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Magic Eden Introduces Diamonds as a Multichain NFT Rewards Currency for User Engagement

Cointime Official

Multichain NFT platform Magic Eden announces the release of their latest feature, Diamonds, which will be available starting today.

Diamonds will give users priority and can be earned by selling listings and having bids accepted on their platform.

Additionally, Magic Eden hints at an upcoming reward drop for the top Diamond holders. 

Read more:

Why Diamonds?

Diamonds are a rewards currency that will remain constant month-to-month. Magic Eden aims to reward its community for a variety of actions that showcase their commitment to the platform, rather than just transaction volume. By introducing diamonds, the platform hopes to offer a more comprehensive and rewarding experience to its users.

How Do I Earn Diamonds?

There are currently three ways to earn diamonds:

  1. Listing: List your NFTs for sale on Magic Eden, when your NFT is sold, you earn diamonds.
  2. Bidding: Bid on NFTs on Magic Eden, when bids are accepted you earn diamonds.
  3. Completing Your Profile: Complete your Magic Eden profile by filling in your username to earn diamonds.

These diamonds are not limited to a monthly cycle and will remain constant month-to-month.

How Do I Accelerate My Diamond Earning?

Your loyalty to Magic Eden is rewarded through our loyalty score. You will be able to check your loyalty score in the Rewards Hub:

Users who regularly list and bid on the platform will earn more diamonds and, in turn, enjoy more benefits.

How is my loyalty score calculated?Loyalty scores are used to determine the multiplier on diamonds earned. The information below shows how the multiplier is calculated based on the loyalty score:

  • 100% loyalty score = 2x multiplier
  • 95% to 100% loyalty score = 1.75x multiplier
  • 90% to 95% loyalty score = 1.5x multiplier
  • 80% to 90% loyalty score = 1x multiplier
  • Less than 80% loyalty score = the loyalty score as the multiplierFor example, a player with a 60% loyalty score will receive a 0.6 multiplier, which means they will earn fewer diamonds.
  • For example, a player with a 60% loyalty score will receive a 0.6 multiplier, which means they will earn fewer diamonds.

If you come across "N/A" for your loyalty score, it means that we could not locate your maker volume for the previous six months.

Loyalty is checked every 24 hours, and the loyalty multiplier is applied when diamonds are earned. The loyalty score calculation considers the user's activity over the last six months.

What is the Future of Fee Discounts?

Fee discounts will be determined the same they have been previously–via your trade volume. However, rather than using points, Magic Eden will use trading volume directly. Diamonds will be rewarded for various activities, but they will not contribute to fee discounts.

Coming soon: More Ways of Earning Diamonds & Rewards

We will update this article to share more ways of earning diamonds, as well as specific diamond benefits and rewards down the road.

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