1. What is Magic Eden?

Magic Eden is a decentralized NFT exchange that allows users to create, buy, sell, and trade NFTs across multiple blockchains. Launched in September 2021, Magic Eden has quickly grown to become the largest NFT exchange on the Solana blockchain, thanks to its fast transaction speeds, low fees, and smooth user experience.

Not stopping at Solana, Magic Eden has expanded to integrate with leading blockchains such as Ethereum, Polygon, Bitcoin, and many more. With the vision of becoming the leading multi-chain NFT trading platform, Magic Eden is connecting the global user community with the vast Web3 ecosystem.

Users can access Magic Eden via a desktop browser or via an app on iPhone and Android. To get started, you need a blockchain wallet compatible with the blockchains the platform supports, such as Phantom for Solana, MetaMask for Ethereum and Polygon, or Unisat, Xverse for Bitcoin NFTs. Additionally, users need to prepare an amount of $SOL , ETH, MATIC, or $BTC to pay transaction fees. Notably, Magic Eden has developed an integrated wallet that supports all three major networks, making transactions more convenient than ever.

Magic Eden has also officially listed ME token on December 10, 2024 on major exchanges such as Binance, Bybit, OKX,...

Read more: Binance Announces Listing of Magic Eden (ME) as a Seed Tag

2. Magic Eden products

2.1 NFT Marketplace

Magic Eden provides a multi-chain NFT trading platform that makes it easy for users to search and trade NFTs across different ecosystems.

Some of the featured NFT collections on Magic Eden:

  • Bored Ape Yacht Club (BAYC): A collection of “rich monkey” NFTs on the Ethereum blockchain, developed by Yuga Labs, known for their uniqueness and high value.

  • CryptoPunks: One of the first NFT collections, launched in 2017 by Larva Labs, includes 10,000 unique pixel characters with distinct styles.

  • Azuki: A collection inspired by Japanese anime style, developed by the Chiru Labs team, full of art and creativity.

  • Mad Lads: A collection of NFTs on the Solana blockchain, featuring street style and strong personalities, offering exclusive benefits and events to owners.

2.2 NFT Launchpad

Magic Eden's NFT Launchpad is the ideal launchpad for new NFT collections. Users can join the mint early, thereby capturing potential investment opportunities if the NFT collection attracts widespread market interest.

2.3 Magic Eden Wallet

Magic Eden Wallet is a comprehensive Web3 wallet designed to store, manage, and trade crypto assets and NFTs. With a user-friendly interface, the wallet allows users to quickly connect to Magic Eden, supporting secure and convenient NFT trading.

Magic Eden Wallet Highlights:

  • Multi-chain support, compatible with major blockchains such as Solana, Ethereum, Polygon,…

  • Integrate asset swapping (except NFTs) between blockchains, making it easier to buy NFTs across multiple ecosystems.

  • High security guaranteed with crypto and NFT transactions.

Read more: What is MetaMask? Detailed instructions on how to use MetaMask wallet 2024

3. Outstanding features of Magic Eden (ME)

Magic Eden makes its mark on the market with many outstanding features, contributing to the attraction and affirming the leading position of this platform:

  • Product Diversity: Not only does Magic Eden act as an NFT exchange, it also develops supporting products such as Magic Eden Wallet and NFT Launchpad. These products are designed to fully meet users' needs, from storing assets, trading to participating in new projects.

  • Multi-chain support: Magic Eden integrates multiple leading blockchains, including Solana, Ethereum, Polygon, Bitcoin, making it easy for users to access diverse and rich NFT collections across different ecosystems.

  • Low transaction fees: With a fee of just 2% per sale, Magic Eden offers a clear advantage to users, outperforming some competitors like OpenSea (2.5%).

  • Fast Transaction Speeds: By leveraging high-performance blockchains like Solana, Magic Eden delivers a fast and smooth transaction experience that fits the needs of the vibrant NFT market.

  • User-friendly Interface: Magic Eden has an intuitive and easy-to-use user interface. The platform caters to both NFT newcomers and seasoned users.

  • Vibrant Community: The platform has built a large and enthusiastic community of users, creating an environment for NFT enthusiasts to exchange, learn and share. This makes Magic Eden not only an exchange, but also an ecosystem that supports creativity and collaboration.

  • Trusted Launchpad: Magic Eden Launchpad is one of the leading launchpads for potential NFT projects. Users have the opportunity to participate in early investments in high-quality projects, opening up the possibility of great profits.

  • Music Investing: Magic Eden is at the forefront of combining NFTs with the music industry, allowing users to invest in their favorite artists. Users not only receive rewards from royalties but also own exclusive proof of ownership, expanding investment potential beyond traditional collectibles.

4. Development team

Magic Eden, launched in 2021, was built by a team of experienced experts who have worked at the world's leading technology and financial corporations:

Jack Lu (Co-Founder & CEO)

  • Gained extensive experience working at prestigious corporations such as Boston Consulting Group and Google in the fields of consulting and production management.

Zhuoxun Yin (Co-Founder & COO)

  • Former Director of Product Management at Coinbase, one of the largest cryptocurrency exchanges globally.

  • Served as Head of Strategy and Business Operations at dYdX, a decentralized exchange platform, for over 2 years.

Sidney Zhang (Co-Founder & CTO)

  • Has over 5 years of experience as a Software Engineer at Uber, where he participated in developing large-scale technology systems.

