Magic Eden’s Diamonds program offers rewards to Solana NFT traders dating back to 2021, alongside an upcoming token airdrop. Here’s how to maximize your benefits from both.
Magic Eden has recently introduced a cross-chain rewards initiative, incentivizing engagement with its widely-used NFT marketplace across Solana, Bitcoin, Ethereum, and Polygon, while also presenting opportunities linked to its innovative multi-chain wallet.
Apart from its rewards scheme, Magic Eden has also disclosed its intention to open-source its minting and trading protocols in partnership with a novel Non-Fungible DAO. This collaborating DAO intends to introduce a token named “NFT” to incentivize traders.
According to Magic Eden, the rewards program aims to benefit NFT traders, collectors, and creators equally. Users on the Magic Eden platform can accumulate “Diamonds,” akin to points utilized in recent crypto incentive programs.
Magic Eden has yet to disclose details regarding the utility or potential redemption of Diamonds. Nonetheless, Tiffany Huang, the General Manager of Magic Eden, indicated to Decrypt in a recent interview that individuals utilizing Magic Eden’s protocol are expected to receive the NFT token launched by the Non-Fungible DAO.
How to earn diamonds
Magic Eden has generously provided ample guidance on optimizing Diamond earnings, with three recent blogs on their website detailing the program. Essentially, the primary methods to earn Diamonds include purchasing NFTs, listing them, or making collection offers, with additional strategies available to enhance Diamond accumulation.
When buying NFTs, larger purchases yield more Diamonds. For selling, users earn Diamonds while their listing is active and can earn additional Diamonds based on proximity to the collection’s floor price. Offers operate similarly to listings, allowing users to earn Diamonds by placing bids on top 100 collections based on trading volume, with closer proximity to the floor price resulting in higher Diamond rewards.
Additionally, “trending” collections can earn a 50% Diamond bonus, such as Claynosaurz, which currently benefits from this bonus when interacting with the collection through Magic Eden.
Boosting Diamond earnings is also possible through the Loyalty score system. Achieving a 100% Loyalty score results in a corresponding 100% bonus in Diamonds generated. Loyalty is determined by exclusive NFT listing and purchasing through Magic Eden, allowing users to increase their score.
