Magic Eden launches a rewards program and a redesigned platform fee model

Magic Eden announced the launch of its loyalty program for collectors and a redesigned platform fees model. Magic Eden Rewards, as the incentive is named, will include fee discounts and other future rewards, as the project is inviting NFT creators and ecosystem partners to team up with it and provide various perks, discounts, and even NFTs for rewards in the program. Moreover, the incentive will provide users with discounts on platform fees on Magic Eden.

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Fee discounts starting 2023 (fees waived thru EOY) pic.twitter.com/sanlM7B7mh
— Magic Eden 🪄 (@MagicEden) December 14, 2022

The vision behind the program includes launching Magic Eden Rewards Hub, where users of the marketplace will be able to collect their rewards and earn Magic Points based on their activity on the platform. Moreover, based on their actions, users will be able to enjoy “progressively greater fee discounts” based on their accumulated Magic Points, according to the blog article describing the program.

Rewards in the program will be divided into five levels – the higher the level, the higher the benefits. Although still working on the final reward structure, the Magic Eden team plans to release rewards in the form of NFTs, which could include loot boxes, discounts, and more.

At the same time, Reward Points will be calculated based on a user’s activity on Magic Eden in terms of SOL volume transacted in one calendar month. Each 1 SOL in volume will provide 5 Magic Points. These points will contribute to users’ reward levels which will remain the same from the previous month if the new month’s trading volume hasn’t surpassed them.

To take part in the Magic Eden Rewards program, users need to connect each of their wallets with it through a link provided by Magic Eden. The marketplace team claims that all linked wallets under one username will remain private to the profile and not visible to the public.

As the incentive is just launching, users' initial levels in it will be determined based on their activity during November and December.

Furthermore, Magick Eden has redesigned its fee model and will be reintroducing fees on the platform again, after removing them a while ago during the creator royalties debate. The new fee model will adopt the maker/taker concept, where fees are shared between sellers and buyers. Participants in the new rewards program will be able to enjoy up to 45% lower fees, based on their level in the incentive.