Why Magic Eden Is Dominating Solana
Here’s how we maintain 97% of volume on Solana NFTs. Also happy 420.
Last week, we hit the 8 figure mark. 10,000,000 SOL in trading volume (next stop, 100M 🚀🌕). It is thanks to you, our community. Magic Eden gained dominant market share of the Solana NFT ecosystem when we were 2 months old back in November 2021. We attribute these achievements to the community’s belief in us and our relentless drive and insatiable hunger to create value with and for our community. Being a web3 company, we’ve grown alongside our community. At Magic Eden, these values are at the heart of our NFT marketplace. For this reason, we’re still smooth sailing today.
In case there was any mystery:
Web3’s ethos is deeply rooted in collaboration. And, if you ask any successful NFT project, community is the key to success. Our community aren’t passive recipients of Magic Eden. Your @MagicEden(s) have inspired many of our essential engineering ideas (we call it Twitter-Driven Development). Whether it's reading suggestions for improvements, dealing with complaints or purely receiving love, we strive to be in ongoing dialogue with our community.
From January to March 2021, Twitter data revealed that there have been over 375 million tweets about NFTs. Twitter is the go-to spot for NFT degens, enthusiasts, and on-lookers. We’re optimistic that with more people being onboarded onto Solana NFTs, the number would have grown tremendously. Amidst growing interest in NFTs, we want to connect and collaborate deeper with collectors and creators.
We’ve worked with our community to launch:
Nonstop features updates. We are proud of shipping fast and consistently
Account managers to support collections. NFT creators are at the center of what we do and what got us here as an NFT marketplace. Therefore, we must give the utmost support and attention to collections to help the next generation of digital creators grow alongside Magic Eden. We’re starting out by pairing account managers with selected, existing collections on Magic Eden and Launchpad projects
MagicDAO, where we’re reaching out to everyone from normies to OGs to discover our community and get to know them better
Events across NFT NYC (2021), Solana Breakpoint, Art Basel Miami, Solana Hacker House NY, and Solana Miami. See you in NFT NYC next!
Ultimately, success comes from fostering community. And this is why in our 7 month lifetime, Magic Eden continues to capture the majority market share of Solana NFTs.
Here’s the strength of our community:
And, it extends to Eden Games:
310,000 users have bought, sold, or minted a gaming NFT on Magic Eden.
Over 2.8 million SOL in secondary trades (that’s over 105,000 SOL in royalties).
480,000 SOL has been raised on Magic Eden’s Launchpad.
🪄 What’s happening?
Last week, Nansen integrated Solana data onto its dashboards. Over the last 7 days, Solana has ranked #1 in terms of active addresses. (It’s not a competition but… SOL 3.72M, ETH 1.73M) 🤯
Bring out your 🧹: Sweep floors with our latest bulk bidding and purchasing feature.
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We caught up with Alex Pall of the Chainsmokers 🎶. On Eden Hour now.
Magic Eden CEO Jack Lu speaks on Web3, NFTs, and the Future of Creators with Logan Jastremski.
🪄 Congrats, this week's top performing collections on ME! (4/13-19)
Congratulations to these collections for making it into the top 10 top traded collections. Keep at it!