To boost Solana following a decline in sales, Magic Eden is working toward selling more of its #1 token by offering SOL traders free NFTs and discounts
Magic Eden has been on a roll recently. Last month, the marketplace launched a Hackathon with a million-dollar prize pool. Then, added Polygon NFTs to its hub of digital assets.
Now—to help Solana (SOL) get back up and kicking following a hefty decline in sales since the FTX catastrophe—the NFT marketplace has created a rewards program to issue loyal traders with discounts and freebies.
Quick Take:
- Magic Eden launched a rewards program for Solana NFT traders today.
- The rewards include Solana-related perks, fee discounts, and free NFTs.
- A new “dynamic maker/taker model” for platform fees will also launch next year.
Magic Eden’s SOL Rewards Program – Brief Details
Despite Solana having its own marketplace, SolSea, Magic Eden remains the world’s largest Solana NFT marketplace by sales volume.
Following this, the SOL trading hub took to Twitter yesterday to reveal that it will be announcing a rewards program for all lovers of the crypto token, which – shortly afterward – launched today.
Thanks to the Tweet, loyal SOL traders were able to prepare themselves for reaping all the remarkable benefits Magic Eden now offers: free NFTs, lower discounts, and other SOL-related perks.
Each program spans five tiers of rewards to further attract customers. For instance, for every SOL spent, customers earn 5 points each calendar month. This initiative aims to get the token back and running after a hefty drop in sales. Additionally, each step up the ladder provides more generous benefits for members.
To further celebrate its new program, alongside the new year, the NFT trading hub is also lowering transaction fees depending on SOL traders’ level. In January, it will launch a “dynamic maker/taker model” for platform fees to split fees between buyers and sellers rather than the firm taking a cut from sellers. However, full details regarding the fee structure are yet to be revealed.
This reward program and new maker/taker model is a big deal for Magic Eden, considering it recently added Polygon to its network, and takes a chunk of 2% per transaction.
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