Magic Eden recently launched a cross-chain reward program that drives the use of its popular NFT marketplace in Solana, Bitcoin, Ethereum and Polygon, along with capabilities related to its new multi-chain wallet.
In addition to the rewards program, Magic Eden also recently announced that this will be the case open source its currency and trading protocols in collaboration with a new non-fungible DAO. The DAO is working on plans to launch a token called “NFT” that will be used to reward traders.
According to Magic Eden, the rewards program is designed to reward NFT traders, collectors and creators alike. Users on the Magic Eden marketplace can earn “Diamonds,” or a form of points like other recent crypto incentive programs have used.
Magic Eden has not released any information about what the diamonds will be used for, or if they are redeemable in any way. However, Magic Eden General Manager Tiffany Huang shared Declutter in a recent interview that people using the Magic Eden protocol will likely receive the NFT token released by Non-Fungible DAO.
In a nod to its roots with Solana, where Magic Eden first launched its NFT marketplace, the Diamond program is giving back to “Solana OGs” with a retroactive drop that became available Friday. The claim will remain open until March 3.
The points are distributed daily, with an undisclosed number of diamonds released each day. The diamonds you earn are based on the percentage of total activity you completed that day. So on busy days with lots of traffic you may earn fewer diamonds than normal.
How to earn diamonds
Luckily, Magic Eden has released a ton of information on how to maximize your diamond earning potential. There are three blogs recently published on their website with an overview of the program, but we will summarize them here.
The main way to earn diamonds is simply by purchasing NFTs, advertising them, or posting collectible offers, but there are a few ways you can increase your diamonds.
Retro Diamond Drop claims are LIVE 💎
It’s been a great week for the Solana community and now Emmy wants to shower OGs with diamonds.
Claim your earned diamonds and double your claim amount through quests at https://t.co/8iypRqANZI
The claim is open until March 3 7pm UTC (1/2) pic.twitter.com/Xa219wFICR
— Magic Eden 🪄 (@MagicEden) February 2, 2024
When it comes to buying NFTs, larger purchases earn more diamonds. Regarding sales, users earn diamonds as long as their offer is active, but they can earn more diamonds based on how close their offers are to the collection’s reserve price. The closer an offer is to the reserve price, the more diamonds they will receive.
Offers or ‘bids’ work the same way as listings. Users can earn diamonds by placing collection offers on any of the top 100 collections on Magic Eden, based on trading volume. Similar to their offers, users can earn more diamonds based on how close their offers are to the collection’s reserve price.
Certain “trending” collections also receive a 50% diamond bonus; ClaynosaurusFor example, a bonus is currently applied to diamonds earned by interacting with the collection through Magic Eden.
Another way to boost your diamonds is through your loyalty score. A loyalty score of 100% corresponds to a 100% bonus in diamonds generated. The loyalty score itself is determined by, well, how loyal you are to Magic Eden. You can increase your loyalty score by listing and purchasing your NFTs exclusively through Magic Eden.
Good luck mining your diamonds!
Edited by Andrew Hayward