Magic Eden's 24-hour trading volume surpassed OpenSea in May. Now it is July and Magic Eden's daily transaction volume has far beyond Opensea, and it is gradually coming close to Opensea in terms of active users size and trading volume. Given that the average price of NFT on Magic Eden is almost one-third of the average price of NFT on Opensea (The Ascent, Feb. 2022), Magic Eden shows its strong potential. This article actually just to organize the author's previous research about Magic Eden, and analyze why Magic Eden has been so successful in a short period of time from the product and operation aspect, and also wants to communicate with more people who are interested in Web3 product design and operation.

In fact, the road to success is quite simple. Magic Eden has done two things right:

1. bet on the Solana chain

2. Serving two groups of people well in the NFT market: project owners and retail investors

The story of betting on a new chain to get to the top of life is endless in Web3, like BTC eight years ago and ETH six years ago. As for a more in-depth analysis of the Sol chain, since I don't understand it either, it is not included in this article.

Digging deeper into the founding team of Magic Eden, we can find that they all have accumulated rich experience in the traditional e-commerce or platform economy.

Sidney Zhang, the founder and CTO, is one of the early member of Uber Eats and building the Uber Eats platform from 0 to 1. As a takeaway platform, compared to traditional e-commerce platforms, the takeaway platform has traditional e-commerce attributes, while the relationship between people, goods, and venues involved is more complex than that of e-commerce platforms. Traditional e-commerce platforms need to balance three parties: sellers, buyers and the platform itself, while takeaway platforms need to maintain a four-way economic model involving sellers, buyers, the platform and the drivers. Although traditional e-commerce will also involve logistics and express delivery, its immediacy and deployment efficiency requirements are still a certain gap compared to the takeaway platform. As an NFT trading platform, I think it is still inseparable from the three basic elements of e-commerce: "people, goods, field". Find accurate consumer groups, provide personalize products to meet consumer needs, give in-depth experience for buyers. The other two are early team members of Coinbase, FTX, and dYdX, and can be considered veterans in Web3, which is probably the basis for their ability to see the potentials in Solana while being able to access a large number of quality NFT projects in the early days.

Another important point is that when Magic Eden was first launched, the founding team did not hide their "all-Chinese" identity. A few months after the launch, Magic Eden launched a face-to-face podcast with the founding team, which allowed users and project owners to better understand the background and atmosphere of the team. Based on my own experience in e-commerce in United States, companies, teams and even buyers pay a lot of attention to the "vibe" of the team they are in contact with, and they prefer to work with and buy products from teams sharing similar ideas and vibes. I think this is quite important for Chinese project owners who really want to do something right now.

Infrastructure on public chains is one of the biggest traffic aggregations in Web3, and the most direct one is crypto wallets. In the early days, Magic Eden entered into a partnership with Solana wallet Exodus, embedding the Magic Eden link in the Exodus wallet, thus allowing a large number of early adopters to be directed to Magic Eden for Nft transactions.

As one of the means of cold start, Magic Eden found the NCAA (National Collegiate Athletic Association in the early days. As we all know, many NBA stars like Curry's participation in BAYC making a lot of contribution to the nowadays' success of BAYC, while the NBA has also launched its own NFT project NFT NBA Top Shot and received good results, which shows that the overlap between fans of such sports events and NFT lovers is extremely high. Magic Eden found Overtime, one of the official media channel companies of NCAA, to cooperate and develop a set of NFT as an offline NCAA event participation Pass, which has strongly reaped a wave of GenZ young people. Based on Sol Chain's high efficiency and low Gas characteristics, these events allowed many outsiders to experience for the first time how to buy a virtual currency and how to make a NFT transaction, pulling in a large number of out-of-circle GenZ people

At the very beginning, Magic Eden provided a lot of tutorials on NFT and cryptocurrency to guide newbies how to trade step by step. This is actually a big problem encountered by many outsiders who want to get into Web3. After reading Satoshi Nakamoto's Bitcoin whitepaper last year, I wanted to give a shot on cryptocurrency and NFTs, but spent almost a day searching YouTube and Google to learn how to own a MetaMask wallet, how to deposit ETH, and where to buy NFT. In the actual process of switching platforms and facing a bunch of unintelligible information on the chain, you are always in a sense of panic that you have been scammed. And Magic Eden's set of tutorials can really put the noobs at ease, and there is a one-stop solution to the tutorials, which allows them to make high conversion of the traffic brought from the Partnership.

Another important point is that Magic Eden was one of the products with the best user experience among almost all NFT Marketplace at that time, so it is analyzed separately as follows.

The core of Magic Eden's product is very simple, I think, is to lower the threshold, on the one hand, lower the threshold for players to enter NFT, on the other hand, also lower the threshold for project owners to release NFT, so that they can have more energy in building the community

At the beginning, Magic Eden has adhered to the idea of decentralization of Web3, and developers to build projects together, while integrating and optimizing all possible development directions of NFT to provide convenience for project parties.

LaunchPad

LaunchPad is an important initiative of Magic Eden to lower the threshold of distribution of NFTs. Developing smart contracts, conducting whitelisting, and advertise are important problems for many early-stage project parties, and Magic Eden provides LaunchPad for projects at the very beginning, allowing them to build smart contracts, find early community members, and conduct NFT offerings faster. For both Sol Chain and Magic Eden as a platform, more creators and project owners will be beneficial to the prosperity of the entire on-chain ecosystem.

In terms of technology, it provides white-listing strategy, smart contracts and SDK customization and corresponding API data interfaces, and for Gamefi projects, it also provides White-labeled Partnership support, allowing project parties to customize their own trading platforms within Magic Eden and reuse Magic Eden's platform framework as a whole, greatly reducing the cost of developing a Marketplace for Gamefi projects.

In terms of traffic, the founding team of Magic Eden relies on its own in-circle resources and project resources to connect project parties with netizens and other projects for promotion.

On the whole, LaunchPad was more oriented to building community and NFT distribution with projects in the early days, and now it is more to highlight Magic Eden's function as a traffic source

Drop Calendar and New Collection

Magic Eden has dedicated these two resource spaces on the home page to provide more traffic entry for new projects. Compared to other NFT MKPs, these two resource spaces give new projects more ways to gain exposure.

Auction

In January of this year, Magic Eden saw the potential of art NFTs and launched the single product Auction feature to empower art NFTs

Eden Games

Sol chain has a very important advantage is suitable for Gamefi, in March this year, Magic Eden has opened a special Eden Game resource place on the home page to serve game project parties and bring game content to the platform. The games on Magic Eden have a special game interface, and according to an interview with the founder, future gaming competitions will be held based on Eden Games.

For buyers, Magic Eden's main product direction is to lower the barrier to entry. The average NFT price on Sol chain itself is nearly one-third lower than Ether, while Sol chain supports users to try out the games developed by the project directly within the platform, so it is very simple for outsiders who want to understand and try NFT purchase. At the same time Magic Eden also takes over the traffic of this part of people very well and provides them with a good buying experience.

Homepage Tutorials

On the Marketplace home page, Magic Eden provides a full set of instruction for new users, including instruction on what NFT is, digital artwork and how to trade, etc.. This greatly reduces the learning time of new players API Interface Magic Eden has opened up their API interface for developers to build their own data products based on Magic Eden's data. This is very useful for developers or scientists, and some NFT analysis tools such as Solset.io use the API services provided by Magic Eden to monitor NFT projects and track data accordingly, so that they can allocate their NFT assets appropriately. In the beginning, when Magic Eden's own data kiosk was not well built, this kind of service provides a good space for users who have a certain foundation to play Data Kanban Magic Eden also offers a large number of data boards to provide players with easier asset tracking and management capabilities. For new players, "insecurity" is a big obstacle when they first start trading. These dazzling data dashboards can be a good placebo for players who don't necessarily understand the various analyses, but certainly understand the sudden increase in bar charts and upward flying lines. MagicDAO MagicDAO is a good way to cover a large population of users and improve their stickiness by adopting a one-person-one-vote governance, which allows users to participate in building the community and the platform together. A good hardcore fan base is very important for brand value enhancement and brand communication. ## Some concerns

