Learn about Magic Eden's Diamond Rewards: Value Earned and How to Get It

php editor Yuzi will give you an article to understand the diamond rewards of Magic Eden. As the precious currency in the game, diamonds play an important role in Magic Eden. However, many players have questions about how to obtain diamonds and whether their value is worth earning. This article will introduce in detail the diamond reward mechanism of Magic Eden, including how to obtain diamonds and the uses of diamonds, to help players better understand and decide whether it is worth earning diamonds. Whether you are a newbie or an experienced player, you can get useful information from this article to improve your gaming experience.

Are Magic Eden diamond rewards worth earning?

According to the official blog, the Magic Eden platform now provides users with more long-term benefits through diamond reward empowerment. Users can earn diamonds by completing different tasks and unlock greater rewards on the platform. The number of monthly diamond rewards remains the same, and the reward criteria does not only depend on transaction volume. The purpose of introducing diamond incentives is to provide users with a more comprehensive and valuable experience. According to information on Magic Eden’s official website, the platform is seeking to cooperate with creators to inject new vitality into diamond incentives.

Magic Eden is a project with strong capabilities. On March 14, 2022, they successfully completed a round of financing, with the financing scale reaching US$27 million. Participants included well-known investment institutions such as Sequoia Capital, Paradigm and Greylock. Subsequently, on June 21, 2022, Magic Eden completed a $130 million Series B round of financing at a valuation of $1.6 billion, with Electric Capital and Greylock becoming co-lead investors. These financing activities further demonstrate Magic Eden’s potential and market value. The project will continue to grow and develop, and continue to provide users with innovative products and services.

According to data from Magic Eden’s official website, as of now, the platform occupies a leading position in the NFT market on the SOL chain. According to statistics, Magic Eden’s total transaction volume has reached 57.92 million SOL, and it has more than 800,000 traders. In addition, the platform has also been deployed on multiple public chains such as Ethereum and Polygon, and recently launched the Bitcoin ecological NFT market. These initiatives further expand Magic Eden's influence.

According to data from Dune Analytics, the total trading volume of the Bitcoin Ordinals market was $15.9083 million, with a total of 38,843 transactions and attracting 18,462 unique users. The Magic Eden platform has been leading the field in terms of daily trading volume. Specifically, on March 30, the trading volume of Magic Eden’s Ordinals market was approximately US$255,600, accounting for 71.4% of the total trading volume of US$358,000 that day.

Magic Eden has not yet issued tokens. Previously, it only conducted Magic Ticket airdrops for early users. Magic Ticket holders can apply to join MagicDAO, participate in platform governance and obtain more reward activities. MagicDAO’s roadmap shows that it will develop in the future from three aspects: reward activities, governance and community operations. Based on this information, it can be seen that Magic Ticket has not yet met the conditions for capital withdrawal, so the community speculates that Magic Eden has a motive for issuing coins. The rules of this diamond incentive event are almost the same as the early airdrop rules of Blur in the NFT market, which reminds the community that this event may become one of the reference standards for Magic Eden’s airdrop when issuing coins in the future.

How to get Magic Eden diamond rewards?

The total number of diamond rewards is calculated on a monthly basis, and the number of rewards is the same every month. Note that there are three ways to obtain diamonds:

1) Listing: List NFT on Magic Eden. When the listed NFT is sold and traded, users will receive diamonds.

2)bid: Bid on a certain NFT series on Magic Eden, and when the bid is accepted, the user will receive diamonds.

3) User completes personal information: fill in the user name and other personal information related information on the personal homepage, and you can earn diamonds after completion.

Currently listing and bidding diamond rewards are only for collections on the Solana chain, because this function is not currently available on the Ethereum and Polygon chains.

The user's loyalty score determines the multiplier when receiving diamond rewards, thus affecting the number of diamonds received. For example, if the loyalty multiplier is 1 and the basic reward for a certain task is 50, then the user will receive 50 diamonds when receiving the incentive. If the loyalty multiplier is 2, the user will receive 100 diamonds when claiming the reward. The calculation standard of loyalty score is the user's transaction behavior in Magic Eden in the past 6 months. Users can see the loyalty score in the personal reward center.

100% loyalty score is a 2x multiplier; 95% to 100% loyalty score is a 1.75x multiplier; 90% to 95% loyalty score is a 1.5x multiplier; 80% to A loyalty score of 90% is a 1x multiplier; a loyalty score below 80% will have a loyalty score as a multiplier. For example, users with a loyalty score of 60% will receive a 0.6 multiplier, which means they will receive fewer diamonds. If the user's loyalty score is "N/A", it means that the user has not made any transactions in Magic Eden in the past 6 months.

According to the official rules, when claiming diamond rewards, the multiplier obtained by the loyalty at that time will be used. Therefore, users can postpone receiving diamond rewards when their loyalty scores are low, and receive the rewards after improving their loyalty scores through transactions and other behaviors. The platform checks and refreshes the loyalty score every 24 hours.

How to obtain fee discounts?

In addition to obtaining diamond rewards through task activities, users can also earn Magic points through transactions on Magic Eden. This point not only enhances the loyalty required by users as mentioned above, but also brings fee discounts to users. For example, creators can provide subsidies, discounts or free NFTs to the Magic Eden community in the form of airdrops.

Magic points are divided into five levels according to the user’s transaction volume. The higher the level, the better the benefits. The benefits received by users will initially be distributed in the reward center in the form of NFT, including but not limited to loot boxes from users’ favorite collections, discounts for ecosystem partners, etc. Specifically, Level 1 is the basic fee; after the transaction volume reaches 50 SOL, reaching Level 2 will receive a 5% platform fee discount; after the transaction volume reaches 250 SOL, reaching Level 3, Level 3 will receive a 15% fee discount; If you reach level 4 after the transaction volume reaches 1,500 SOL, you will receive a 25% fee discount; if you reach level 5 after the transaction volume reaches 10,000 SOL, you will receive a 45% fee discount.

The new points currently obtained by the user are calculated based on the number of SOLs traded last month. The user will receive 5 points for each transaction volume of 1 SOL completed (buy or sell, casting transactions are not included) Magic points. On the first day of every month, a new points bonus cycle begins. The previous month's level will remain unless the user exceeds that level during the current reward cycle.

Summary

As the competition in the NFT market becomes increasingly fierce, it has become a trend for various platforms to motivate users through various operational activities, especially to guide users through the expectation of currency issuance. Judging from the current structure and interest structure of Magic Eden, it has a strong motivation to generate currency. The diamond reward activities currently online almost all draw on Blur’s airdrop rules, and this reward activity is only based on the Solana chain, which makes it cheaper for users to complete tasks to obtain diamond rewards. Therefore, for users who have free time, it is not a bad idea to participate in Magic Eden’s diamond reward activities.

In addition, according to the official rules, more ways to earn diamonds will be launched, as well as specific diamond benefits and rewards in the future. PANews will continue to follow the report.

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