Magic Eden is a well-known NFT (Non-Fungible Token) Marketplace and Launchpad, launched in 2021. It initially focused on NFTs on the Solana blockchain and has expanded to include Bitcoin, Ethereum, and Polygon.
What is Magic Eden
Here's how it works:
- Marketplace: A place for buying and selling NFTs, with a secondary market for existing collections.
- Launchpad Services: Supports NFT minting and provides community and marketing support.
- Eden Game: Special sections for gaming-related NFTs, including content, community activities, and competitions.
- Performance in 2022: During the bull market in 2022, Magic Eden had 53k daily users and $19m in daily trading volume, showing strong user engagement.
- Reward System: Introduced a rewards feature where users earn 'diamonds' for future benefits, similar to what's offered by the Blur marketplace.
In summary, Magic Eden has quickly established itself as a significant player in the NFT market, offering a variety of services and expanding to various blockchain platforms.
Team of Magic Eden
Zhuoxun Yin
COO
Zhuoxun has been full time in crypto since 2017 as the second employee at dYdX and as a Senior Product Manager at Coinbase. Before entering the crypto rabbit hole, he spent the early part of his career in strategy at early-stage companies and advising corporate clients at Bain & Company.
Sidney Zhang
CTO
Sidney started in crypto with his first crypto company working on the Bitcoin Developer API in 2013. He joined Uber in 2015 as one of the Founding Engineers at Uber Eats, where he worked on Uber Eats from zero till it hit the moon. Sidney subsequently spent a few years at Uber Advanced Technologies Group working on self-driving production modeling and research. focusing on computer vision and prediction. He lastly joined Facebookâs AI team before co-founding Magic Eden.
Zhuojie Zhou
Chief Engineer
Zhuojie started his crypto journey with crypto mining around 2014. He was an Early Engineer at Uber, Checkr, and recently was a Staff Engineer at Facebook AI working on PyTorch Dev Infra before co-founding Magic Eden. He is deeply passionate about the open-source developer community and has created Flagr, OpenMock, Open Privacy Vault and DSRHub. Rex also serves as one of the Kong API Gateway community champions.
Magic Eden review
Pros
Recognized Brand
Known in the crypto community with a solid reputation.
Quality Collections
Selective curation with only 5% of NFT collections launched, ensuring quality.
Multiple Blockchains
Operates on Solana, Polygon, Bitcoin, and Ethereum.
GameFi Emphasis
Positioned to benefit in the GameFi sector, especially during the next bull market.
Cons
Market Rivals
Faces strong competition from other NFT marketplaces.
NFT Market Downturn
Currently navigating through a challenging period for NFTs.