Magic Eden and Nifty Gateway Unveil Reward Programs. Here’s the 101.

by ChainChirp
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NFT marketplaces Magic Eden and Nifty Gateway are leveling up. Each platforms just lately introduced new reward techniques to incentivize buying and selling actions and improve the general consumer expertise. With Nifty Gateway introducing its Collector Appreciation Month and Magic Eden launching its Chapter II program, these platforms are leveraging incentives to draw and retain customers in an more and more aggressive panorama.

These strikes are just like OpenSea’s current resolution to launch OpenSea Professional, which many imagine was motivated by Blur’s commanding affect and success available in the market. As a strategic response, OpenSea determined to incentivize its consumer base by introducing a rewards system and amending creator royalties percentages.

Now, plainly different NFT marketplaces are following OpenSea’s lead.

Magic Eden Chapter II program

In a transfer geared toward renewing curiosity in — and engagement on — its platform, Magic Eden has launched an initiative that rewards merchants with Solana’s native cryptocurrency, $SOL, for his or her buying and selling actions. By briefly decreasing its maker price to -0.25%, Magic Eden gives merchants with the chance to earn $SOL on every transaction.

Sellers will now obtain 100.25% of the itemizing worth once they promote an NFT, and consumers will obtain a 0.25% $SOL rebate upon buy.

Nonetheless, this incentive system is simply part of a a lot bigger strategic shift for Magic Eden.

Along with providing rewards, the platform has unveiled an aggregation characteristic geared toward offering customers with a one-stop store for buying Solana NFTs throughout numerous marketplaces. It’s also rolling again a characteristic that prevented Magic Eden listings from being aggregated by different NFT marketplaces. The platform has additionally dedicated to open-sourcing its sensible contract code.

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Finally, these strikes come as a response to each longstanding criticism and rising competitors. The platform has lengthy been censored by members of the NFT neighborhood for being closed-sourced and for limiting composability alternatives throughout platforms, and it faces growing threats to its market share — significantly from Tensor, a more recent entrant within the Solana market.

Nifty Gateway Collector Appreciation Month

In the meantime, Nifty Gateway is launching its personal reward program, dubbed Collector Appreciation Month, set to start in June. This system is designed to reward collectors based mostly on their lifetime spend on Nifty Gateway. The platform has structured the reward system into six ranges, with rewards growing with every stage of funding. On the highest stage, customers can earn a major rewards proportion of ten p.c and a secondary rewards proportion of 5 p.c.

Nifty Gateway Rewards website
Credit score: Nifty Gateway

Nifty Gateway’s reward program applies to all NFTs minted on its platform, spanning each major and secondary marketplaces. The rewards, which will probably be credited in USD to collectors’ Nifty Gateway balances following every eligible transaction, supply a direct and quick return for collectors’ actions on the platform.

These modern reward techniques sign a shift within the NFT marketplaces’ strategy to consumer engagement, marking a big step in direction of fostering a extra dynamic and rewarding ecosystem. As competitors heats up within the NFT house, the transfer by Magic Eden and Nifty Gateway not solely promotes energetic participation but additionally units a brand new normal for different marketplaces to observe.

Editor’s be aware: This text was written by an nft now employees member in collaboration with OpenAI’s GPT-4.

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