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A Beginner's Guide to Magic Eden: Navigating the NFT Marketplace
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Published on: Mar 5, 2024
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In Brief
Explore the vibrant world of NFTs with this beginner's guide to Magic Eden, a leading Solana marketplace for creating, buying, and selling NFTs.
The emergence of the Solana blockchain provided NFT developers with an alternative blockchain to Ethereum, where they could mint NFTs faster and with lower gas fees. The growth of the NFT market on Solana NFTs led to the establishment of multiple NFT marketplaces like Magic Eden, which is currently the most popular NFT marketplace on the Solana blockchain.
NFT marketplaces facilitate the creation, purchase, and sale of NFTs. Besides bridging the gap between buyers and sellers, NFT marketplaces also allow creators to list their NFTs, making them available for sale.
This guide will delve into the Magic Eden NFT marketplace and how you can get started with the platform. Remember, if you are looking for a good Solana wallet, you can use Trust Wallet to buy, sell, manage, and stake your SOL tokens.
What Is Magic Eden?
Magic Eden is a leading multi-chain NFT marketplace supporting non-fungible tokens on Solana, Ethereum, Polygon, and Bitcoin. Currently, Magic Eden is the largest and best-known NFT marketplace on the Solana network, where it was originally launched.
The platform enables users to create, buy, sell, and collect NFTs. Additionally, Magic Eden offers features such as developer resources, an NFT launchpad, and a non-custodial browser extension wallet.
Magic Eden users enjoy low gas fees and fast processing time when trading Solana-based NFTs, which is what the Solana network is known for.
While Magic Eden originally launched on Solana, the platform is multichain and also supports Bitcoin, Ethereum, and Polygon. This means that besides Solana NFTs, users can also find Bitcoin Ordinals and NFTs on Ethereum and Polygon on Magic Eden.
Besides its low-fee policy and user-friendly interface, NFT creators on the Magic Eden NFT marketplace also benefit from the platform’s flexible royalty system that benefits all stakeholders.
Now that you know what Magic Eden is, let's look at how you can get started on the platform.
Getting Started with Magic Eden
To get started with Magic Eden, you’ll first need a Solana-compatible crypto wallet like Trust Wallet. You’ll also need to ensure you have enough SOL tokens in your Solana wallet to cover the gas fees on the Solana blockchain and pay for your NFT.
Below is a step-by-step guide on connecting your Trust Wallet to Magic Eden.
The first step in getting started with Magic Eden is downloading and installing the latest version of Trust. Wallet. Downloading Trust Wallet is easy, whether as a mobile app on your Android or iOS device or as a browser extension.
For this guide, we'll focus on installing and creating a new crypto wallet using the Trust Wallet app. However, you can also check out our detailed beginner’s guide on how to install Trust Wallet.
Install Trust Wallet on Your Mobile Device
Go to https://trustwallet.com/download to install Trust Wallet.
Open the app and click on ‘Get Started’ to begin the setup process.
Next, select ‘Create a New Wallet.’
Choose your backup option, or you can ‘Skip’ this step and return to it later.
You’ll now be ready to connect to the Magic Eden NFT marketplace using Trust Wallet.
How to Connect Your Trust Wallet to Magic Eden
Let’s look at how you can connect your Trust Wallet to Magic Eden.
Visit https://magiceden.io/.
Click on ‘Connect Wallet’ at the top right-hand corner.
Change the blockchain to Solana and choose ‘WalletConnect.’
Next, go to the Trust Wallet app on your smartphone device, click ‘Settings’ then ‘WalletConnect.’
Click ‘Add new connection’ and scan the QR code on the Magic Eden website.
Accept the connection request on Trust Wallet.
Once successfully connected, Trust Wallet will prompt you to go back to the Magic Eden website.
You’ll be able to see your connected wallet on Magic Eden and the amount of SOL you have, as shown below. Once done, remember to disconnect Trust Wallet from any website.
To browse and search for NFTs on Magic Eden, click ‘Discover’ on the Magic Eden website and then ‘Collections.’You can then use the search button to find a collection or browse the provided NFTs list.
Conclusion
If you want to create and sell your own NFTs on Solana, the Magic Eden NFT marketplace is an excellent place to start. However, to do this, you must have a compatible Solana wallet with enough SOL tokens to cover the gas fees and pay for the NFT you’ll create. Using the WalletConnect crypto bridge, you can connect to Magic Eden using Trust Wallet in a few simple steps, as described above.
While Magic Eden stands out among Solana NFT marketplaces for its user-friendliness, it's crucial to always do your own research (DYOR) and further explore the platform if you're interested in diving into the NFT universe.
NFTs have so much potential as they have created a way to authenticate and prove ownership of digital assets. In addition, they also empower digital creators and owners, allowing them to enjoy new revenue streams thanks to NFT marketplaces like Magic Eden that offer creators the needed guidance on how they can build their NFT projects, list them, and earn from them.
Download Trust Wallet today and connect to Magic Eden to start your NFT journey.
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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.
