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Beyond its rewards program, Magic Eden also recently announced that it will open-source its minting and trading protocols in collaboration with a new Non-Fungible DAO. The DAO they’re working with plans on launching a token called “NFT” that will be used to reward traders.
According to Magic Eden, the rewards program has been designed to reward NFT traders, collectors, and creators alike. Users on the Magic Eden marketplace can earn “Diamonds,” or a form of points like other recent crypto incentive programs have employed.
Magic Eden hasn’t released any information on what the Diamonds will be used for, or if they’ll be redeemable in some way. However, Magic Eden General Manager Tiffany Huang told Decrypt in a recent interview that people who use Magic Eden's protocol are likely to receive the NFT token being released by Non-Fungible DAO.
As a nod to its roots with Solana, where Magic Eden first launched its NFT marketplace, the Diamond program is giving back to “Solana OGs” with a retroactive drop that became available on Friday. The claim will remain open until March 3.
The points will be distributed on a daily basis, with an undisclosed amount of Diamonds being released each day. The Diamonds you earn are based on what percentage of the total activity that day that you accounted for—so you might earn fewer Diamonds than usual on busy days where there’s a lot of traffic.
How to earn diamonds
Thankfully, Magic Eden has released a ton of information on how to maximize your Diamond earning potential. There are three blogs recently published on their website outlining the program, but we’ll summarize them here.
The main way to earn Diamonds is, simply, by buying NFTs, listing them, or placing collection offers—but there are a few ways you can boost your Diamonds.
Retro Diamond Drop claims are LIVE 💎
It’s been a huge week for the Solana community and now Emmy wants to shower OGs with Diamonds.
Claim your earned Diamonds and double your claim amount through quests at https://t.co/8iypRqANZI
Claim is open until March 3rd 7pm UTC (1/2) pic.twitter.com/Xa219wFICR
— Magic Eden 🪄 (@MagicEden) February 2, 2024
When it comes to buying NFTs, larger purchases earn more Diamonds. In regards to selling, users earn Diamonds for as long as their listing is up—but can earn more Diamonds based on how close their listings are to the collection’s floor price. The closer a listing is to the floor price, the more Diamonds they will receive.
Offers or “bids” work similarly to listings. Users can earn Diamonds by placing collection offers on any of the top 100 collections on Magic Eden by trading volume. Similarly to their listings, users can earn more Diamonds based on how close their offers are to the floor price of the collection.
Certain “trending” collections also receive a 50% Diamond bonus; Claynosaurz, for example, currently has a bonus applied to Diamonds earned through interacting with the collection via Magic Eden.
Another way to boost your Diamonds is through your Loyalty score. A Loyalty score of 100% equates to a 100% bonus in Diamonds generated. The Loyalty score itself is determined by, well, how loyal you are to Magic Eden. You can boost your Loyalty score by exclusively listing and buying your NFTs via Magic Eden.
Good luck mining your Diamonds!
Edited by Andrew Hayward