Decrypt’s art, fashion and entertainment center.
Magical Eden is new cross-chain reward program just got sweeter. In addition to earning diamonds for buying, listing and collecting NFTs on the multi-chain marketplace, the platform today launched its ‘Retro Diamond Drop’.
Any trader who has been active on Magic Eden since the platform launched on Solana in September 2021 can claim diamonds, which are similar to reward points. The amount each user can claim depends on the volume traded, the number of transactions executed, the total number of collections owned, and the total number of NFTs owned.
If you have a 100% loyalty score (meaning your listings and pools are on Magic Eden and no other marketplace), you will earn a 100% bonus on your diamonds.
This drop is just the icing on the cake for the rewards program, which has already seen users claim diamonds for completing quests and logging in daily.
I just claimed 400K @MagicEden diamonds on my main wallet, gotta go through the alts now. If you’ve ever traded NFTs on Solana, there are probably some diamonds waiting for you too
37,720 SOL in total volume traded on that one wallet since 2021, what a journey https://t.co/ewFyB69E5r pic.twitter.com/uV7aGhY1Wg
— WR☻NGUSER ✗ (@wronguser000) February 2, 2024
On January 23, Magic Eden Rewards was announced to give back to “everyone who has contributed to the NFT community.” The goal was to create a unique program that rewards everyone in NFTs: not just traders but also collectors. Unlike most rewards programs that only encourage offering and posting offers, this program also applies rewards users for purchasing native listings on Magic Eden and accepting offers.
According to a tweet from Magic Eden General Manager Tiffany Huang, users can claim diamonds on every wallet they’ve ever used on Magic Eden.
The retroactive rewards aren’t just limited to Solana. Diamonds, while currently only available for Solana, will soon be expanded to other chains. They will be part of the upcoming Magic Eden release Ethereum NFT marketplace, ready for launch at the end of February. The rewards will then also be brought to Bitcoin and Ethereum scaler Polygon.
Magic Eden’s Bitcoin account hinted at upcoming Bitcoin rewards on Twitter (aka X) today.
Congratulations to the Solana OGs who are retroactively claiming their diamonds on @MagicEden today💎💎💎
We can’t wait for Rewards to reach Bitcoin.🪄
In the meantime, remember that loyalty is always rewarded. Past present Future. 👀 pic.twitter.com/A6Rk3sVSmD
— Magic Eden on Bitcoin 🟧 (@MEonBTC) February 2, 2024
“Loyalty is rewarded. Past, present and future,” said the account answered when a user asked if Bitcoin would also get rewards.
The same activity associated with the Diamond rewards system will apparently also benefit users when the Non-Fungible DAO’s upcoming NFT token drops.
Introducing non-fungible DAO powered by $NFT
Non-Fungible DAO will be a decentralized, community-owned organization with a mission to develop and advance the protocols that will power the future of NFT trading. pic.twitter.com/PJsCgLMNWU
— Non-Fungible DAO (@Non_FungibleDAO) January 22, 2024
According to the DAO, users are awarded tokens based on trading activity for the protocols they manage, including the Magic Eden ecosystem. Although the NFT token via Non-Fungible DAO is separate from Magic Eden’s own Diamond rewards, they act as parallel systems for the benefit of users. The NFT token has not yet been launched and distribution specifications have not yet been finalized.
Edited by Andrew Hayward