linktree is a small plug-in that is very popular in foreign social media, which can help users to build a personal page very easily, and webmasters can use it to build their own information aggregation page. For example, an Instagrammer can put the links of his other social media accounts (such as Facebook, TikTok, YouTube) on this page, so that his fans can directly reach his other platform accounts and online stores through this page. In foreign countries, almost all Web2 weblebrities have their own linktree links in all their social accounts Bio, while some Web3 project parties also use linktree to build their own project resource integration pages. Let project parties hang Magic Eden's project page directly inside the project's Bio, which is also an important source for Magic Eden to attract traffic. Another speculation is that Magic Eden is already building Affiliate Marketing Network, cooperating with Twitter Web3 webmasters to put their official website on the webmasters' linktree page and reward them accordingly, so as to attract more traffic.

At the very beginning, Magic Eden provided a lot of tutorials on NFT and virtual currency to guide newbies how to trade step by step. This is actually a big problem faced by many outsiders who want to get into Web3. After reading Satoshi Nakamoto's Bitcoin whitepaper last year, I wanted to fund and trade, and spent almost a day searching YouTube and Google to learn how to own a MetaMask wallet, how to deposit money, and where to buy NFT. In the actual process of switching platforms and facing a bunch of unintelligible information on the chain, you are always in a sense of panic that you have been scammed. And Magic Eden's set of tutorials can really put the white guys at ease, and there is a one-stop solution to the tutorials, which allows them to take over the traffic brought from the Partnership, the whole traffic funnel to expand

Another important point is that Magic Eden was one of the products with the best user experience among almost all NFT Marketplace at that time, so it is analyzed separately as follows.

The core of Magic Eden's product is very simple, I think, is to lower the threshold, on the one hand, lower the threshold for players to enter NFT, on the other hand, also lower the threshold for project owners to release NFT, so that they can have more energy in building community and CX (bushi)

At the beginning, Magic Eden has adhered to the idea of decentralization of Web3, and developers to build projects together, while integrating and optimizing all possible development directions of NFT to provide convenience for project parties.

LaunchPad

LaunchPad is an important initiative of Magic Eden to lower the threshold of distribution for project parties. Developing smart contracts, conducting whitelisting, and collaborating on traffic resources are important headaches for many early-stage project parties, and Magic Eden provides LaunchPad for project parties at the very beginning, allowing them to build smart contracts, find early community members, and conduct NFT offerings faster. For both Sol Chain and Magic Eden as a platform, more creators and project owners will be beneficial to the prosperity of the entire on-chain ecosystem.

In terms of technology, it provides white-listing strategy, smart contracts and SDK customization and corresponding API data interfaces, and for Gamefi projects, it also provides White-labeled Partnership support, allowing project parties to customize their own trading platforms within Magic Eden and reuse Magic Eden's platform framework as a whole, greatly reducing the cost of developing a Marketplace for Gamefi projects.

In terms of traffic, the founding team of Magic Eden relies on its own in-circle resources and project resources to connect project parties with netizens and other projects for promotion.

On the whole, LaunchPad was more oriented to building community and NFT distribution with projects in the early days, and now it is more to highlight Magic Eden's function as a traffic source

Drop Calendar and New Collection

Magic Eden has dedicated these two resource spaces on the home page to provide more traffic entry for new projects. Compared to other NFT MKPs, these two resource spaces give new projects more ways to gain exposure.

Auction

In January of this year, Magic Eden saw the potential of art NFTs and launched the single product Auction feature to empower art NFTs

Eden Games

Sol chain has a very important advantage is suitable for Gamefi, in March this year, Magic Eden has opened a special Eden Game resource place on the home page to serve game project parties and bring game content to the platform. The games on Magic Eden have a special game interface, and according to an interview with the founder, future gaming competitions will be held based on Eden Games.

For buyers, Magic Eden's main product direction is to lower the barrier to entry. The average NFT price on Sol chain itself is nearly one-third lower than Ether, while Sol chain supports users to try out the games developed by the project directly within the platform, so it is very simple for outsiders who want to understand and try NFT purchase. At the same time Magic Eden also takes over the traffic of this part of people very well and provides them with a good buying experience.

