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6 Steps of Machine learning Lifecycle Introduction to Predictive Modeling
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Probability for Data Science Basic Concepts of Probability Axioms of Probability Conditional Probability
Central Tendencies for Continuous Variables Spread of Data KDE plots for Continuous Variable Overview of Distribution for Continuous variables Normal Distribution Skewed Distribution Skeweness and Kurtosis Distribution for Continuous Variable
Central Tendencies for Categorical Variables Understanding Discrete Distributions Performing EDA on Categorical Variables
Dealing with Missing Values Understanding Outliers Identifying Outliers in Data Outlier Detection in Python Outliers Detection Using IQR, Z-score, LOF and DBSCAN
Sample and Population Central Limit Theorem Confidence Interval and Margin of Error
Bivariate Analysis Introduction
Covariance Pearson Correlation Spearman's Correlation & Kendall's Tau Correlation versus Causation Tabular and Graphical methods for Bivariate Analysis Performing Bivariate Analysis on Continuous-Continuous Variables
Tabular and Graphical methods for Continuous-Categorical Variables Introduction to Hypothesis Testing P-value Two sample Z-test T-test T-test vs Z-test Performing Bivariate Analysis on Continuous-Catagorical variables
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Understanding Cost Function Understanding Gradient Descent Math Behind Gradient Descent Assumptions of Linear Regression Implement Linear Regression from Scratch Train Linear Regression in Python Implementing Linear Regression in R Diagnosing Residual Plots in Linear Regression Models Generalized Linear Models Introduction to Logistic Regression Odds Ratio Implementing Logistic Regression from Scratch Introduction to Scikit-learn in Python Train Logistic Regression in python Multiclass using Logistic Regression How to use Multinomial and Ordinal Logistic Regression in R ? Challenges with Linear Regression Introduction to Regularisation Implementing Regularisation Ridge Regression Lasso Regression
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Introduction to Feature Selection Feature Selection Algorithms Missing Value Ratio Low Variance Filter High Correlation Filter Backward Feature Elimination Forward Feature Selection Implement Feature Selection in Python Implement Feature Selection in R
Introduction to Decision Tree Purity in Decision Tree Terminologies Related to Decision Tree How to Select Best Split Point in Decision Tree? Chi-Squares Information Gain Reduction in Variance Optimizing Performance of Decision Tree Train Decision Tree using Scikit Learn Pruning of Decision Trees
Introduction to Feature Engineering Feature Transformation Feature Scaling Feature Engineering Frequency Encoding Automated Feature Engineering: Feature Tools
Introduction to Naive Bayes Conditional Probability and Bayes Theorem Introduction to Bayesian Adjustment Rating: The Incredible Concept Behind Online Ratings! Working of Naive Bayes Math behind Naive Bayes Types of Naive Bayes Implementation of Naive Bayes
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Introduction to Ensemble Techniques Basic Ensemble Techniques Implementing Basic Ensemble Techniques Finding Optimal Weights of Ensemble Learner using Neural Network Why Ensemble Models Work well?
Introduction to Stacking Implementing Stacking Variants of Stacking Implementing Variants of Stacking Introduction to Blending Bootstrap Sampling Introduction to Random Sampling Hyper-parameters of Random Forest Implementing Random Forest Out-of-Bag (OOB) Score in the Random Forest IPL Team Win Prediction Project Using Machine Learning Introduction to Boosting Gradient Boosting Algorithm Math behind GBM Implementing GBM in python Regularized Greedy Forests Extreme Gradient Boosting Implementing XGBM in python Tuning Hyperparameters of XGBoost in Python Implement XGBM in R/H2O Adaptive Boosting Implementing Adaptive Boosing LightGBM Implementing LightGBM in Python Catboost Implementing Catboost in Python
Different Hyperparameter Tuning methods Implementing Different Hyperparameter Tuning methods GridsearchCV RandomizedsearchCV Bayesian Optimization for Hyperparameter Tuning Hyperopt
Understanding SVM Algorithm SVM Kernels In-depth Intuition and Practical Implementation SVM Kernel Tricks Kernels and Hyperparameters in SVM Implementing SVM from Scratch in Python and R
Introduction to Principal Component Analysis Steps to Perform Principal Compound Analysis Computation of Covariance Matrix Finding Eigenvectors and Eigenvalues Implementing PCA in python Visualizing PCA A Brief Introduction to Linear Discriminant Analysis Introduction to Factor Analysis
Introduction to Clustering Applications of Clustering Evaluation Metrics for Clustering Understanding K-Means Implementation of K-Means in Python Implementation of K-Means in R Choosing Right Value for K Profiling Market Segments using K-Means Clustering Hierarchical Clustering Implementation of Hierarchial Clustering DBSCAN Defining Similarity between clusters Build Better and Accurate Clusters with Gaussian Mixture Models
Understand Basics of Recommendation Engine with Case Study
8 Ways to Improve Accuracy of Machine Learning Models
Introduction to Dask Working with CuML
Introduction to Machine Learning Interpretability Framework and Interpretable Models model Agnostic Methods for Interpretability Implementing Interpretable Model Understanding SHAP Out-of-Core ML Introduction to Interpretable Machine Learning Models Model Agnostic Methods for Interpretability Game Theory & Shapley Values
Introduction to Machine Learning Interpretability Framework and Interpretable Models model Agnostic Methods for Interpretability Implementing Interpretable Model Understanding SHAP Out-of-Core ML Introduction to Interpretable Machine Learning Models Model Agnostic Methods for Interpretability Game Theory & Shapley Values
Introduction to AutoML Implementation of MLBox Introduction to PyCaret TPOT Auto-Sklearn EvalML
Pickle and Joblib Introduction to Model Deployment
Deploying Machine Learning Model using Streamlit Deploying ML Models in Docker Deploy Using Streamlit Deploy on Heroku Deploy Using Netlify Introduction to Amazon Sagemaker Setting up Amazon SageMaker Using SageMaker Endpoint to Generate Inference Deploy on Microsoft Azure Cloud Introduction to Flask for Model Deploying ML model using Flask
Model Deployment in Android Model Deployment in Iphone

Magic Eden: NFT Marketplace Explained 

Myron
Myron Last Updated : 02 Jul, 2023
8 min read

Introduction

NFTs, NFTs, NFTs! If you have been in the crypto space for even a short period, you may have heard of the term NFTs. NFTs are Non-Fungible tokens (in detailed explanation in the following section). NFTs have grown so popular that several celebrities, including Gary Vee, Logan Paul, Eminem, Mike Tyson, and others, have invested millions and millions of dollars into NFT collections. You may be wondering how to buy and sell NFTs. You can do so from an NFT marketplace. In this guide, I will walk you through Magic Eden, an NFT marketplace that supports Ethereum and Solana NFTs.

This article was published as a part of the Data Science Blogathon.

Table of contents

What is an NFT?

NFT stands for Non-Fungible Token. An NFT is a digital asset created on the blockchain which serves the purpose of acting as a unique identity that proves ownership of an asset. Each NFT is unique; they cannot be duplicated, are scarce, are indivisible, and have different traits (rarities). Some of the current applications of NFTs are pictures, videos, game items, art, music, and many more. NFTs are still in their infancy, and several applications for NFTs have yet to be explored.

What is an NFT Marketplace?

NFTs can be traded. That is, they can be bought or sold. An NFT marketplace is a decentralised application (dapp) where NFTs can be traded after being minted. Furthermore, NFTs can also be auctioned on an NFT marketplace.

Mint – buying an NFT from the creator of the NFT is the first time an NFT is purchased.

NFT Marketplace

Each NFT is built on a blockchain. Gas fees are required to buy or sell any NFT, which is paid in the blockchain’s native token.

