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Is Magic Eden's Diamond reward worth earning and how to earn it?

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Recently, Magic Eden launched a new activity on the operating end, introducing diamond rewards. This article explains how to earn Magic Eden's Diamond rewards and whether they are worth earning.

Read about Magic Eden's Diamond Rewards: Are they worth earning and how?

Original source: PANews

Previously, Magic Eden, a mainstream NFT market on the SOL chain, launched Launchpad function. PANews wrote a detailed description of its operation status, and analyzed its optimized operation mode and investment mode for NFT trading platform and users. Recently, Magic Eden launched a new activity on the operation end, introducing diamond rewards to encourage users to use its products. Here PANews explains how to earn Magic Eden's diamond rewards and whether they are worth earning.

Are the Magic Eden Diamond rewards worth earning?

From the perspective of diamond reward Enabling, according to the official blog, users can now earn diamonds based on different tasks and unlock larger rewards on the Magic Eden platform, providing users with long-term benefits beyond fee discounts. The number of diamond awards remains the same from month to month, and the award criteria are not just based on the volume of transactions. By introducing Diamond Incentives, the platform hopes to provide a more holistic and valuable experience for its users. According to the Magic Eden website, the platform is looking for creators to collaborate with the Magic Eden platform to empower Diamond Inspiration.

From the perspective of project background and strength, on March 14, 2022, Magic Eden completed $27 million in financing from Sequoia Capital, Paradigm, Greylock, and others. On June 21, 2022, Magic Eden closed a $130 million Series B funding round at a $1.6 billion valuation, led by Electric Capital and Greylock.

From the perspective of product influence, Magic Eden platform occupies the top position in the NFT market on the SOL chain. According to the data on the official website of Magic Eden, up to now, its total transaction amount is 57.92 million SOL, and the number of traders is over 800,000. Since then, Magic Eden has also deployed a number of public chains such as Ethereum and Polygon, and recently launched the Bitcoin ecosystem NFT market.

According to Dune Analytics, bitcoin Ordinals had a total transaction volume of $15,908,300, with 38,843 transactions and 18,462 unique users. Magic Eden has consistently led the field in daily transaction volume on its platform. Magic Eden's Ordinals market traded about $255,600 on March 30, or about 71.4 percent of the day's total trading volume of $358,000.

一文读懂 Magic Eden 的钻石奖励，是否值得赚取及如何获得？

Magic Eden has yet to issue a token, having previously only airdropped Magic Tickets for early adopters. Magic Ticke holders can apply to join MagicDAO in the governance of the platform and more rewards activities. MagicDAO's roadmap shows that it will be built in three aspects: rewards activities, governance and community operations. Therefore, it can be seen that Magic Ticket does not meet the conditions for capital exit. Therefore, the community analysis Magic Eden has a strong motivation to issue coins. The rules of this diamond incentive activity are almost the same as those designed by NFT market Blur in the early days of airdrops, which makes the community think that this activity may become one of the reference standards for Magic Eden's future coin airdrops.

How do I get the Magic Eden Diamond Reward?

The total number of diamond awards is calculated on a monthly basis, with the same number of awards for each month. It is important to note that there are currently three ways to obtain diamonds:

1) Put on the shelf: Put NFT on the shelf at Magic Eden. When the NFT is sold, users will get diamonds.

2) bid: Place a bid on an NFT series on Magic Eden, and when the bid is accepted, the user will receive the diamond.

3) The user completes the personal information: fill in the user name and other information related to personal information on the personal homepage, and you can earn diamonds after completing the information.

Currently, the list and bid diamond rewards are only available for Solana collections, as Ethereum and Polygon chains are not currently available with this feature.

一文读懂 Magic Eden 的钻石奖励，是否值得赚取及如何获得？

The user's loyalty score determines the multiplier when the diamond reward is claimed, which affects the number of diamonds claimed. For example, if the loyalty multiplier is 1 and the base reward for a task is 50, then the user gets 50 diamonds when they claim the incentive. If the loyalty multiplier is 2, the user receives 100 diamonds when he or she claims the reward. Loyalty scores are calculated based on a user's transactions at Magic Eden over the past six months and can be seen in the personal Rewards center.

100% loyalty score is a double multiplier; A 95 to 100 percent loyalty score is a 1.75 times multiplier; A 90 to 95 percent loyalty score is a 1.5 times multiplier; A loyalty score of 80 to 90 percent is a double multiplier; Loyalty scores below 80% will be multiplied by loyalty scores. For example, users with a loyalty score of 60% will get a multiplier of 0.6, which means they will get fewer diamonds. If the user's loyalty score is "N/A", it means that the user has not made a transaction at Magic Eden in the past 6 months.

According to official rules, a multiplier of the loyalty earned at the time of the diamond award is used. Therefore, users can delay receiving diamond rewards when their loyalty score is low, and receive rewards when their loyalty score is increased through trading and other activities. The platform checks and refreshes the loyalty score every 24 hours.

How do I get a fee discount?

In addition to diamond rewards through quest activities, users can also earn Magic points by trading on Magic Eden. This credit not only enhances the loyalty required by the users mentioned above, but also brings the cost discount to the users. For example, creators can airdrop subsidies, discounts, or free NFT to the Magic Eden community.

Magic points are divided into five levels according to the number of transactions. The higher the level, the better the benefits. The benefits users receive will initially be distributed in the reward center in the form of NFT, including but not limited to loot boxes from their favorite collections, ecosystem partner discounts, and more. Specific level 1 is the basic cost; If the transaction volume reaches level 2 after 50 SOL, you will get a 5% discount on the platform fee. If you reach level 3 after 250 SOL transactions, Level 3 will receive a 15% discount. If you reach level 4 after 1500 SOL transactions, you will receive 25% discount. If you reach level 5 after 10,000 SOL transactions, you will receive a 45% discount.

The number of new credits currently earned by the user is calculated by the number of SOLs traded in the last month, and the user will receive 5 Magic credits for every transaction completed by the user for 1 SOL (buy or sell, foundry transactions are not included). On the first day of each month, a new bonus point cycle begins. Unless the user exceeds that level during the current reward cycle, last month's level will remain.

summarize

As the NFT market becomes more and more competitive, there is a trend for platforms to motivate users through various operational activities, especially by guiding users through coin issuance expectations. Judging from the current pattern and interest structure of Magic Eden, it has a strong motivation to issue coins. The current Diamond Reward campaign is also almost entirely based on Blur's airdrop rules, and is based solely on the Solana chain, which makes it cheaper for users to complete the tasks required to earn a Diamond reward. So, for those with time to spare, it's a good idea to take part in Magic Eden's diamond rewards.

In addition, there will be more ways to earn diamonds, as well as specific diamond benefits and rewards in the future, according to official rules. PANews will continue to follow this story.