NFT enthusiasts must be aware that OpenSea is the largest and fastest growing web3 marketplace, which acts as a hub for NFTs and crypto collectibles, letting users or traders to trade these. It leads in the market among several NFT marketplaces in terms of trading volume and active users.
However, as per recent news, it is very clear and undeniable that Magic Eden (Solana-based NFT Marketplace) is now topping the list surpassing OpenSea (Ethereum-based NFT marketplace) in daily trading volume. That is, to roughly say, OpenSea witnessing 50,000 transactions on a daily basis, whereas Magic Eden is beholding 330,000 daily transactions.
Getting this spotlight has inspired many techprenuers to launch an NFT marketplace like Magic Eden. Magic Eden Clone will aid you in such a scenario as it facilitates entrepreneurs like you to launch the NFT marketplace similar to Magic Eden to the market within a shorter duration.
What Is A Magic Eden Clone?
Clone is a generic term used to describe a replica of the existing product. When it comes to talking about a Magic Eden Clone, it is typically a functional replica of the existing NFT marketplace – Magic Eden. This is in accordance with the inclusion of features and blockchains to be supported.
In a simpler term, Magic Eden Clone is a pre-fabricated NFT marketplace solution equipping features like storefront, wallet, filters, etc. Adding to this point, it supports Solana blockchain and even Ethereum blockchain. The multiple blockchains’ support is to ensure more and more perks to hold and so NFT enthusiasts make use of it to trade NFTs without having a second thought of looking into other NFT marketplaces.
Magic Eden – An Overview
As said, Magic Eden is a mimic of Magic Eden. Let’s have a glimpse to know more about Magic Eden briefly alongside its unique selling point in this section.
Magic Eden is a decentralized & community-centric NFT marketplace that entitles users to mint, buy, and sell NFTs (Non-Fungible Tokens). It operates on the Solana blockchain and hence the gas fees levied from users will be less compared to other blockchains. As it follows a community-centric approach, users will be able to interact with each other in this secure & reliable medium. It offers a plethora of NFT collections for sale.
Recent news states that Magic Eden is now moving towards enhancing its performance and pulling the attention of NFT enthusiasts. This proposal is all about creating the marketplace for free and levying a certain fee percentage for every trading that takes place on the platform. It seems to be a big move to even occupy the Ethereum space.
Unique Selling Propositions Of Magic Eden
The NFT transactions are quite similar between Magic Eden and OpenSea. However, one differentiable element is the transaction fees. That is, there will be no barriers to making an entry on the Magic Eden NFT marketplace with 0% listing fees and 2% transaction fees. This platform has made the execution of buying & selling and even the listing easy.
As of now, Magic Eden is the second-largest NFT marketplace out there in the town, which has given an entry to support multiple blockchains. This type of popularity is all because of this wide range of offerings. When it comes to the USP (unique selling points) of Magic Eden, look at the following.
❖ The filters option is quite common in every NFT marketplace. However, what sort of filters are being applied could make a huge difference.
➔ For instance, the category of popular NFTs is one among them. Through this, users or traders will be able to look for the NFT, which is actually a buzz around every nook and cranny.
➔ The upcoming NFT collections launch will be notified to users and so they will be more aware of it and buy their favorite NFTs.
➔ Another impressive filter is the attribute filter, which will allow users to search for the NFT based on the attributes like design, clothing, etc.
❖ Apart from the filter option, the launchpad feature is quite an enchanting attribute. The functionality of the launchpad is all about vetting projects, which is made easier for users as they can mint without facing difficulties. However, one considerable point is that only 3% of the participants are given a chance to do so.
❖ Remarkably, the Magic Eden is community-centric and is often about decentralization indeed. Giving importance to the users and getting their suggestions for improvising the platform. The participants are allowed to give feedback regularly. Even, they will be able to join the Discord channel and connect & communicate with people who are like-minded.
❖ Evident that, over 90% of all NFT gaming secondary trading volume happens on this platform. It supports gaming project backed by Solana to be launched.
❖ Talked about launchpad and games, here comes the most important element that Magic Eden holds, i.e., it renders better and even greater liquidity by holding 90% market share for the secondary trading volume. But, this is certainly for certain blockchains. To simply say, the NFT owners will be rewarded back with royalty when they make secondary sales.
Why Launch A Solana-Based NFT Marketplace Like Magic Eden?
A Solana-based NFT marketplace like Magic Eden is beneficial to both creators and collectors, which seems to be an ideal platform for them to trade. There are over 8000 NFT collections available on the platform. Its unique monthly visitors are nearly more than 22,000,000, and its secondary trading volume is $1.9 billion. Furthermore, approximately 310,000 users have traded game NFT and more interestingly, users have gained 105,000 SOL (native cryptocurrency of Solana) in royalties when proceeding with secondary selling.
These data are more than enough to say that Magic Eden is the preferable NFT marketplace in the town, which has gained much attention from NFT enthusiasts because of its offerings, including features & functionality and even the supported blockchains. Hence, coming up with a similar trading platform will often lead you to the success you expect in various aspects.
Not so surprising that the global NFT market is on the rise, which will be predicted to soar high in the coming years. So, hopping onto the NFT market with a platform that is based on the community-centric approach is undoubtedly the best niche to consider.
Here’s A Brief Functionality Of A Magic Eden Like Solana NFT Marketplace – How To Buy NFTs?
- Head over to a Magic Eden like Solana NFT Marketplace and link their crypto wallets, which should be Solana supported.
- Then, they could look for the NFT projects which are vetted on the platform. Users could make use of the filters option to find their desirable ones. The NFT collections’ details will be seen, that includes NFT’s description, pricing, and other requisites.
- Users can either click on the Buy Now option or the Make An Offer option. Moreover, they are given the option to suggest and quote the price that is being listed by the NFT owners.
- Soon after making payment transactions, with users’ confirmation, the NFT will be transferred to the concerned users.
How To Launch The Magic Eden Clone?
As discussed earlier, what Magic Eden is about. It seems to be an ideal solution for entrepreneurs to launch a Solana-based NFT Marketplace.
If your mind is ignited with the spark of dwelling into the NFT market with a platform, INORU is right here to provide you with a helping hand. Our developers are well-experienced and proficient in crafting the Magic Eden Clone solution that is suitable for your business expectations & needs. Why wait? Take the first baby step by reaching out to us and getting a personalized solution from us.
Magic Eden has marked its place in the NFT space, which gained traction with more active visitors & trading volume next to OpenSea within a shorter period. Why can’t you make yourself a successful entrepreneur and launch a Solana-based NFT marketplace like Magic Eden? If you want to, affiliate with INORU and launch the personalized Magic Eden Clone with so many impressive elements to draw the attention of NFT enthusiasts and thereby relish benefits in every possible aspect.