Magic Eden and Nifty Gateway Unveil Reward Programs. Here’s the 101.
NFT marketplaces Magic Eden and Nifty Gateway are leveling up. Each platforms lately introduced new reward techniques to incentivize buying and selling actions and improve the general consumer expertise. With Nifty Gateway introducing its Collector Appreciation Month and Magic Eden launching its Chapter II program, these platforms are leveraging incentives to draw and retain customers in an more and more aggressive panorama.
These strikes are much like OpenSea’s current resolution to launch OpenSea Professional, which many consider was motivated by Blur’s commanding affect and success out there. As a strategic response, OpenSea determined to incentivize its consumer base by introducing a rewards system and amending creator royalties percentages.
Now, evidently different NFT marketplaces are following OpenSea’s lead.
Magic Eden Chapter II program
In a transfer aimed toward renewing curiosity in — and engagement on — its platform, Magic Eden has launched an initiative that rewards merchants with Solana’s native cryptocurrency, $SOL, for his or her buying and selling actions. By quickly lowering its maker payment to -0.25%, Magic Eden offers merchants with the chance to earn $SOL on every transaction.
Sellers will now obtain 100.25% of the itemizing value after they promote an NFT, and patrons will obtain a 0.25% $SOL rebate upon buy.
Nonetheless, this incentive system is simply part of a a lot bigger strategic shift for Magic Eden.
Welcome to Chapter II. It is time to make some adjustments.
Beginning right this moment we’re:
✅ Launching NFT aggregation on Solana
✅ Embracing composability
✅ Providing -0.25% maker payment on ME for a restricted time. Now you possibly can earn SOL when your provides are accepted & listings are offered! 🧵👇 pic.twitter.com/3b0QXal4re— Magic Eden 🪄 (@MagicEden) May 24, 2023
Along with providing rewards, the platform has unveiled an aggregation function aimed toward offering customers with a one-stop store for buying Solana NFTs throughout varied marketplaces. Additionally it is rolling again a function that prevented Magic Eden listings from being aggregated by different NFT marketplaces. The platform has additionally dedicated to open-sourcing its good contract code.
Finally, these strikes come as a response to each longstanding criticism and rising competitors. The platform has lengthy been censored by members of the NFT neighborhood for being closed-sourced and for limiting composability alternatives throughout platforms, and it faces growing threats to its market share — notably from Tensor, a more recent entrant within the Solana market.
Nifty Gateway Collector Appreciation Month
In the meantime, Nifty Gateway is launching its personal reward program, dubbed Collector Appreciation Month, set to start in June. This system is designed to reward collectors based mostly on their lifetime spend on Nifty Gateway. The platform has structured the reward system into six ranges, with rewards growing with every degree of funding. On the highest degree, customers can earn a major rewards proportion of ten p.c and a secondary rewards proportion of 5 p.c.
Nifty Gateway’s reward program applies to all NFTs minted on its platform, spanning each major and secondary marketplaces. The rewards, which will probably be credited in USD to collectors’ Nifty Gateway balances following every eligible transaction, supply a direct and rapid return for collectors’ actions on the platform.
These modern reward techniques sign a shift within the NFT marketplaces’ method to consumer engagement, marking a major step in direction of fostering a extra dynamic and rewarding ecosystem. As competitors heats up within the NFT house, the transfer by Magic Eden and Nifty Gateway not solely promotes lively participation but additionally units a brand new normal for different marketplaces to observe.
Editor’s be aware: This text was written by an nft now workers member in collaboration with OpenAI’s GPT-4.
