One of the most amazing spots to mint, list, and exchange NFTs is Magic Eden Wallet Extension. It was first made for the Solana blockchain, however it is currently viable with Ethereum and Polygon also.
The ongoing leadership group of Magic Eden was formed by Sidney Zhang, Jack Lu, Zhuoxun Yin, and Zhuojie Zou. The project started in 2021 and has developed rapidly from that point forward. In July 2022, it brought $130 million up in Series B raising money at a valuation of $1.6 billion. Furthermore, Magic Eden Wallet runs Magic Eden Games, a site that upholds NFT games by offering highlights like trailers and tournament hosting.
Users should have a web3 digital currency wallet that is viable before they can start, for example, Phantom for Solana-based resources or MetaMask for Ethereum and Polygon-based resources. They likewise need to have sufficient SOL, ETH, or MATIC in their wallet to cover exchange charges.
Features and functions of Magic Eden Wallet Extension
Magic Eden Wallet provides a large selection of NFT collections, such as DeGods, Solana Monkey Business, CryptoPunks, and Mutant Ape Yacht Club, among many others, that are issued on the Solana, Ethereum, and Polygon blockchains. The user can switch between the supported blockchains using the tab at the top of the screen.
Users can use the left-hand menu to move through the many features from the main home page. Although there are other ways to sort, filter, or search for certain collections, the default view of NFT collections on Solana displays them in order of popularity. Users can search for a specific item or filter by qualities like clothing or eye form after clicking on a particular collection.
Along with a number of other services, Magic Eden Wallet Extension main homepage shows normal secondary market NFT sales. However, users can also post NFTs for auction or mint NFTs using its Launchpad.
1. Auctions
The purpose of the auction feature is to bring buyers and sellers together around a price for NFTs that they can agree on.
This function helps independent digital artists set more appropriate prices for their creations and show social proof of the excitement around a particular release. The left-hand menu provides access to a list of current auctions. The auctions take place in real time.
2. Launchpad
The Magic Eden Launchpad is the NFT creating location for projects.
Magic Eden Wallet provides creators who list on the Launchpad with a wide range of help, including long-term marketing and promotion, which significantly raises a collection's visibility. However, Magic Eden Extension only includes projects that it believes are of the highest caliber, therefore the Launchpad selection process is hard.
3. Whitelisting
Users can apply to be approved as participants in an upcoming mint and to be placed on the whitelist for upcoming projects by using the Lists function, which is also available from the menu on the left.
The function displays a list of collections, available spaces, mint dates, and social media links. The user is invited to connect the appropriate social media accounts and cryptocurrency wallet when they click "Register" on any particular collection. They will also see a list of requirements.
4. Fees and vetting
There is no listing charge on Magic Eden Wallet Extension; however, buy and sell transactions have a 1.5% taker fee (which can be waived depending on a user's reward level, which is based on how much they trade). Because Magic Eden maintains a strict quality assurance policy on its platform, every listing needs to go through a screening procedure. All of the choices for creators or sellers who want to utilize Magic Eden Wallet Extension to list for secondary sales, auctions, or mints on the Launchpad are located under the "Creators" button on the left-hand menu.
Additionally, Magic Eden gives customers the choice of paying royalties to the project owners or not. When purchasing an NFT, buyers can choose to pay the full, half, or no royalties.
How to Download Magic Eden Wallet Extension on Chrome and Firefox?
1. Google Chrome
Go to the Chrome Web Store and open it.
Look for "Magic Eden Wallet" or the right extension you want to use using the search box.
In the search results, select the Magic Eden Wallet extension.
On the "Add to Chrome" button, click.
Verify the permissions and prompts that show up.
2. Mozilla Firefox
Go to the Firefox Add-ons page and open it.
Look up "Magic Eden Wallet" or choose the appropriate extension.
Select the Magic Eden Wallet extension from the list of search results.
Select "Add to Firefox" from the menu.
Examine any prompts or permissions that show up.
3. Brave
Click between the Chrome Web Store or the Brave Web Store link to open them.
To locate "Magic Eden Wallet" or the particular extension, use the search bar.
From the list of search results, select the extension.
Select "Add to Brave" or "Add to Chrome" from the menu.
Validate any prompts or permissions that pop up.
Benefits of using Magic Eden Wallet Extension
At just 1.5%, Magic Eden has extremely cheap transaction costs. Magic Eden Wallet Extension is a preferred option for NFT traders because of its reduced rate compared to some of its competitors, including OpenSea, which charges 2.5%.
In comparison to many of its competitors, the project boasts a well-designed user interface with a wider range of services, including the gaming platform and auctions. There is less chance of running into fraud or low-quality projects on this site compared to competitors who don't follow the same stringent verification procedures for creators and listings.
Conclusion
The Magic Eden Wallet Extension has become an influential force in the world of digital banking. Its innovative blockchain technology, intuitive user interface, and strong security features all work together to transform the way users manage digital assets. Magic Eden prioritizes accessibility so that people may confidently traverse the complicated world of cryptocurrency.
The wallet is committed to creating a genuinely borderless financial landscape, which is shown by its commitment to decentralization and privacy. Being a leader in innovation, Magic Eden not only makes transactions easier but also fosters a community where people can learn more about the endless potential of blockchain technology. The Magic Eden Wallet Extension is essentially a monument to the promise of decentralized finance in the future. Visit: