Did You Trade Solana NFTs During the 2021 Bull Run? Magic Eden Has Something for You

Decrypt’s Art, Fashion, and Entertainment Hub.

Magic Eden’s new cross-chain rewards program just got sweeter. In addition to earning Diamonds for buying, listing, and collecting NFTs on the multi-chain marketplace, today the platform launched its “Retro Diamond Drop.”

Every trader active on Magic Eden since the platform launched on Solana in September 2021 will be able to claim Diamonds, which are similar to rewards points. The amount available for each user to claim depends on volume traded, number of trades made, total collections owned, and total NFTs owned.

Also, if you have a 100% loyalty score—meaning your listings and pools are on Magic Eden and no other marketplace—then you will earn a 100% bonus on your Diamonds.

This drop is just the cherry on top of its rewards program, where users have already been able to claim Diamonds for completing quests and logging on daily.

Announced on January 23, Magic Eden Rewards was created to give back to “everyone who contributed to the NFT community.” Its goal was to establish a unique program that rewards everyone in NFTs—not only traders but also collectors. Unlike most rewards programs that solely encourage listing and placing offers, this program also rewards users for purchasing native listings on Magic Eden and accepting offers.

According to a tweet from Magic Eden General Manager Tiffany Huang, users can claim Diamonds on every single wallet they’ve ever used on Magic Eden.

The Retroactive Rewards are not just limited to Solana. Diamonds, while currently only available for Solana, will be extended to other chains soon. They will be part of Magic Eden’s upcoming Ethereum NFT marketplace, poised to launch in late February. Then, the rewards will also be brought to Bitcoin and Ethereum scaler Polygon.

Magic Eden’s Bitcoin account hinted at upcoming Bitcoin rewards on Twitter (aka X) today.

“Loyalty gets rewarded. Past, present, and future,” the account replied when a user asked if Bitcoin would get rewards as well.

The same activity that ties into the Diamond reward system will also apparently benefit users when the Non-Fungible DAO’s upcoming NFT token drops.

According to the DAO, users will get tokens based on trading activity for the protocols that they’re governing—which includes the Magic Eden ecosystem. While the NFT token drop through Non-Fungible DAO is separate from Magic Eden’s own Diamond rewards, they act as parallel systems to benefit users. The NFT token has not been launched, and the distribution specifics are still pending finalization.

Edited by Andrew Hayward