Magic Eden Launches Loyalty Program

Anyone who is involved in the NFT space will tell you that the community around it is just that- a community. From NFT lovers exchanging collection recommendations on Twitter to the forums speculating on the next Bored Ape project, those who are passionate about NFTs go all out and have become a demographic that businesses want to tap into. 

The latest effort to foster community within the NFT sector comes from the popular marketplace Magic Eden, which has announced its new loyalty program. Dubbed ‘Magic Eden Rewards’, this initiative was confirmed on December 14, 2022. 

How Magic Eden is Rewarding its Users

This program is geared towards Magic Eden’s community of collectors and as the official announcement says, it exists to create value and celebrate them. How this will work is via a points program that will allow users to earn ‘points’ based on their activities on the platform. 

“The vision that we’re working towards is that Magic Eden Rewards Hub will help you make the most out of your experience on Magic Eden. By joining our loyalty program, you can claim rewards from ecosystem partners and creators, earn Magic Points based on your Magic Eden activity, and enjoy progressively greater fee discounts based on your points,” a statement from Magic Eden says.

To get started with this rewards program, users need to sign in to Magic Eden and then connect all their digital asset wallets. After doing this, they will be assigned a ‘level’ which is based on their highest activity level in November or December 2022. The level they are assigned (there are five possible levels) determine the number of rewards users can receive and the first batch of rewards is due to be distributed before the end of the year. 

Users may also collect rewards points by participating in the ecosystem and these are based on transaction volumes. For every 1 SOL that a user spends, they may earn 5 magic points and these can be used to upgrade to an even higher loyalty program tier and earn more rewards. Each month, the rewards earned will recycle. 

And what will these rewards entail? As Magic Eden has explained, they will include airdrops from top collections, discounts from ecosystem partners, and discounts on fees within the ecosystem. Magic Eden also touched on its current fee model, noting that while it briefly suspended fees on its platform, it is looking to re-introduce them in a way that is fair to all. 

“We believe users should be rewarded based on how much they transact on Magic Eden. An everyday trader should receive lower fees than someone who is buying an NFT for the first time. That’s why we have decided to offer greater fee discounts at each level of trade,” the announcement says. 

The site will now be adopting a maker / taker model and will give those on different levels of its loyalty program discounts on its fees, with those on the fifth and highest level getting 45% off their fees.