Homepage Teaching

On the Marketplace home page, Magic Eden provides a full set of instruction for new users, including instruction on what NFT is, digital artwork and how to trade, etc.. This greatly reduces the learning time of new players

API Interface

Magic Eden has opened up their API interface for developers to build their own data products based on Magic Eden's data. This is very useful for developers or scientists, and some NFT analysis tools such as Solset.io use the API services provided by Magic Eden to monitor NFT projects and track data accordingly, so that they can allocate their NFT assets appropriately. In the beginning, when Magic Eden's own data kiosk was not well built, this kind of service provides a good space for users who have a certain foundation to play

Data Kanban

Magic Eden also offers a large number of data boards to provide players with easier asset tracking and management capabilities. For new players, "insecurity" is a big obstacle when they first start trading. These dazzling data dashboards can be a good placebo for players who don't necessarily understand the various analyses, but certainly understand the sudden increase in bar charts and upward flying lines.

MagicDAO

MagicDAO is a good way to cover a large population of users and improve their retension by adopting a one-person-one-vote governance, which allows users to participate in building the community and the platform together. A good hardcore fan base is very important for brand value enhancement and brand communication.

Magic Eden is indeed great, but some shortcomings can be seen throughout the research process.

Creators and users are not separated

On the Magic Eden homepage, the LaunchPad and Creators sections for project owners and Marketplace and Intro to NFTs for buyers are in the same level, which makes the homepage a bit too cluttered for new players. It might be a better approach to divert project parties and buyers to different pages with corresponding features and services

Stay focus

The whole Magic Eden function, the core theme is "we are covering everything", to provide a good buying experience, but also wants to provide a good project service; to be the No.1 in PFP type NFT transactions, but also wants to be the champion in art NFT auction, so does GameFi NFT; In terms of marketing side, Magic Eden may be the only marketplace that has launched mobile App, DC, TikTok, YouTube, Twitter, Podcast. For a startup team, spreading resources and engaging in too many directions may lead to low efficiency among teams and a waste of money. Focusing resources and efforts on one or two directions with the most potential may be a better solution.

Magic Eden's 24-hour trading volume surpassed OpenSea in May. Now it is July and Magic Eden's daily transaction volume has far beyond Opensea, and it is gradually coming close to Opensea in terms of active users size and trading volume. Given that the average price of NFT on Magic Eden is almost one-third of the average price of NFT on Opensea (The Ascent, Feb. 2022), Magic Eden shows its strong potential. This article actually just to organize the author's previous research about Magic Eden, and analyze why Magic Eden has been so successful in a short period of time from the product and operation aspect, and also wants to communicate with more people who are interested in Web3 product design and operation.

In fact, the road to success is quite simple. Magic Eden has done two things right:

1. bet on the Solana chain

2. Serving two groups of people well in the NFT market: project owners and retail investors

The story of betting on a new chain to get to the top of life is endless in Web3, like BTC eight years ago and ETH six years ago. As for a more in-depth analysis of the Sol chain, since I don't understand it either, it is not included in this article.

Digging deeper into the founding team of Magic Eden, we can find that they all have accumulated rich experience in the traditional e-commerce or platform economy.

Sidney Zhang, the founder and CTO, is one of the early member of Uber Eats and building the Uber Eats platform from 0 to 1. As a takeaway platform, compared to traditional e-commerce platforms, the takeaway platform has traditional e-commerce attributes, while the relationship between people, goods, and venues involved is more complex than that of e-commerce platforms. Traditional e-commerce platforms need to balance three parties: sellers, buyers and the platform itself, while takeaway platforms need to maintain a four-way economic model involving sellers, buyers, the platform and the drivers. Although traditional e-commerce will also involve logistics and express delivery, its immediacy and deployment efficiency requirements are still a certain gap compared to the takeaway platform. As an NFT trading platform, I think it is still inseparable from the three basic elements of e-commerce: "people, goods, field". Find accurate consumer groups, provide personalize products to meet consumer needs, give in-depth experience for buyers. The other two are early team members of Coinbase, FTX, and dYdX, and can be considered veterans in Web3, which is probably the basis for their ability to see the potentials in Solana while being able to access a large number of quality NFT projects in the early days.

