Maximizing Rewards and Fee Discounts at Magic Eden | Magic Eden Help Center (2024)

FAQs

What are the ordinals fees for Magic Eden? ›

While Magic Eden was originally made for Solana NFTs, it has recently expanded to support Ethereum, Polygon, and Bitcoin Ordinals. Magic Eden is known for offering low fees — with 0% listing fees and 2% transaction fees!

For example, if you place an order that is partially executed immediately, you will be charged a taker fee on the portion. The remaining portion of your order will be added to the order book and will be charged a maker fee if/when it is executed.

Magic Eden's marketplace operates with a clear fee structure for transactions: a flat 1.5% taker fee on buy and sell orders. However, this fee can be reduced for users based on their reward level, which is determined by the volume of their trades.

When minting open editions on the Solana blockchain via Magic Eden Wallet, you will still encounter program fees (rent), transaction fees (gas) and platform fees. These fees, typically range between 0.02 to 0.04 SOL. By being aware of these fees upfront, you can make informed decisions about your minting endeavours.

When you make an offer, the funds will be held in your Escrow wallet, allowing you to submit multiple offers using the same funds. To oversee, deposit, or withdraw funds from your bidding wallet, navigate to the 'Offers Made' section on your Magic Eden profile.

Advocates also claim that Ordinals are more secure, decentralized, and censorship-resistant than traditional NFTs. However, some critics contend that Ordinals are a misuse of the Bitcoin network and a waste of its scarce resources.

How Do I Avoid Maker-Taker Fees? Taker fees are minimized by placing limit orders at a trigger price that builds out an order book. Instead of being charged for taking liquidity via market orders, market makers may receive payment for building a platform's liquidity.

Maker fees apply to traders who place limit orders, adding liquidity to the market. On the other hand, traders who place market orders that take liquidity from the market have to pay taker fees. Orders can sometimes be both a maker and a taker order. The fee, in this case, is usually a combination of the two fees.

Key Takeaways

Impact on Trading Fees: Makers often benefit from reduced fees due to their role in enhancing market liquidity, while takers may face higher fees because their actions reduce liquidity. Liquidity and Market Stability: The maker vs. taker dynamic is crucial for maintaining market liquidity and stability.

Listing and selling on Magic Eden

The more likely the item is to sell, the more Diamonds you will earn: List close to the floor to increase your chances of earning more Diamonds with each sale. Please note that undercutting the floor will not earn you incrementally more diamonds.

Does Magic Eden have fees? ›

To clarify, Magic Eden Wallet does not charge its users any fees. However, it's essential to note that nearly every blockchain transaction incurs a network transaction fee, commonly known as "gas," when sending or receiving crypto.

Any NFT marketplace you use will charge a transaction fee for what you're buying or selling. However, Magic Eden offers a flat 2% transaction fee, which is one of the lowest on the market. That makes the platform more affordable compared to some of its competitors.

Alternative payment options

In addition to digital currencies, Magic Eden also allows certain collections to be purchased using fiat currency or credit cards through Crossmint. This provides a convenient way to acquire NFTs using traditional payment methods. You can learn more in this article.

At Magic Eden, we are committed to enforcing royalties to uphold the rights of creators. We utilize Limit Break's Payment Processor v2, a robust royalty-enforcing marketplace protocol.

Optional royalties give buyers the flexibility to choose the royalty percentage they wish to pay to creators when purchasing items on Magic Eden. Buyers have three options to select from: full (100%) royalty, half (50%) royalty, or none (0%) royalty. By default, royalties are set to full (100%) for every transaction.

The cost to inscribe ordinals is usually much higher than creating NFTs on alternate chains. To inscribe a 20 KB image, you can expect to pay between $150 - $250 for a 30-minute or less inscription time at 100 Sats/vByte Here's how to acquire ordinals: 1. Secure a compatible wallet 2.