The premier secondary marketplace for Solana NFTs
Magic Eden is the number one player in town when it comes to NFTs built on Solana. For this blockchain, it has the most collections, the most users and has the highest trading volumes. But getting to grips with dapps like Magic Eden can be daunting at first. So we’ve put together a simple guide on how to buy and sell your NFTs on the platform.
What is Magic Eden?
First off, before you start using any tools, it’s good to know what they do. Magic Eden is a secondary marketplace exclusively for NFTs built on the Solana blockchain. It’s the number one dapp for trading Solana NFTs on DappRadar’s ranking pages, with over $425 million worth of sales in the past 30 days.
Magic Eden has over 7,000 NFT collections listed on its platform and more than 100,000 wallets connect with the site on a daily basis. The dapp boasts 10,000,000+ unique monthly users and overall sales on the marketplace amount to more than $1.6 billion.
This secondary marketplace is clearly the one for Solana enthusiasts. And even though other platforms are trying to muscle into Magic Eden’s territory, they’ve still got a lot of ground to make up before they can control the space. In the meantime, there are a few steps to take before you can start trading.
You’ll need a Solana crypto wallet to buy and sell NFTs on Magic Eden. Phantom provides one of the most popular and widely-used wallets on the market. You can use it to store your SOL tokens and Solana-based NFTs. Alongside this, you can use it to hold USDC stablecoins and the extension works in Chrome, Firefox, Brave and Edge.
Other Solana wallets you can download and use for free are:
How to sell NFTs on Magic Eden
There are some useful numbers that you should be aware of when you sell NFTs on Magic Eden. But before we get onto those, here’s a step-by-step guide on how to trade on the platform:
- Go to the Magic Eden website. Make sure you have a look around before you sell anything. It’s useful to get an idea of the layout and what services the platform offers.
- Go to Select Wallet in the top right corner of the page. Follow the instructions to connect your wallet to Magic Eden.
- Again, click in the top right corner, which should now be showing your Solana wallet address. You will get a dropdown menu with the option to click on Sell.
- Your NFTs will now be visible in My Items. Click onto the NFT you want to sell.You can decide whether you want to list your NFT for a Fixed Price or to put it up for Auction.
- Set your Fixed Price. Remember to do your research before you decide how much you want to sell your assets for. Check the current floor price and decide how close to this value you want to set your own NFT sale price at.
- Auction your NFT. You can decide the Auction start date and time, as well as the duration in days and hours. Most importantly, you can choose the auction starting price in SOL. Again, you need to do your research here. Don’t put it so low your NFT sells for a price you deem too low. Don’t make it so high that it puts off potential buyers bidding. Minimum bid increments are based on a fraction of the NFT’s floor price.
- After you’ve chosen to sell at Auction or for a Fixed Price, click on List Now and wait for the offers to come rolling in.
As we said earlier, there are few figures you should bear in mind when you’re selling an NFT on Magic Eden. The original artist or developer behind the project may get a sell-on fee. In the example below, the artist gets 5.5% of the sale price. Magic Eden also charges a transaction fee on all sales, which is 2%.
Using the numbers above, if you sold an NFT on Magic Eden for 10 SOL, you would take home 9.25 SOL. Here’s a detailed breakdown of the various deductions:
How to buy NFTs on Magic Eden
The route for buying NFTs on Magic Eden is even easier to follow than it is for selling.
- Firstly, and most importantly, find the NFT you want to buy. Look at the floor price, the average sale price and the trading volumes. Decide on whether or not you think the collection has staying power or whether it’s a hype train that will run off the tracks in two weeks. You can do this in a number of ways. You can trawl through social media and maybe pick up a tip in a Discord channel. But the best way to find out about the best collections is to do your own research. DappRadar is the best place to start because it has everything you need on one platform. Our NFT Collections portal has information, metrics and analytics on thousands of projects across 15 blockchains. And our new NFT Explorer dives even deeper into existing and upcoming collections. Learn more about it here.
- Once you’ve found the NFT(s) you want to buy, click on it and you will get one of two options. You can either execute a Quick Buy or you can Review Order. Magic Eden allows users to buy multiple NFTs from the same collection, or across multiple collections, within the same transaction.
- Alternatively, you can get extra information about an NFT by clicking on Details in the bottom right-hand corner of the box. From here, you will get price history, attributes, collection details and the chance to Make Offer. This means you can bid a different value to the stated sale price and hope the seller accepts.
Where are NFTs stored?
Once you’ve bought an NFT, it will appear in your crypto wallet. You can view what’s in your wallet by connecting to Magic Eden and viewing your profile. If you have NFTs on the Ethereum, BNB Chain or Polygon blockchains, you can use DappRadar’s Portfolio to keep a track of your assets.
You can also use our Portfolio tool to have a view of your cryptocurrencies too. And because records of all NFTs and cryptocurrencies are stored on blockchains, we can see the contents of other people’s crypto wallets too. So if you want to see how much Snoop Dogg or Neymar have lost in the current bear market, you can see what they’re holding and how much the value has changed recently. You can check out what other celebrities have done to combat the drop in NFT prices by going here.