Magic Eden is a major NFT Marketplace platform in the market that recently announced the launch of the Lucky Buy feature when users purchase NFTs. So what’s special about Magic Eden’s Lucky Buy feature? Let’s find out with Weakhand in this article.
Before jumping into the article, everyone can refer to some of the following articles to understand better
- What is Magic Eden? Magic Eden cryptocurrency overview
- What is OpenSea? OpenSea cryptocurrency overview
- What is Blur? Blur cryptocurrency overview
What is Magic Eden?
Magic Eden is an NFT Marketplace platform originally built on Solana but has since shifted towards Multichain development on many other blockchains besides Solana such as: Ethereum, Polygon, Bitcoin. Since launching to the community in September 2021, Magic Eden has experienced rapid growth and raised 130M USD in a Series B round in July 2022 at a valuation of 1.6B USD.
Magic Eden offers a variety of NFTs on the Solana, Ethereum, Polygon chains,… including: Degods, Solana Monkey Business, CryptoPunks,… With 0% listing fees and 2% transaction fees, this reduces barriers Participation barriers for users participating in NFT transactions.
Currently, Magic Eden is implementing a number of features on its platform such as:
- Auction: The auction feature is designed for buyers and sellers to rally around a mutually acceptable price for the NFT.
- Launchpad: Magic Eden is where projects can mint NFTs. Magic Eden provides extensive support to creators listed on Launchpad which greatly increases the visibility of their collections. However, Launchpad’s selection process is rigorous as Magic Eden only lists projects deemed to be of high quality.
- Whitelisting: Allows users to whitelist upcoming projects and can be approved to become mint NFT participants of the project.
- Gaming: Magic Eden Games was launched in March 2022 allowing users to trade NFTs in popular game projects such as: The Sandbox, Genopets, Aurory,…
- MagicDAO: Magic Eden uses “Magic tickets” to represent shares in the Magic Eden DAO named MagicDAO. Users who own Magic tickets can vote regularly in regards to project management. MagicDAO members also receive benefits such as: automatic whitelisting and access to many widgets.
Introducing Lucky Buy
On September 12, 2023, Magic Eden introduced the Lucky Buy feature for users when purchasing NFTs on its platform. This is an opportunity for users to own rare NFTs at a fraction of their original price. The purpose of Magic Eden introducing the Lucky Buy feature is to add an element of excitement to the user experience when buying NFTs on its platform.
It’s time to stay up all night to get lucky on Magic Eden
Introducing Lucky Buy: a fun new way to get the best NFTs for potentially a fraction of the price
If you’re successful, the NFT is yours. Otherwise, you stack
S
So what is Lucky Buy and how does it work?
pic.twitter.com/McYxMkxOE6
— Magic Eden
(@MagicEden) September 12, 2023
One point to note is that the Lucky Buy feature is just an additional feature that users can choose from in addition to the traditional buying option. However, at the moment, users can only use the Lucky Buy feature when purchasing NFTs in the collection Degenerate Ape Academy.
How Lucky Buy Works
Lucky Buy incorporates a percentage-based system to determine both the percentage of the NFT’s list price that a user wants to purchase and the user’s probability of winning.
For example: If the listed price of the NFT is 100 SOL, users can choose to use 15% of the price equivalent to 15 SOL to purchase this NFT. This selection gives the user a 15% probability of winning.
Below are details of how Lucky Buy works on Magic Eden:
Identify eligible NFTs
NFTs support the Lucky Buy feature on Magic Eden
Click on the “Lucky Buy” button
When users find a suitable NFT, click the Lucky Buy button to proceed with purchasing the NFT.
Enter the committed quantity of Sol
To continue, the user chooses the number of Sols according to the probability of winning. Users can use the slider to quickly select or manually enter a specific SOL amount in the box provided.
Choose the number of Sol according to the probability of winning
Review your options
Just below the selected percentage, users will see additional information about the transaction including some of the following:
- Price upside potential: This information gives the user an idea of the potential value of the NFT the user is trying to obtain relative to his or her pledge amount.
- Probability of winning: This metric indicates the likelihood of a user successfully acquiring an NFT based on your SOL commitment.
- Total value of NFT: This is the total value of the NFT
- The money have to pay: Users will know exactly how much SOL has to pay when purchasing NFTs.
Detailed information about the transaction
After reviewing the parameters of their transaction, the user clicks the Lucky Buy button to confirm the transaction. If successful, the user will receive the NFT at a much cheaper price than the floor price of the NFT, and if it fails, the user will receive an amount of Diamond.
- Creator Share (1%): In addition to standard royalties, creators also receive an additional 1% from users purchasing NFTs. This additional reward encourages creators to engage with the Lucky Buy feature and promote their collections.
- Seller fee (1%): Sellers also benefit from Lucky Buy, receiving an additional 1% on their selling price. This gives sellers even more reasons to list their NFTs on Magic Eden, creating a win-win scenario for both sellers and buyers.
- Magic Eden (1%): Finally, the remaining 1% of fees will go to Magic Eden, helping to support and maintain the platform, ensuring Lucky Buy and other exciting features continue to grow.
summary
The launch of a new feature called Lucky Buy will help Magic Eden bring interesting experiences to users when buying NFTs on its platform. Hopefully the information I provide in this article has helped everyone gain useful knowledge.
