Magic Eden lately launched a cross-chain rewards program that incentivizes using its well-liked 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 lately introduced that it’ll 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.
In keeping with 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 current crypto incentive packages have employed.
Magic Eden hasn’t launched any info on what the Diamonds will probably be used for, or in the event that they’ll be redeemable not directly. Nonetheless, Magic Eden Common Supervisor Tiffany Huang instructed Decrypt in a current 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 accessible on Friday. The declare will stay open till March 3.
The factors will probably be distributed every day, with an undisclosed quantity of Diamonds being launched every day. The Diamonds you earn are primarily based on what share of the whole exercise that day that you simply accounted for—so that you may earn fewer Diamonds than common on busy days the place there’s a number of visitors.
Find out how to earn diamonds
Fortunately, Magic Eden has launched a ton of knowledge on the way to maximize your Diamond incomes potential. There are three blogs lately revealed on their web site outlining this system, however we’ll summarize them right here.
The primary technique to earn Diamonds is, merely, by shopping for NFTs, itemizing them, or putting 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 group 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 primarily based on how shut their listings are to the gathering’s ground value. The nearer a list is to the ground value, the extra Diamonds they are going to obtain.
Gives or “bids” work equally to listings. Customers can earn Diamonds by putting 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 primarily based on how shut their affords are to the ground value of the gathering.
Sure “trending” collections additionally obtain a 50% Diamond bonus; Claynosaurz, for instance, presently has a bonus utilized to Diamonds earned by interacting with the gathering through 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, nicely, how loyal you might be to Magic Eden. You’ll be able to enhance your Loyalty rating by solely itemizing and shopping for your NFTs through Magic Eden.
Good luck mining your Diamonds!
Edited by Andrew Hayward
