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Project Review: Magic Eden

I. Overview:

Magic Eden is a decentralized NFT Marketplace launched in early 2019, built on the Solana network that allows users to buy, sell and trade unique digital assets. The ultimate goal of Magic Eden is to make minting NFTs and trading easier, faster, and cheaper for everyone. 

Until now, they have successfully gained a place in the market, being one of the most famous independent Solana NFT platforms. Supporting this claim is the stats we have collected from all over the place such as approximately 10 million monthly visitors, connected to about 30,000 users globally, over 7000 NFT collections have been boasted, about 100,000 daily wallet connections, and gained $1.8 billion secondary trading volume. In addition, Magic Eden has a lot of other interesting features and is still optimizing their ecosystem to furthermore.

II. Special Features:

  • Launchpad 

This is the most outstanding feature of Magic Eden compared to other NFT platforms. The Launchpad feature was claimed to be revolutionary for artists from around the globe because it enables them to create and sell their digital art assets to a wider network of customers. 

There is no technical effort required because it has an automatic distribution method built into its platform. Simply upload your files or prepare them beforehand, and you’re ready to go. Launchpad handles everything else automatically, giving you time to concentrate on what really matters – your creativity.

Magic Eden features the top projects on Solana and accepts onyl 3% of all Launchpad applicants through the following criterias: 

– The most visibility and scope on Solana 

– Post-mint, secondary trade volume has the most potential. 

– A mint that is simple to use and offers committed development support

  • Eden Games

Along with NFT projects, Magic Eden also saves space for Gaming projects as well. They have launched 35+ games with big names such as Everseed, SkateX, DeFi Pirates, Mini Royale Nations. The Magic Eden Launchpad gives designers the greatest exposure, reach, and tools for launching their collections on Solana. 

  • MagicDAO/ Magic Ticket

One more notable program that Magic Eden has operated is the MagicDAO/Magic Ticket program. With multi-year roadmaps, Magic Ticket and MagicDAO are considered as both long-term investments for Magic Eden. They are a method for us to give the community a way to interact with Magic Eden as they develop plans and initiatives that benefit the neighborhood. They intend to devote a lot of time, money, and effort to these efforts in the upcoming years.

The roadmap that has been followed for MagicDAO and Magic Ticket: 

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III. Team & Backers:

  • For the Magic Eden’s team:

Magic Eden was created after four friends learned about Solana and its enormous potential. With expertise in crypto, DeFi, consumer internet companies, and management consulting, they found gaps in the market for existing NFTs and came up with a brand-new solution. 

Sidney Zhang – Chief Technology Officer

In 2013, Sidney began working with his first cryptocurrency startup on the Bitcoin Developer API. He began working for Uber in 2015 as one of the company’s founding engineers for its UberEats division, where he worked on the program from inception to launch. Sidney then spent a few years working on self-driving production modeling and research at Uber Advanced Technologies Group, concentrating on computer vision and prediction. Before co-founding Magic Eden, he lastly joined the Facebook AI team.

Jack Lu – Chief Executive Officer

When he began hacking bitcoin wallet apps in 2013, Jack became interested in cryptocurrency. He worked at FTX prior to co-founding Magic Eden, where he recognized Solana’s enormous potential and was motivated to start something with his co-founders. Jack formerly held the positions of Product Manager at Google and Consultant at Boston Consulting Group before joining FTX.

Zhuoxun Yin – Chief Operating Officer

Since 2017, Zhuoxun has worked full-time in the cryptocurrency industry as a Senior Product Manager at Coinbase and the second employee of dYdX. He spent the early years of his career working in strategy at early-stage firms and providing corporate clients with advice at Bain & Company before falling into the crypto rabbit hole.

Zhuojie Zhuo – Chief Engineer Officer

Rex began using cryptocurrency in 2014 and began mining. Before helping to create Magic Eden, he worked as an early engineer at Checkr, Uber, and Facebook AI, where he most recently worked on PyTorch Dev Infra. Because of his intense commitment for the open-source developer community, he founded DSRHub, OpenMock, Flagr, and Open Privacy Vault. Rex is one of the community leaders for the Kong API Gateway.

  • For Partners & Backers

IV. Socials

Visit these social channels of Magic Eden for more updates:

V. Summary

The goal of Magic Eden is to make the creation of digital assets simpler. However, it makes sure that all submissions adhere to high criteria in order to maintain the NFT marketplace’s reputation for excellence. Its strict screening process ensures that the Magic Eden community will receive NFTs of the highest caliber. With its affordable transaction costs, the platform’s NFT collections are increasing everyday, leading to advanced trading activity and a firmly formed community.

 

Disclaimers: Writers’ opinions are solely their own, and do not constitute any financial advice, investment advice, or trading advice. Barmy strongly recommends that you do your own research, and seek professional advice from a financial advisor where appropriate. 

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