NFTs – Does this tremendously augmenting and third-gen asset trading calls your attention? Make a quick move into the NFT industry in the attire of an entrepreneur by launching an NFT marketplace like Magic Eden on Solana. Currently, there are “N” number of NFT marketplaces that facilitates smooth trading with interactive features alongside. From this blog, you’ll know how Magic Eden stands out from other marketplaces and how you can develop a similar platform.

Magic Eden – A Community-Centric NFT Marketplace

Magic Eden, an NFT trading platform, has been attracting traders since it provides an inundation of benefits from decentralized to fewer gas fees. Well, to your knowledge, the efficiency and the transaction fees of an NFT trading platform are solely dependent on the blockchain technology that runs behind it. However, some trading platforms will initially be built on a certain blockchain, and later, due to scalability or performance issues, the platform will be integrated to support additional blockchains.

Since Magic Eden is built on one of the efficient blockchains – Solana, it becomes the center of attraction for traders as they can benefit from low transaction costs and faster transaction speed. Also, this platform facilitates secondary sales and allows the minting of new NFTs. In addition to being a trading platform, Magic Eden is a launchpad letting new NFT projects pool funds.

How Does Magic Eden Compete With Other NFT Marketplaces?

As per DappRadar, to date, the trading volume of Magic Eden is $1.54 billion, and the average trading price is $198. Other notable information about this marketplace, which makes it compete with OpenSea, is 0% listing fees, 0% bidding fees, and 2% transaction fees. The NFT creators on Magic Eden are free to fix the royalty percentages for their NFTs, and any buyer can view the percentage. Hence, low transaction fees and high-speed transactions are the key traits of an NFT marketplace that has the potential to bring in more traders. 

Specific Advantages Of Building An NFT Marketplace Like Magic Eden On Solana

• High-Speed Transactions 

Currently, Solana is the only blockchain that can support high-speed transactions at a rate of 65,000 transactions per second. 

• High Liquidity

Instant liquidity implies that sellers can find buyers quickly and settle the transaction swiftly. 

• Fewer Gas Fees

Solana charges low gas fees since its functionality is based on Proof-Of-Work. 

• Interoperable 

The ability of a blockchain network to interact with other blockchain networks is interoperability. Further, the interoperability feature will support high liquidity.

Magic Eden Clone – A Ready-Made Solution To Build An NFT Marketplace Like Magic Eden

Magic Eden has claimed popularity in a precise span due to the nature of the blockchain on which it is built. You can choose Solana for building your NFT marketplace so that the underpinned benefits will stand a chance to pull in more traders. Developing a typical NFT marketplace has its own set of complexities depending on the blockchain, tech stack, features, and user interface. 

Magic Eden clone is a pre-built NFT marketplace solution built on Solana that has some set of inbuilt features. The clone, a.k.a white-label solution, is the ideal choice for an entrepreneur looking to launch an NFT trading platform, as the entire solution is ready-made and thus doesn’t require more time to launch.  

Our blockchain developers know the nuances of building NFT marketplaces from scratch as well as developing white-label solutions. Get your NFT marketplace development solution built by our Solana blockchain developers. You can launch your Solana-based NFT trading platform by customizing the feature-set and also the user interface from us. 

Closing Thoughts

Besides developing an NFT marketplace like Magic Eden on Solana, we can help you with building your NFT platform on different blockchains like Ethereum, Polygon, Binance Smart Chain, etc. In tandem with providing development solutions, we have a marketing wing who are indulged in strategizing and delivering NFT marketing services. Overall, we’re a company providing 360-degree blockchain development services.

FAQ: 

1. What Is Magic Eden?

Magic Eden is a community-based NFT trading platform that is well-known for its low transaction fees. Developed on the Solana blockchain, Magic Eden facilitates NFT trading in a fraction of seconds and supports interoperability.

2.  Does It Cost To List On Magic Eden?

NFT creators can list their NFTs on Magic Eden absolutely free of cost. Yes, Magic Eden charges 0% listing fees.

3. How To Develop A Solana-Based NFT Marketplace Like Magic Eden?

Appdupe develops and delivers ready-to-deploy NFT marketplaces on any blockchain their client asks for. You can reach out to us to get a clear-cut picture of all your queries.