1.05% or 1.05 SOL) + Royalties (1% or 1 SOL) = 102.05 SOL
LB fee: 3% of 102.05 SOL = 3.0615 SOL
Commitment with 10% probability: 3.0615 SOL * 0.1 = 0.30615 SOL
Treasury funds the rest: 3.0615 SOL - 0.30615 SOL = 2.75535 SOL
Example for Sellers:
The seller receives the total listing price less the maker fee, and an additional 1% of the 3% Lucky Buy fee goes to them.
Example for Creators (if pNFT):
The creator receives the full royalty amount, and an additional 1% of the 3% Lucky Buy fee goes to them.
Summary
Buyers: Pay only the committed amount and receive the NFT.
Sellers: Receive the total listing price less the maker fee, plus 1% of the 3% Lucky Buy fee.
Creators: Receive full royalty amount and 1% of the 3% Lucky Buy fee.
ME treasury: Funds the gap (listing price less committed amount) and the distribution of the LB fee among creator, seller, and Magic Eden.
By understanding these complexities, 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 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 diamonds.
Are there any scenarios where I would receive a refund?
Yes, refunds are issued in specific situations:
If the item was already sold before the Lucky Buy transaction completed.
If the item price increased before the Lucky Buy transaction completed.
If Magic Eden runs out of money in its treasury. (Note: This is unlikely to be the case).
In such cases, your committed SOL will be returned to your wallet.
If I receive an NFT for a percent of the list price, who covers the difference?
Magic Eden covers the difference. The seller will still receive the entire list price for their NFT.
Are there any additional fees?
There is a standard 3% fee associated with Lucky Buy. This fee is evenly split between the collection, the seller, and Magic Eden to support the platform's sustainability and development.
How can I claim the SOL that I've earned from users using Lucky Buy to purchase my NFT/s?
Claiming your earned SOL 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: Above your Main Wallet Balance, you'll see if there's any SOL that is currently unclaimed. This represents the SOL you've earned from Lucky Buy.
Claim your SOL: To retrieve your earnings, simply click on the pink 'Claim' button. This action initiates the transfer of the SOL 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 is activated on a collection-by-collection basis. Currently still in its Beta phase, Lucky Buy allows any NFT that is listed for sale within an activated collection to be available for "lucky buying." During the initial weeks following the feature's launch, only selected collections may have this feature enabled.
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?
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.
Verify outcome: Submit the transaction hash, and the sandbox will verify the outcome for you.
This approach ensures both randomness and transparency in our Lucky Buy feature while empowering users to validate their results independently.
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 when multiple users attempt Lucky Buys on an NFT, but none of them result in an NFT reveal?
If no user succeeds in receiving an NFT, the extra SOL 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. However, in cases where no one gets the NFT, the SOL contributions from unsuccessful attempts are collected in this wallet, preserving transparency throughout the process.
Are you ready to try your luck and elevate your NFT collection to new heights? Head over to Magic Eden now and discover the thrill of Lucky Buy!