For example, an NFT Marketplace built on the Ethereum blockchain. Hence, to buy or sell the Ethereum NFT, the user has to pay gas fees in terms of ETH.

What is Magic Eden?

Magic Eden is an NFT Marketplace and launchpad. Magic Eden was initially built as an NFT marketplace for the Solana ecosystem but has developed and supported Ethereum-based NFTs since then. Magic Eden currently has over 22M+ monthly active users, with over 1.9 billion dollars in trading volume, and is home to more than 8000 NFT collections.

NFT Marketplace | Magic Eden
https://play.google.com/store/apps/details?id=io.magiceden.android&hl=en_US&gl=US

On Magic Eden, users can buy and sell Ethereum and Solana NFTs. Besides being an NFT marketplace, Magic Eden is also a launchpad where new NFT collections may be launched, which is where NFT collections can be minted. Hence, Magic Eden acts as a secondary and primary marketplace.

You may visit the Magic Eden website by clicking here.

How is Blockchain Used?

As stated above, each NFT is built on a blockchain. In this guide, I will be connecting the Magic Eden to the Solana blockchain to demonstrate the functions and features of Magic Eden.

NFT Marketplace

 

https://solana.com/news

Solana is a layer – 1 blockchain known as the “Ethereum Killer”. The Solana blockchain has a high TPS, quick transactions, and meagre transaction fees (< $0.01).

How is Wallet Used?

A Web3 wallet is required to interact with any kind of decentralised application, that is, in our case, to buy or sell an NFT. Furthermore, a Web3 wallet will allow us to store our NFTs in a decentralised and secure manner. Since I am using the Solana blockchain in this guide, I will require a wallet that supports the Solana blockchain. The wallet I will be using in this guide is the Phantom wallet.

 

https://phantom.app/download

Phantom is a Web3 crypto wallet built on the Solana blockchain that enables users to store, send, receive, buy and swap their digital assets in a secure and decentralised way.

How to Connect Wallet to Magic Eden?

To visit Magic Eden’s home page, click here.

Users are required to connect their Web3 wallet to Magic Eden to buy or sell their NFTs. You may connect your wallet to Magic Eden by following the steps below:

  1. On Magic Eden’s homepage, click on the Connect Wallet button.
  2. Select the respective blockchain (in our case Solana).
  3. Select the respective Web3 wallet (in our case, Phantom).
  4. Click on the Connect button in your wallet.
Magic Eden wallet | NFT Marketplace
Magic Eden

Your wallet has now been connected to the dapp. You can verify this by viewing your wallet’s public address in the website’s top right-hand corner.

Magic Eden

Homepage Overview

The Magic Eden homepage is full of content and contains several sections having various details. Let me break down each section on the homepage, as it will help you navigate the site easily.

Slideshow

The first section of the Magic Eden homepage is of the ongoing mint for specific NFT collections and the latest NFT drops. You may visit these collections by clicking on the Go to Launchpad (1) or Explore Collection (2) buttons.

 

The next section after scrolling down on the homepage is the popular collection section. This section displays the NFT collections popular in the specified period (1). You may visit these collections by clicking on the NFT collection (2) of your choice from the list. The NFT collection will be displayed (3).

Launchpad Drops

The next section shows you the NFT collections whose minting is currently going on. To mint an NFT from this section, follow the steps below:

  1. Select the NFT collection of your choice.
  2. Click on the Mint button.
  3. Click on the Approve button in your wallet to confirm your transaction.

After the transaction has been executed, you will find your NFT in the digital asset section of your wallet.

Whitelist Opportunities

As we know, NFT collections are of a limited number. The supply for the NFTs may be less than the demand.

For example, NFT Collection A has 10,000 NFTs, whereas the number of people who want to mint the NFT is 20,000. Due to this, not everyone has the chance to get the NFT.

