Magic Eden Launches BCD Rewards Program, Is It Worth Participating?

Recently, a well-known NFT trading platform launched a new BCD rewards program aimed at incentivizing users to use its products. This article will detail how to obtain these BCD rewards and evaluate the value of participating in this program.

BCD rewards program overview

According to the official introduction, users can earn BCD by completing different tasks and unlock more discounts on the platform. These rewards not only provide fee discounts but also bring long-term benefits to users. The amount of monthly BCD rewards remains constant and does not solely depend on trading volume. The platform hopes to provide users with a more comprehensive and valuable experience through this approach.

Platform Background and Influence

The platform completed two rounds of large-scale financing in March and June 2022, with investments from several well-known institutions. It occupies a leading position in the Solana ecosystem, with a total trading volume exceeding 57.92 million SOL and over 800,000 traders. In addition, the platform has also expanded to multiple public chains such as Ethereum and Polygon, and recently launched a Bitcoin ecosystem NFT market.

In the Bitcoin Ordinals market, the platform stands out particularly. According to data, the platform has consistently maintained a leading position in terms of daily trading volume in this field, with a significant market share.

How to Obtain BCD Rewards

Currently, users can obtain BCD rewards through the following three methods:

1. Listing: List the NFT on the platform and successfully sell it.
2. Bidding: Place a bid on a certain NFT series and have it accepted.
3. Complete your profile: Fill in your username and other personal information.

It is worth noting that the currently listed and bid BCD rewards are only applicable to collectibles on the Solana chain.

The user's loyalty score will affect the final amount of BCD received. The loyalty score is based on the transaction behavior of the past 6 months; the higher the score, the higher the multiplier for BCD earned. Users can check their loyalty score in their personal rewards center.

Fee Discount Program

In addition to BCD rewards, users can also earn points through trading activities. These points not only enhance user loyalty but also provide fee discounts. Points are divided into five levels based on trading volume, with higher levels offering better benefits.

Users can earn 5 points for every 1 SOL in trading volume. At the beginning of each month, a new rewards period starts. The level from the previous month will remain unchanged unless the user exceeds that level in the current period.

Summary

As competition in the NFT market intensifies, it has become a trend for platforms to attract users through operational activities. The diamond rewards program of this platform draws on the experiences of other successful cases, and currently, it is based only on the Solana chain, making user participation costs relatively low. For users with leisure time, participating in this activity could be a good choice.

It is reported that the platform will introduce more ways to earn BCD in the future, as well as specific BCD benefits and rewards. We will continue to monitor related developments.