Earn diamonds by buying, selling, bidding, and offering (listing) NFTs on Magic Eden to be eligible for a potential airdrop.
Magic Eden
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Rewards
Rewards
TBA
Past rewards
$1,400 $23,600
Details
Minimal cost
~$20
Minimum deposit
$500
Time required
60 min.
Category
Mainnet
Rating
8/10
Risk
Medium
Magic Eden is a well-established Web3 product, trusted by users since the first bull market. Originally the Solana NFT marketplace, they have now expanded to several other chains, including Bitcoin, Ethereum, and Polygon.
They have secured $157 million from top-tier funds such as Paradigm and Sequoia Capital and have developed many features on their platform.
In October 2023, Magic Eden launched their reward program, where users can earn Diamonds. Although no token has been mentioned in their documentation, it is likely that Diamonds will be used for a future potential airdrop or to reward users.
To participate, you need to use at least $500 to generate a total volume of $3,000 through buying and selling NFTs, as well as bidding and listing them. But, this activity has a very high risk, as you can lose money due to NFT price fluctuations or be left with unsellable NFTs.
Pros & Cons
Why is it worth it?
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).
Risks to consider
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.