Do It Yourself
Magic Eden and the Self Service NFT Auction
Solana NFTs are very much in demand lately, it is even more obvious when you look onto what is being called “crypto twitter” as multiple ETH followers are now changing over to SOL and asking “which project should I ape into?”
Recently Opensea has opened their doors to Solana and has begun the slow process of onboarding some of the many projects that can also be found on Magic Eden. As this article is being written the platform has plans to fight back against OpenSea. One of the announcements for Magic Eden is their release of self-service auctions. This means that any NFT that is part of a collecton that is listed on the platform can be auctioned off. The platform can be seen and used like what you would notice on Ebay or Etsy. The owners will set a start time , duration , and minimum bid. The same as Ebay the highest bidder will get teh digital asset once the auction is done.
Auctions will be manually settled and they cannot be cancelled nor can the bids be retracted. The minimum bids are incremented and auctions are extended 5 minutes if a final bid is made within 5 minutes of the auction closing. These methods are al made to keep the bids fair and exciting.
Magic Eden has seen its volume of trade soar past $900 million. Developers are constantly showing up with new projects and ideas in an attempt to keep things going strong. Magic Eden has also made some changes to their mobile app. For the mobile app the company has added the ability to view the price charts of the NFT collection and see the trends of valuation over time. Also a big boon is the fact taht users can now access their watchlist from the “Profile” tab enabling users to check on their favorite collections.
The NFT market hasn’t been as strong as it as before but the demand for NFTs on the Solana blockchain is still going very strong. According to data from CryptoSlam Solana is only behind Ethereum.