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Magic Tickets are burned in exchange for "diamonds". How does the market price their valuation?

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How much are Magic Eden diamonds worth? Is it worth buying Tickets NFTs to exchange for diamonds now?

Original author: NFT Big Banana, Shenzhen University Gaocaisheng.eth, crypto KOL

Editor's note: Today, Magic Eden posted on social media that the Magic Tickets series of NFTs will be integrated into the rewards program. Users holding Magic Tickets can now use NFTs to redeem "diamond" points, and the destruction window will last for one month. Crypto KOL NFT Big Banana and ShenDa Gaocaisheng.eth have analyzed the price and future prospects of MagicEden diamonds. BlockBeats reproduced the full text as follows:

NFT Big Banana:

How much is MagicEden diamond worth? What are the precautions for buying Magic Tickets and what is Lucky Buy?

Official valuation - 0.26U

Today, ME officially announced that the Tickets series NFTs were integrated into the rewards program, that is, 1 NFT can be exchanged for 500 "diamond" points. When the news was announced, the floor price of Tickets was about 1 SOL (132U), which is equivalent to one diamond = 0.26U.

Official valuation - 0.126U

After the exchange news was issued, the floor price of Magic Tickets plummeted, with the lowest transaction of 0.32SOL and the current price of 0.47 SOL. In other words, the market's valuation low is 0.084U, and after the rebound, it is 0.126U. This price is basically the same as the OTC in the Chinese area.

Compared to #blur - 0.28U

@blur_io is valued at $1 billion, with a total of 3 billion tokens, 360 million in the first Airdrop, and is listed at 0.8U. ME is valued at $1.6 billion, with less than 1 billion diamonds currently released. Assuming the airdrop model and listing price of the two are the same, the price of diamonds will be 0.28U.

Let’s talk about the Magic Ticket again

Is it worth buying it to get bricks and stones from Burn? As mentioned above, this model is basically the same as OTC, but you can also get official interactive rewards. It should be noted that Magic Ticket belongs to the Lucky Buy series.

Lucky Buy explanation

Simple explanation: Buy NFT in the form of buying lottery tickets. If you win, you can win a small prize with a big one. If you don’t win, you won’t get a refund (you will get diamond rewards).

· Marking: The icon with a lucky clover is Lucky Buy
· Purchase ratio: 1% starts, the official will set the minimum ratio
· Winning probability: The more you invest, the greater the probability of winning
· Tax: 5%, borne by the seller and the platform, actually added to the listing price and transferred

Can you give a very small ratio and get diamonds?

It won't work. If the NFT floor price is too low, the official will increase the bidding ratio, such as asking you to bid at least 20%. If you can't win the prize, the diamond reward you get won't cover the cost.

From the comparison of valuation, financing scale and product experience, I think ME diamonds are underestimated, but the overall environment of the NFT market is very poor. If you don't choose the target for brushing points, it will be the most painful to encounter the studio removing the stool. Everyone must pay attention to this.

Original link

ShenDa Gaocaisheng.eth:

ME This move = paying off debts + pricing diamonds.

Let me tell you what happened last night. Magic Eden sent a tweet that Tickets can be burned for diamonds. Each Ticket can be exchanged for 500 diamonds, and OG Tickets can be exchanged for 1,000. At first, the ignorant people did not read the rules carefully and thought that Tickets finally had utility, so some people started to buy them. After a while, some people found that exchanging diamonds at a price of 1.2 equals 1 diamond for 0.3U. So some people started to sell them, and some people even bought a lot of put options on Tensor.

The algorithm is as follows: According to the current price of Ticket 0.46 SOL, which is 61 U, 1 Ticket can be exchanged for 500 diamonds, 61/600=0.122U.

This Magic Eden Ticket has been issued for a long time. Because it is an officially issued asset, some people have hoarded a lot of it. It was originally used to draw the NFT whitelist on the Solana chain, but later it seemed to be of no use. Now that Magic Eden’s TGE is approaching, the Ticket has become a liability of ME. Now ME exchanges the Ticket for diamonds. The total number of Tickets is 30,000, and one ticket is exchanged for 500, which is equivalent to an additional issuance of 15 million diamonds. Compared with the daily output of a few million diamonds, it is not much. Bad for Tickets, good for diamond prices.