Hoo Research | A Pearl Dropped in the Token Ocean — Magic Eden

3 min readApr 8, 2022

Magic Eden is the leading NFT Marketplace on Solana. Home to the next generation of digital creators, holding over 90% of market share NFT games secondary-trading volume.

Introduction

Magic Eden is the NFT trading platform on Solana, on which NFT can be bought, sold and minted. According to DappRadar, the encrypted data website, as of January 12, 2022, the Magic Eden ’s trading volume has reached 20.35 million US dollars. In early December 2021, Magic Eden officially reported that its average monthly user volume is only half that of OpenSea, but its daily transaction volume is 2 to 3 times higher.

Competitor: OpenSea, Rarible, CoinbaseNFT

(OpenSea Logo) (Rarible Logo) (CoinbaseNFT Logo)

Upcoming Launches

The Stone Heads

Mint Date: TBA

Pros

2% transaction fee & 0% listing fee

NFT Launchpad for both amateur and novice creators

Popular collections on Solana

Cons

There is currently no wallet integration, so personal collections cannot be viewed through the app

The Map of Eden(In the next 1 month)

Ecosystem / collection perks: More to come, but at at a high level. Magic Eden’s desire for holders is to feel like holding a Magic Ticket is a ticket to the Solana Metaverse, where they can get some fun freebies, access to certain spaces, discounts, etc if they so wish.

Whitelable NFT Marketplace

Raydium’s NFT marketplace, Thugbirdz’s Thugstore and Galactic Gecko’s marketplace, are all powered by Magic Eden.

Investors & Partners

Magic Eden has raised a total of $29.5M in funding over 2 rounds. Funded by Paradigm, Electric Capital, Grey Lock, Solana Ventures and Sequoia Capital, their latest funding was raised with $27M in total on Mar 14, 2022 from a Series A round.