How Magic Eden Works

Welcome to this post, where we are going to see how Magic Eden works, one of the main NFT’s marketplaces in Solana.

Magic Eden is part of the DEX Raydium platform, which has been creating new features for its users, such as a NFT’s Marketplace. This Marketplace, although linked to the raydium website, works autonomously and without depending on other aspects of raydium, such as its token.

Magic Eden has become one of the marketplaces in the Solana network with the highest volume of NFT’s in recent months, due to its ease of use and low commissions as a Marketplace.

What is Magic Eden

Magic Eden is an NFT Marketplace based on the Solana network that allows users to buy, sell and trade NFT’s within its Marketplace, with low transaction fees. Plus you can apply to list your NFT collection and get verified fairly quickly.

With the great growth that NFT’s have had in the Solana network, different marketplaces have appeared to exchange all the new NFT’s collections in Solana, and Magic Eden has become one of the main ones to do so. Due to its ease of use, different options for the creator and the buyer, and collaboration with Solana’s main DEX, Raydium.

To use Magic Eden you will need a wallet compatible with the Solana network, my recommendation is to use Phantom as it is the most simple, intuitive and used wallet for the moment in this network. You can find a tutorial if you are new to our site.

With your wallet, and Solana installed in it, you can go to Magic Eden to buy or sell NFT’s.

Home

The first thing to do is to click on connect wallet at the top right, and confirm the transaction to have the wallet connected to the Marketplace.

In home, you will be able to see the main collections that are currently trending. Scrolling down, you will see upcoming releases of new collections that will be included in Magic Eden. Followed by the currently most popular and best-selling collections.

On the home page, it’s a summary way to see the new collections, upcoming collections and the most popular collections at the moment.

Collections

To search for a collection of NFT’s, it is best to use the search engine above. But if you want to explore the different NFT’s collections at Solana, you can go to collections.

Here, you can select from all the collections, the most popular ones or the new ones. You can also change the time, if you want to see the most popular, see the most popular in the last 30 days, 7 days or 24 hours.

If you click on a collection, you can find all the information, such as floor Price or lowest price of an NFT, the total volume, and the average selling price of an NFT of that collection. In addition to the number of NFT’s listed in that collection.

Unlike other marketplaces, here you will not be able to browse between different NFT’s mixed together, but you can search for collections and see within each collection the different NFT’s.

You will see a small description, and underneath all the NFT’s. You can click on the activity tab to see the latest movements of that collection. Quite interesting to see if there is activity and movement in that particular collection.

On the left side you can find the different filters, to find the NFT you want, either by price range, attributes or if it is available for purchase.

Buying and Selling NFT’s

To buy a NFT in Magic Eden, the first thing to do is to click on any NFT, either from explore or collections. Once inside, we will be able to see the NFT’s card.

Here, before buying there are certain important aspects to look at and take into account. The first thing, is if we can buy it directly, where we will see a buy now button, or on the contrary, we will have to indicate an offer in make an offer and wait for the owner to accept it.

On the right side, if we go down we can find different relevant information about the NFT. Aspects such as its rarity, its attributes, the different offers it has had and the activity of the NFT. Very useful information that I recommend you to consult, especially activity to see the previous prices that the NFT has been bought and sold.

After reviewing all the information, click on make an offer or buy now, indicate the amount in the case of making an offer, click on make an offer or buy now, and confirm in your wallet. If you have enough Solana, and the transaction is completed, you will be the owner of that NFT. If you have made an offer, you must wait for the owner to accept your offer before you can own the NFT.

You can go to the top right and click on your profile menu, click on my items and the purchased NFT should appear.

To sell an NFT, the process is the same, but in reverse. Where you must go to my items, and here put it for sale. Indicate the price in Solana that you want to get for that NFT, or the auction mode and click on sell. Confirm in your wallet and you will have your NFT ready to sell.

You can list NFT’s you have from other marketplaces or created by you and sell them in this Marketplace without problems.

Launchpad

Here, you will be able to test new projects before they are launched and can be bought and sold in Magic Eden. You will be able to see a list of projects that are currently being minted, and others with the date they will be released and can be minted.

You will be able to see the price in Solana to mine a NFT of that collection, and usually have a limit per wallet. Depending on the collection, but it is usually from 2 to 4 NFT’s per wallet. In live you can see the ones that are already available and in upcoming the ones that we will be able to mine in the future, with a countdown.

I recommend you to check the social networks and other information of the projects before minting NFT’s of any collection, since most of the collections do not have a price higher than the minter price once they go on sale.

Auctions

Here we find an auction system, for NFT’s in specific. The operation is very similar to launchpad, but in an auction mode. Where you can bid on the different NFT’s that are currently available for auction.

In addition, you will be able to see the next NFT’s that will be auctioned in Magic Eden. You will be able to see in current bid the highest amount in Solana and the time remaining until the end of the auction. If you want to participate, simply click on place a bid and indicate the amount you would like to pay for that NFT. If your bid is the highest at the end of the counter, you will be able to see your NFT in your profile.

Stats

Here you can see all the information about the different collections that are in this Marketplace, such as the volume, the floor price of the collections, the average price and the % increase of the floor price and average price. This information is related to the most popular collections, and you can see the last 24 hours, 7 days or 30 days. A very useful way to see the evolution of different collections with real data.

Eden Games

Here, you will be able to see all the collections focused on games with NFT’s inside Magic Eden. It is a way to only see collections focused on this sector, and you can even play some of the games that have these NFT’s and see how they work.

Really a section that is not found in other NFT’s marketplaces and very interesting, if they manage to integrate the games within their Marketplace, with the collections of NFT’s to even see the games and try them before buying a NFT of that collection.

I hope it has helped you to know in more detail how Magic Eden works and everything it brings new. Remember that if you don’t have an account with binance, you can create one below.