Another important point is that when Magic Eden was first launched, the founding team did not hide their "all-Chinese" identity. A few months after the launch, Magic Eden launched a face-to-face podcast with the founding team, which allowed users and project owners to better understand the background and atmosphere of the team. Based on my own experience in e-commerce in United States, companies, teams and even buyers pay a lot of attention to the "vibe" of the team they are in contact with, and they prefer to work with and buy products from teams sharing similar ideas and vibes. I think this is quite important for Chinese project owners who really want to do something right now.

Infrastructure on public chains is one of the biggest traffic aggregations in Web3, and the most direct one is crypto wallets. In the early days, Magic Eden entered into a partnership with Solana wallet Exodus, embedding the Magic Eden link in the Exodus wallet, thus allowing a large number of early adopters to be directed to Magic Eden for Nft transactions.

As one of the means of cold start, Magic Eden found the NCAA (National Collegiate Athletic Association in the early days. As we all know, many NBA stars like Curry's participation in BAYC making a lot of contribution to the nowadays' success of BAYC, while the NBA has also launched its own NFT project NFT NBA Top Shot and received good results, which shows that the overlap between fans of such sports events and NFT lovers is extremely high. Magic Eden found Overtime, one of the official media channel companies of NCAA, to cooperate and develop a set of NFT as an offline NCAA event participation Pass, which has strongly reaped a wave of GenZ young people. Based on Sol Chain's high efficiency and low Gas characteristics, these events allowed many outsiders to experience for the first time how to buy a virtual currency and how to make a NFT transaction, pulling in a large number of out-of-circle GenZ people

At the very beginning, Magic Eden provided a lot of tutorials on NFT and cryptocurrency to guide newbies how to trade step by step. This is actually a big problem encountered by many outsiders who want to get into Web3. After reading Satoshi Nakamoto's Bitcoin whitepaper last year, I wanted to give a shot on cryptocurrency and NFTs, but spent almost a day searching YouTube and Google to learn how to own a MetaMask wallet, how to deposit ETH, and where to buy NFT. In the actual process of switching platforms and facing a bunch of unintelligible information on the chain, you are always in a sense of panic that you have been scammed. And Magic Eden's set of tutorials can really put the noobs at ease, and there is a one-stop solution to the tutorials, which allows them to make high conversion of the traffic brought from the Partnership.

Another important point is that Magic Eden was one of the products with the best user experience among almost all NFT Marketplace at that time, so it is analyzed separately as follows.

The core of Magic Eden's product is very simple, I think, is to lower the threshold, on the one hand, lower the threshold for players to enter NFT, on the other hand, also lower the threshold for project owners to release NFT, so that they can have more energy in building the community

At the beginning, Magic Eden has adhered to the idea of decentralization of Web3, and developers to build projects together, while integrating and optimizing all possible development directions of NFT to provide convenience for project parties.

LaunchPad

LaunchPad is an important initiative of Magic Eden to lower the threshold of distribution of NFTs. Developing smart contracts, conducting whitelisting, and advertise are important problems for many early-stage project parties, and Magic Eden provides LaunchPad for projects at the very beginning, allowing them to build smart contracts, find early community members, and conduct NFT offerings faster. For both Sol Chain and Magic Eden as a platform, more creators and project owners will be beneficial to the prosperity of the entire on-chain ecosystem.

In terms of technology, it provides white-listing strategy, smart contracts and SDK customization and corresponding API data interfaces, and for Gamefi projects, it also provides White-labeled Partnership support, allowing project parties to customize their own trading platforms within Magic Eden and reuse Magic Eden's platform framework as a whole, greatly reducing the cost of developing a Marketplace for Gamefi projects.

In terms of traffic, the founding team of Magic Eden relies on its own in-circle resources and project resources to connect project parties with netizens and other projects for promotion.

On the whole, LaunchPad was more oriented to building community and NFT distribution with projects in the early days, and now it is more to highlight Magic Eden's function as a traffic source

Drop Calendar and New Collection

Magic Eden has dedicated these two resource spaces on the home page to provide more traffic entry for new projects. Compared to other NFT MKPs, these two resource spaces give new projects more ways to gain exposure.