Hence, a whitelist assures you a chance to mint the NFT. Think of a whitelist as an early access sale where you can purchase the NFTs at a cheaper price.

The criteria for getting a whitelist are different for each NFT collection. To whitelist for an NFT collection, you may follow the steps below:

  1. On the respective NFT collection of your choice, click on the Register for WL button.
  2. Complete all the steps.
  3. Click on the Verify and Enter buttons.

Once verified, you will be allowed to mint the NFT early.

How to Buy NFTs?

You may purchase an NFT from the secondary market by following the steps below:

  1. On the homepage, in the search bar, search for the NFT collection of your choice.
  2. Click on the NFT you want to buy.
  3. Click on the Buy Now button.
  4. Click on the Approve button in your wallet to confirm your transaction.
Magic Eden

Once the transaction has been completed, your NFT will appear in the digital asset section of your wallet.

Bid for an NFT

Many times, the price you see an NFT selling for is overpriced. You may want to purchase that NFT at a cheaper price. In that case, Magic Eden allows you to bid for an NFT. You can bid for an NFT by following the steps below:

  1. On the homepage, in the search bar, search for the NFT collection of your choice.
  2. Click on the NFT you want to bid for.
  3. Click on the Bid button.
  4. Enter the price you want to pay for the NFT.
  5. Select the expiry date of your offer.
  6. Click on the Bid Now button.
  7. Click on the Approve button in your wallet to confirm your transaction.
NFT Marketplace
NFT Marketplace

If the seller accepts your bid amount, the respective amount of tokens from your wallet will be deducted, and your NFT will appear in the digital asset section of your wallet.

How to Sell NFTs?

You may list your NFTs on the marketplace by following the steps below:

  1. Click on your wallet address in the top right-hand corner of your homepage.
  2. Click on the Sell button.
  3. Select the NFT you want to sell.
  4. Enter the selling price of your NFT.
  5. Click on the List Now button.
  6. Click on the Approve button in your wallet to confirm your transaction.
NFT Marketplace
NFT Marketplace

Your NFT has now been listed on the marketplace. You will receive the respective amount once another user buys your NFT.

Bonus Tip!

Many times when you search for an NFT collection, the following message may appear:

NFT Marketplace

A flagged NFT collection is normally one which has been a scam and is no longer operational. DO NOT invest in these NFT collections, as if you buy an NFT from a flagged collection, it is doubtful that you will be able to resell that NFT.

Conclusion

Voila, you now know how to buy and sell an NFT from an NFT marketplace. The NFT space is precarious and one of the areas in crypto with the most scams and rugs. Please ensure that you DYOR (Do Your Own Research) before investing in any NFT project. I have lost a lot of money due to scams, so please take this seriously.

All the content in this article is purely for educational purposes and does NOT provide any financial advice. If you have enjoyed this guide, please let me know in the comments and consider following. Thank you for your time.

Key Takeaways

  • Magic Eden is a secondary and primary marketplace.
  • Magic Eden supports Solana as well as Ethereum NFT collections.
  • NFT stands for Non-Fungible token, a digital asset created on a blockchain.
  • Current applications of NFTs are – music, art, game items, etc.
  • Via Magic Eden, users can buy, sell, bid, and launch their NFT collection.
  • The majority of the NFT collections are a scam. Hence, it is essential to DYOR.
  • No content in this guide provides any kind of Financial advice.

The media shown in this article is not owned by Analytics Vidhya and is used at the Author’s discretion.

Myron
Myron

A crypto research analyst, algorithmic trader who is passionate about cryptocurrency, finance, investing and data analytics.
In this blog, I will be mainly focusing on how to use python programming language to derive meaningful insights from datasets in order educate and develop various investing strategies for assets.

In addition, I will be uploading "how to" guides on various decentralized applications running on a number of blockchains and "Top 5" guides. Furthermore, research articles on blockchain projects will be a part of the content.

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