Magic Eden – Solana’s Leading NFT Marketplace

When speaking of the best NFT marketplace, you can’t go without mentioning the leading platform on the Solana Network. Magic Eden opened in 2021 and shines with lots of unique features and super-fast transactions.

This guide will show you how to get around one of the top NFT exchanges next to the well-worn options. Let us take a detailed look at whether Magic Eden can compete with its rivals for the best place to buy NFTs.

Pros

• No fees for listing NFTs
• Only 2% transaction fees make trading on Magic Eden a fair option compared to other Blockchains
• Running on one of the fastest Networks you receive your NFTs not only cheap but fast

Cons

• Smaller user base compared to Blockchain Networks
• The Solana Network suffered several network outages
• Magic Eden’s iOS app is hardly usable and is not up to date compared to the website

What makes Magic Eden Unique?

One of the biggest advantages over other top NFT exchanges is the ton of features Magic Eden offers. For example, there is Magic DAO which makes it possible for users to take part in governance activities on the platform.

Another great feature is Magic Eden’s launchpad. Here, new and upcoming artists can list their collections to be minted on the platform. This gives users a big advantage when it comes to security. This is because artists are doxxed and can be looked up publicly.

Minting NFTs can be done directly via the launchpad, so no hassle of checking if the website you want to mint your NFT on is a fake. This level of security leads to the conclusion, that for users, Magic Eden is the best NFT minting platform.

Magic Eden also has a dedicated gaming section with numerous features. This NFT section within the platform offers gamers games of different genres and promising projects to come in the future.

Buying and Selling Options

Without solid trading options, no platform can call itself the best NFT marketplace. Next to obligatory options to buy now and offering a price, Magic Eden offers platform-wide auctions.

To buy an NFT via auction, you can simply explore the section and find what you like. Just navigate to the left-hand side of the website and place a bid on your favorite artwork. If you think about auctioning an NFT yourself, Solana’s top NFT marketplace has a waiting that you can apply for in an instant.

The overall look and feel are similar to other top NFT platforms which makes it very easy to find your way around. Another cool feature to mention is that you can check the value of your NFT collection in the profile section. This makes it easy to track how much your assets are worth at any time.

NFT Categories

Magic Eden offers a variety of different NFT categories while the main focus lies on generative art projects and gaming NFTs. If you are in search of more exotic types of NFTs, we suggest you take a look at our guide on OpenSea.

Even though Magic Eden doesn’t offer massive amounts of NFT categories, we are sure you will find what you’re looking for at Solana’s top NFT marketplace.

Supported Wallets

Magic Eden supports a lot of different non-custodial wallet options. If you haven’t set up your Web3 wallet til now, you can either take a look at our guide for the best wallets or sign up for a phantom wallet which is the leading option for Solana wallets.

Other supported wallets are:

• Solflare
• Sollet
• Slope
• Clover
• Solong
• Coin98
• MathWallet
• Glow

Supported Blockchains

As mentioned before, Magic Eden can easily be called the best NFT marketplace on Solana’s Blockchain. The team envisioned creating the top NFT marketplace for Solana and because of this, they had to cut other blockchains from blocking that focus.

You can find out more about the Solana network on their official website or in Magic Eden’s help section.

Summary

In this guide, we covered everything you need to know to get started trading NFTs on the best NFT marketplace on Solana. We hope this article helps you to find the best NFTs for you. Feel free to check out our guide on investing in NFTs if you would like to expand your knowledge on the subject.