Take a look at the Magic Eden results and see how much tokens users got on average!
Magic Eden
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Rewards
Reward Results
$150 $6,200
Details
Minimal cost
~$20
Minimum deposit
$500
Time required
60 min.
Category
Mainnet
Rating
8/10
Risk
Medium
Magic Eden (prominent multi-chain NFT marketplace), launched its Magic Eden (ME) token on December 10, 2024. While the airdrop rewarded eligible users, it faced typical crypto challenges – from technical hiccups to price volatility.
Airdrop Allocation and Distribution
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Token Supply and Breakdown: Of the total 1 billion ME tokens:
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12.5% (125 million tokens) was distributed via airdrop.
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22.5% (225 million tokens) was reserved for future user incentives.
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Eligibility and Metrics: The airdrop targeted real users with genuine activity, emphasizing cross-chain engagement and loyalty. The rewards were distributed based on four categories:
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Rewards Tier: Based on transaction activity and ME Diamond count.
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Launchpad Bonus: Participation in NFT minting and cross-chain minting.
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Wallet Bonus: Cross-chain transactions and wallet activity.
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Active OG Bonus: Loyalty rewards for early and consistent users.
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Claiming Rules and Distribution Details
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The token distribution varied significantly:
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Minimum Claim: 34 ME tokens, worth:
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$578 at the maximum price of $17.
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$150 at the minimum price of $4.42.
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Average Claim: 363 ME tokens, worth:
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$6,171 at the maximum price of $17.
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$1,604 at the minimum price of $4.42.
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Maximum Claim: 23,237 ME tokens, worth:
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$395,029 at the maximum price of $17.
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$102,707 at the minimum price of $4.42.
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Users could boost their rewards by linking multiple wallets. The system looked at the best stats across all connected wallets.
The tier system created an interesting dynamic. Some users with just a few highly active wallets reached higher tiers. Meanwhile, others who linked many less-active wallets got more tokens total but landed in lower tiers.
Challenges and Criticism
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Complex Claim Process: Users had to connect multiple wallets and navigate tiered criteria. Many users thought this process was complicated.”
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Technical Issues: The token claiming process faced several problems. Many users couldn't access their rewards through the Magic Eden wallet app.
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Disparities in Allocation: The tier system's evaluation led to mixed results. While users received 363 ME tokens on average, some active participants were disappointed with small rewards.
Pros & Cons
Funding
The team has raised over $150 million from tier 1 VCs, which is a bullish point for the airdrop thesis, as they will have sufficient liquidity to support it.
Product is live
There are several ways to engage with Magic Eden. Users can participate in the launchpad, buy NFTs on various chains, and learn about gaming projects on the project pages. Additionally, users can inscribe ordinals.
Rewards
Magic Eden offers daily quests that users can complete to earn rewards from Magic Eden. These rewards include rebates on NFT mints, and potentially more rewards through tickets (whitelist access, exclusive mints).
No token mentioned
Magic Eden has not mentioned any token rewards in their blog or docs.
Regulatory Risk
Since NFTs are still undergoing regulation, Magic Eden may face regulatory challenges in the future.
Very High Risk
NFTs are not liquid assets, so participating in diamonds farming through buying, selling, bidding, and offering NFTs can result in financial loss or being left with unsellable NFTs.
Expensive Opportunity
To participate, you need to generate volume by buying, selling, bidding, and offering NFTs on Magic Eden. This can be costly, as most collections with good trading volume are priced above $400. Additionally, many collections have royalty fees paid to the creators, which add up over time with each transaction.
How to participate?
Every opportunity has its own rules. Following these closely can significantly increase your chances of qualifying for rewards. Here’s a list of recommendations from our team to help maximize your chances of benefiting from this opportunity.
- Understand the Diamond System: Magic Eden uses diamonds as a point system. These points show how active you are. In the future, you might get airdrops based on your diamonds.
- Interact with Magic Eden: Earn diamonds by bidding and listing NFTs. Use the Magic Eden marketplace often.
- Focus on Top 100 Collections: Only the top 100 NFT collections earn diamonds. Make sure you buy and sell from these collections.
- Generate Volume: Aim for at least $3,000 in volume by buying and selling NFTs. Ensure that the total volume of your transactions exceeds this amount.
- Complete Five Transactions: You need to do at least five transactions on the marketplace. Buying and selling an NFT counts as 2 transactions.
- Claim Official NFTs: Claim official Magic Eden NFTs. Also, look for Partnership NFTs. These actions earn you more diamonds.
- Engage on Social Media: Follow and interact with the project's social media channels. Comment, like, and share their posts.
- Get the Discord Role: Join Magic Eden's Discord server. Engage in the community and earn a special role.
- Join Quest Campaigns: Participate in Quest campaigns like Galaxy. Completing these quests can earn you diamonds.
- Stay Active and Consistent: Regularly engage with Magic Eden's activities. Consistent participation will help you earn more diamonds.