Auction

In January of this year, Magic Eden saw the potential of art NFTs and launched the single product Auction feature to empower art NFTs

Eden Games

Sol chain has a very important advantage is suitable for Gamefi, in March this year, Magic Eden has opened a special Eden Game resource place on the home page to serve game project parties and bring game content to the platform. The games on Magic Eden have a special game interface, and according to an interview with the founder, future gaming competitions will be held based on Eden Games.

For buyers, Magic Eden's main product direction is to lower the barrier to entry. The average NFT price on Sol chain itself is nearly one-third lower than Ether, while Sol chain supports users to try out the games developed by the project directly within the platform, so it is very simple for outsiders who want to understand and try NFT purchase. At the same time Magic Eden also takes over the traffic of this part of people very well and provides them with a good buying experience.

Homepage Tutorials

On the Marketplace home page, Magic Eden provides a full set of instruction for new users, including instruction on what NFT is, digital artwork and how to trade, etc.. This greatly reduces the learning time of new players API Interface Magic Eden has opened up their API interface for developers to build their own data products based on Magic Eden's data. This is very useful for developers or scientists, and some NFT analysis tools such as Solset.io use the API services provided by Magic Eden to monitor NFT projects and track data accordingly, so that they can allocate their NFT assets appropriately. In the beginning, when Magic Eden's own data kiosk was not well built, this kind of service provides a good space for users who have a certain foundation to play Data Kanban Magic Eden also offers a large number of data boards to provide players with easier asset tracking and management capabilities. For new players, "insecurity" is a big obstacle when they first start trading. These dazzling data dashboards can be a good placebo for players who don't necessarily understand the various analyses, but certainly understand the sudden increase in bar charts and upward flying lines. MagicDAO MagicDAO is a good way to cover a large population of users and improve their stickiness by adopting a one-person-one-vote governance, which allows users to participate in building the community and the platform together. A good hardcore fan base is very important for brand value enhancement and brand communication. ## Some concerns

linktree is a small plug-in that is very popular in foreign social media, which can help users to build a personal page very easily, and webmasters can use it to build their own information aggregation page. For example, an Instagrammer can put the links of his other social media accounts (such as Facebook, TikTok, YouTube) on this page, so that his fans can directly reach his other platform accounts and online stores through this page. In foreign countries, almost all Web2 weblebrities have their own linktree links in all their social accounts Bio, while some Web3 project parties also use linktree to build their own project resource integration pages. Let project parties hang Magic Eden's project page directly inside the project's Bio, which is also an important source for Magic Eden to attract traffic. Another speculation is that Magic Eden is already building Affiliate Marketing Network, cooperating with Twitter Web3 webmasters to put their official website on the webmasters' linktree page and reward them accordingly, so as to attract more traffic.

At the very beginning, Magic Eden provided a lot of tutorials on NFT and virtual currency to guide newbies how to trade step by step. This is actually a big problem faced by many outsiders who want to get into Web3. After reading Satoshi Nakamoto's Bitcoin whitepaper last year, I wanted to fund and trade, and spent almost a day searching YouTube and Google to learn how to own a MetaMask wallet, how to deposit money, and where to buy NFT. In the actual process of switching platforms and facing a bunch of unintelligible information on the chain, you are always in a sense of panic that you have been scammed. And Magic Eden's set of tutorials can really put the white guys at ease, and there is a one-stop solution to the tutorials, which allows them to take over the traffic brought from the Partnership, the whole traffic funnel to expand

Another important point is that Magic Eden was one of the products with the best user experience among almost all NFT Marketplace at that time, so it is analyzed separately as follows.

The core of Magic Eden's product is very simple, I think, is to lower the threshold, on the one hand, lower the threshold for players to enter NFT, on the other hand, also lower the threshold for project owners to release NFT, so that they can have more energy in building community and CX (bushi)

At the beginning, Magic Eden has adhered to the idea of decentralization of Web3, and developers to build projects together, while integrating and optimizing all possible development directions of NFT to provide convenience for project parties.

