Magic Eden, the most popular NFT marketplace on the Solana blockchain, has announced the launch of Magic Eden Rewards, a community reward program.
As creators and collectors sell and buy NFTs, the program involves the issuing of rewards. Awards are granted in the form of points, called Magic Points, which will contribute to one of five loyalty tiers, each with a distinct level of reward benefits and fee discounts.
The rewards will then be distributed in the form of NFTs, which may include loot boxes from NFT creators, discounts and perks from ecosystem partners, and NFT giveaways.
Before the end of the year, the first beta test of rewards will be issued directly to users’ profiles.
All users can now create profiles to participate in the program, which is now in beta mode, with pilot rewards beginning later this month.
Beginning in January of next year, all Magic Eden users will automatically have access to the program, as well as a dynamic fee model that will share the cost of trading between sellers and buyers.
Magic Eden has been taking several initiatives to improve the experience of its community. It partnered with Polygon last month to expand its blockchain gaming and NFT activities. After making royalties optional, it launched a $1 million Creator Monetization Hackathon in October.