Magic Eden, an NFT marketplace, has introduced an incentivization scheme for its users and creators.

The rewards program will be launched on the Solana network, which has been at the heart of the Magic Eden ecosystem since its inception. The program will include past and current activity on the platform, spanning Solana, Bitcoin, Ethereum, and Polygon. Rewards will be given in the form of diamonds, reflecting the level of engagement users have in the marketplace.

Analyst QuickTake: The launch of Magic Eden's incentive program, coupled with the integration of rewards directly into the soon-to-be-launched Eden Wallet, strategically strengthens the platform's position in the competitive NFT market. By offering a comprehensive cross-chain NFT rewards program, Magic Eden not only encourages community engagement but also incentivizes users across different blockchain networks, ensuring a broader user base. Additionally, the integration of rewards directly into the Eden Wallet adds a layer of user convenience, simplifying the process for users to earn their rewards.