Magic Eden just lately launched a cross-chain rewards program that incentivizes using its fashionable NFT market throughout Solana, Bitcoin, Ethereum, and Polygon, together with alternatives tied to its new multi-chain pockets.
Past its rewards program, Magic Eden additionally just lately introduced that it’s going to open-source its minting and buying and selling protocols in collaboration with a brand new Non-Fungible DAO. The DAO they’re working with plans on launching a token referred to as “NFT” that will probably be used to reward merchants.
Based on Magic Eden, the rewards program has been designed to reward NFT merchants, collectors, and creators alike. Customers on the Magic Eden market can earn “Diamonds,” or a type of factors like different latest crypto incentive packages have employed.
Magic Eden hasn’t launched any data on what the Diamonds will probably be used for, or in the event that they’ll be redeemable ultimately. Nonetheless, Magic Eden Normal Supervisor Tiffany Huang advised Decrypt in a latest interview that individuals who use Magic Eden’s protocol are prone to obtain the NFT token being launched by Non-Fungible DAO.
As a nod to its roots with Solana, the place Magic Eden first launched its NFT market, the Diamond program is giving again to “Solana OGs” with a retroactive drop that grew to become obtainable on Friday. The declare will stay open till March 3.
The factors will probably be distributed each day, with an undisclosed quantity of Diamonds being launched every day. The Diamonds you earn are based mostly on what share of the full exercise that day that you just accounted for—so that you would possibly earn fewer Diamonds than traditional on busy days the place there’s numerous site visitors.
How one can earn diamonds
Fortunately, Magic Eden has launched a ton of knowledge on learn how to maximize your Diamond incomes potential. There are three blogs just lately revealed on their web site outlining this system, however we’ll summarize them right here.
The principle technique to earn Diamonds is, merely, by shopping for NFTs, itemizing them, or inserting assortment affords—however there are a number of methods you’ll be able to enhance your Diamonds.
Retro Diamond Drop claims are LIVE 💎
It’s been an enormous week for the Solana neighborhood and now Emmy desires to bathe OGs with Diamonds.
Declare your earned Diamonds and double your declare quantity by quests at https://t.co/8iypRqANZI
Declare is open till March third 7pm UTC (1/2) pic.twitter.com/Xa219wFICR
— Magic Eden 🪄 (@MagicEden) February 2, 2024
With regards to shopping for NFTs, bigger purchases earn extra Diamonds. With reference to promoting, customers earn Diamonds for so long as their itemizing is up—however can earn extra Diamonds based mostly on how shut their listings are to the gathering’s flooring worth. The nearer an inventory is to the ground worth, the extra Diamonds they may obtain.
Affords or “bids” work equally to listings. Customers can earn Diamonds by inserting assortment affords on any of the highest 100 collections on Magic Eden by buying and selling quantity. Equally to their listings, customers can earn extra Diamonds based mostly on how shut their affords are to the ground worth of the gathering.
Sure “trending” collections additionally obtain a 50% Diamond bonus; Claynosaurz, for instance, at the moment has a bonus utilized to Diamonds earned by interacting with the gathering by way of Magic Eden.
One other technique to enhance your Diamonds is thru your Loyalty rating. A Loyalty rating of 100% equates to a 100% bonus in Diamonds generated. The Loyalty rating itself is decided by, effectively, how loyal you’re to Magic Eden. You’ll be able to enhance your Loyalty rating by completely itemizing and shopping for your NFTs by way of Magic Eden.
Good luck mining your Diamonds!
Edited by Andrew Hayward
