Magic Eden is a decentralized platform allowing users to easily buy, sell and trade Non-Fungible-Tokens. Considered as the leading NFT marketplace on Solana, it offers a wide range of features:
User-Friendly Features
Easily buy and sell NFTs on the marketplace by simply connecting a personal wallet to the platform and take advantage of features such as launchpad, popular collections and community feedback.
Pricing
By being built on Solana Blockchain, transaction fee are less than a cent onchain. Moreover, listing/delisting a NFT is free on Magic Eden, so as bidding/canceling offers. The only fee applicable by the platform is the transaction fee when a NFT is sold, 2% for having easily sold a NFT on the platform. Moreover, the royalties set by the creators of the NFT are honored on the platform. Therefore, each time a sell occurs, each creator gets the royalty percent it set.
Selling A NFT On Magic Eden
I was recently lucky enough to be airdropped a StepN CMC Badge, a NFT for having assisted to The Capital 2022, a CoinMarketCap Conference bringing together stakeholders from all around the world. For several days I was thinking either to keep it or sell it. After few days, I decided to sell it by seeing how much people were willing to pay for it, so that I would be able to accumulate more of the crypto I like during this bear period.
To do so, I firstly downloaded and installed Phantom Wallet, a friendly Solana wallet made for DeFi & NFTs, on my smartphone. After setting up the app, all the NFTs were available for seeing in the wallet, by going into the "Your Collectibles" section:
When tapping on the NFT to display, details about it can be highlighted:
To sell the NFT on Magic Eden, it is necessary to connect the wallet with the platform:
I only had Phantom available as Solana wallet:
Then going to the "My items" section to display all the NFTs available in the wallet:
The only NFT I have is displayed. To sell it on the platform, tap on "Add listing":
Two possibilities are available when listing a NFT:
- Fixed Price: List the NFT to either be sold at a fixed price or less if you accept someone's offer
- Auction: List the NFT at a starting price and enable people to add bid to it. The highest bid gets the NFT at the end of the auction duration
For instance when going for an auction listing, the following has to be set:
- starting date
- duration
- starting bid
An overview listing page will appear, highlighting some listing details. Tap on "I understand" to proceed:
The NFT will be sent onchain to the Magic Eden platform. Tap on "Approve" to sign the transaction:
If no one is interested in your listing, or if you want to change the price set, you can cancel the listing for free and receive the NFT back in your wallet.
For auction listing, if someone bid on the listing, after the auction duration, the NFT is sold.
For fixed price listing, if someone directly bought at the price set or if you accepted someone's offer, the NFT is sold.
My NFT was sold for 13 SOL, after the fee applied by Magic Eden (2%) and the artist royalties (4%), I received in my wallet 12.22 SOL. See the transaction here.
Final Thoughts
Magic Eden has become one of the leading decentralized NFT marketplace platforms on the Solana blockchain for the minting, buying and selling of NFTs. Thanks to its user-friendly features and pricing I personally found it easy and cheap to sell a NFT on the platform.
Feel free to share your thoughts and any other feedbacks in the commentary section.
