How to Farm Magic Eden’s Diamond Rewards Ahead of NFT Token Airdrop
Magic Eden just lately launched a cross-chain rewards program that incentivizes the usage of its in style NFT market throughout Solana, Bitcoin, Ethereum, and Polygon, together with alternatives tied to its new multi-chain pockets.
Past its rewards program, Magic Eden additionally just lately introduced that it’ll open-source its minting and buying and selling protocols in collaboration with a brand new Non-Fungible DAO. The DAO they’re working with plans on launching a token referred to as “NFT” that will likely be used to reward merchants.
In keeping with Magic Eden, the rewards program has been designed to reward NFT merchants, collectors, and creators alike. Customers on the Magic Eden market can earn “Diamonds,” or a type of factors like different latest crypto incentive packages have employed.
Magic Eden hasn’t launched any info on what the Diamonds will likely be used for, or in the event that they’ll be redeemable in a roundabout way. Nevertheless, Magic Eden Common Supervisor Tiffany Huang instructed Decrypt in a latest interview that individuals who use Magic Eden’s protocol are more likely to obtain the NFT token being launched by Non-Fungible DAO.
As a nod to its roots with Solana, the place Magic Eden first launched its NFT market, the Diamond program is giving again to “Solana OGs” with a retroactive drop that turned obtainable on Friday. The declare will stay open till March 3.
The factors will likely be distributed every day, with an undisclosed quantity of Diamonds being launched every day. The Diamonds you earn are based mostly on what share of the full exercise that day that you just accounted for—so that you may earn fewer Diamonds than common on busy days the place there’s lots of site visitors.
How one can earn diamonds
Fortunately, Magic Eden has launched a ton of knowledge on the best way to maximize your Diamond incomes potential. There are three blogs just lately revealed on their web site outlining this system, however we’ll summarize them right here.
The primary strategy to earn Diamonds is, merely, by shopping for NFTs, itemizing them, or inserting assortment provides—however there are just a few methods you possibly can enhance your Diamonds.
Retro Diamond Drop claims are LIVE 💎
It’s been an enormous week for the Solana neighborhood and now Emmy desires to bathe OGs with Diamonds.
Declare your earned Diamonds and double your declare quantity by way of quests at https://t.co/8iypRqANZI
Declare is open till March third 7pm UTC (1/2) pic.twitter.com/Xa219wFICR
— Magic Eden 🪄 (@MagicEden) February 2, 2024
In terms of shopping for NFTs, bigger purchases earn extra Diamonds. With reference to promoting, customers earn Diamonds for so long as their itemizing is up—however can earn extra Diamonds based mostly on how shut their listings are to the gathering’s ground worth. The nearer a list is to the ground worth, the extra Diamonds they are going to obtain.
Provides or “bids” work equally to listings. Customers can earn Diamonds by inserting assortment provides on any of the highest 100 collections on Magic Eden by buying and selling quantity. Equally to their listings, customers can earn extra Diamonds based mostly on how shut their provides are to the ground worth of the gathering.
Sure “trending” collections additionally obtain a 50% Diamond bonus; Claynosaurz, for instance, presently has a bonus utilized to Diamonds earned by way of interacting with the gathering through Magic Eden.
One other strategy to enhance your Diamonds is thru your Loyalty rating. A Loyalty rating of 100% equates to a 100% bonus in Diamonds generated. The Loyalty rating itself is set by, properly, how loyal you might be to Magic Eden. You may enhance your Loyalty rating by completely itemizing and shopping for your NFTs through Magic Eden.
Good luck mining your Diamonds!
Edited by Andrew Hayward