LaunchPad

LaunchPad is an important initiative of Magic Eden to lower the threshold of distribution for project parties. Developing smart contracts, conducting whitelisting, and collaborating on traffic resources are important headaches for many early-stage project parties, and Magic Eden provides LaunchPad for project parties at the very beginning, allowing them to build smart contracts, find early community members, and conduct NFT offerings faster. For both Sol Chain and Magic Eden as a platform, more creators and project owners will be beneficial to the prosperity of the entire on-chain ecosystem.

In terms of technology, it provides white-listing strategy, smart contracts and SDK customization and corresponding API data interfaces, and for Gamefi projects, it also provides White-labeled Partnership support, allowing project parties to customize their own trading platforms within Magic Eden and reuse Magic Eden's platform framework as a whole, greatly reducing the cost of developing a Marketplace for Gamefi projects.

In terms of traffic, the founding team of Magic Eden relies on its own in-circle resources and project resources to connect project parties with netizens and other projects for promotion.

On the whole, LaunchPad was more oriented to building community and NFT distribution with projects in the early days, and now it is more to highlight Magic Eden's function as a traffic source

Drop Calendar and New Collection

Magic Eden has dedicated these two resource spaces on the home page to provide more traffic entry for new projects. Compared to other NFT MKPs, these two resource spaces give new projects more ways to gain exposure.

Auction

In January of this year, Magic Eden saw the potential of art NFTs and launched the single product Auction feature to empower art NFTs

Eden Games

Sol chain has a very important advantage is suitable for Gamefi, in March this year, Magic Eden has opened a special Eden Game resource place on the home page to serve game project parties and bring game content to the platform. The games on Magic Eden have a special game interface, and according to an interview with the founder, future gaming competitions will be held based on Eden Games.

For buyers, Magic Eden's main product direction is to lower the barrier to entry. The average NFT price on Sol chain itself is nearly one-third lower than Ether, while Sol chain supports users to try out the games developed by the project directly within the platform, so it is very simple for outsiders who want to understand and try NFT purchase. At the same time Magic Eden also takes over the traffic of this part of people very well and provides them with a good buying experience.

Homepage Teaching

On the Marketplace home page, Magic Eden provides a full set of instruction for new users, including instruction on what NFT is, digital artwork and how to trade, etc.. This greatly reduces the learning time of new players

API Interface

Magic Eden has opened up their API interface for developers to build their own data products based on Magic Eden's data. This is very useful for developers or scientists, and some NFT analysis tools such as Solset.io use the API services provided by Magic Eden to monitor NFT projects and track data accordingly, so that they can allocate their NFT assets appropriately. In the beginning, when Magic Eden's own data kiosk was not well built, this kind of service provides a good space for users who have a certain foundation to play

Data Kanban

Magic Eden also offers a large number of data boards to provide players with easier asset tracking and management capabilities. For new players, "insecurity" is a big obstacle when they first start trading. These dazzling data dashboards can be a good placebo for players who don't necessarily understand the various analyses, but certainly understand the sudden increase in bar charts and upward flying lines.

MagicDAO

MagicDAO is a good way to cover a large population of users and improve their retension by adopting a one-person-one-vote governance, which allows users to participate in building the community and the platform together. A good hardcore fan base is very important for brand value enhancement and brand communication.

Magic Eden is indeed great, but some shortcomings can be seen throughout the research process.

Creators and users are not separated

On the Magic Eden homepage, the LaunchPad and Creators sections for project owners and Marketplace and Intro to NFTs for buyers are in the same level, which makes the homepage a bit too cluttered for new players. It might be a better approach to divert project parties and buyers to different pages with corresponding features and services

Stay focus

The whole Magic Eden function, the core theme is "we are covering everything", to provide a good buying experience, but also wants to provide a good project service; to be the No.1 in PFP type NFT transactions, but also wants to be the champion in art NFT auction, so does GameFi NFT; In terms of marketing side, Magic Eden may be the only marketplace that has launched mobile App, DC, TikTok, YouTube, Twitter, Podcast. For a startup team, spreading resources and engaging in too many directions may lead to low efficiency among teams and a waste of money. Focusing resources and efforts on one or two directions with the most potential may be a better solution.