  • Sidney then served as Director of Engineering at Facebook for nearly a year before moving into the blockchain space.

In addition, Magic Eden also owns a strong and talented staff.

5. Investors

Magic Eden has completed three rounds of funding, raising a total of $159.5 million, with participation from prestigious investment funds:

  • Series B:

    • Time: June 21, 2022

    • Capital raised: 130 million USD

    • Investment funds: Electric Capital, Paradigm, Sequoia Capital

    • Valuation after funding round: $1.6 billion

  • Series A:

    • Time: March 14, 2022

    • Capital raised: 27 million USD

    • Investment funds: Paradigm, Sequoia Capital, Electric Capital

  • Seed Round:

    • Time: October 1, 2021

    • Capital raised: 2.5 million USD

    • Investment fund: 6th Man Ventures

6. Similar projects

Magic Eden falls under the NFT trading platform category, with major competitors including:

  • Blur: An emerging NFT exchange, focused on providing optimal trading experience and rewards to users.

  • Tensor: Designed specifically for professional traders in the Solana ecosystem.

  • OpenSea: The oldest and largest NFT trading platform today, supporting multiple blockchains such as Ethereum, Polygon and Solana.

7. Overview of ME Token

7.1 Basic information about ME Token

  • Token Name: Magic Eden

  • Mã Token: $ME

  • Blockchain: Solana

  • Smart Contract: MEFNBXixkEbait3xn9bkm8WsJzXtVsaJEn4c8Sam21u

  • Listing date: 10/12/2024

  • Total Supply: 1,000,000,000

  • Max Supply: 1,000,000,000

  • Circulating Supply: 125,000,000

7.2 ME Token Allocation

  • TGE: Airdrop 12.5% ​​of total supply

    • ME Token at the time of initial release (TGE) is used to reward users in the Bitcoin, Solana, and EVM ecosystems.

    • This allocation will be fully unlocked once TGE is complete and distributed via Magic Eden's mobile app.

  • Community and ecosystem: 37.7%

    • 22.5%: Rewards for active users participating in the ME protocol, issued mainly through Magic Eden's reward program.

    • 15.2%: Support ecosystem development through grants. Of which, 5% will go to the ME Foundation treasury to provide liquidity and support protocol operations.

  • Contributor: 26.2%

    • Including contractors, advisors and Magic Eden staff who contributed to the development of the protocol.

    • More than 60% of these tokens will be locked for at least 18 months after the TGE.

  • Investors: 23.6%

    • Strategic investors provide important guidance during Magic Eden's development phase.

    • Tokens for this pool will be locked for at least 12 months after the TGE and then unlocked gradually according to the vesting schedule.

7.3 ME Token Release Schedule

All ME Tokens will be fully unlocked within 48 months from the TGE date.

7.4 What is ME Token used for?

  • Governance: ME token holders have the right to participate in platform governance and vote on important proposals related to protocol development.

  • Rewards: ME Tokens are used as rewards for users participating in activities on the platform such as NFT trading, token staking, or participating in Launchpad.

  • Reduced transaction fees: When using ME tokens to pay transaction fees, users will enjoy attractive discounts, helping to optimize costs.

  • Exclusive Access: ME token holders can unlock access to special features and exclusive NFT collections on the platform.

7.5 Where to buy ME Token?

Investors can buy and sell ME Token on Binance, OKX, Bybit.

8. Evaluate the potential of Magic Eden (ME)

8.1 Advantages and strengths

  • Multi-chain pioneer: Magic Eden supports multiple leading blockchains such as Solana, Ethereum, Polygon, Bitcoin, increasing accessibility to users across different ecosystems. This increases the liquidity, diversity, and attractiveness of the platform.

  • Strong development team: The founders are all leading experts, having worked at large corporations such as Coinbase, Uber, Facebook, Google, bringing rich experience and long-term strategic vision to the project.

  • Competitive trading fees: With a fee of only 2%, lower than major competitors like OpenSea (2.5%), Magic Eden easily attracts users, especially professional NFT traders.

  • Comprehensive ecosystem: Not only stopping at NFT Marketplace, Magic Eden also builds supporting products such as Wallet and Launchpad, helping to create a complete ecosystem, increasing value for users.

  • ME Token Governance: The issuance of ME tokens offers benefits such as decentralized governance, reduced transaction fees, exclusive access, and increased transparency in platform development. ME's tokenomics are also well-designed with a long-term unlock schedule to avoid dumping pressure.

  • Supporting creators and communities: With Launchpad, Magic Eden not only makes it easy for new NFT projects to reach the community, but also provides early investment opportunities for users.

8.2 Risks

  • Fierce Competition: The NFT market is increasingly crowded with other major platforms like OpenSea and Blur. Maintaining a competitive edge is a big challenge for Magic Eden.

  • Crypto Market Volatility: The value of ME Token and NFTs in general is highly dependent on the crypto market, which is notorious for its high volatility and regulatory risks.

  • Regulatory: Governments are increasingly focusing on regulating the NFT and cryptocurrency markets, which may impact Magic Eden's business operations.

9. Conclusion

Above, Cryptocurrency has introduced to readers what Magic Eden is. Overall, this is a potential project with a solid foundation, strong development team, and strategic direction in the NFT market.

With a vision to become a leading multi-chain NFT trading ecosystem, Magic Eden could reap great success in the long term, especially if the NFT market continues to grow. However, investors should consider potential risks and closely monitor competitive and regulatory factors.