Magic Eden has started aggregating listings from competing marketplaces, giving traders a single destination to manage listings across platforms and see prices and listings across the entire Solana NFT market. The startup—which was valued at $1.6 billion as of June 2022—said that it will also open-source its marketplace smart contract in the coming days.

These moves address long-standing criticisms of Magic Eden, which has consistently been the leading Solana NFT marketplace since launching in late 2021. Rival platforms and other Solana builders have taken Magic Eden to task for using closed-source code and for limiting composability opportunities across platforms.

However, it’s still unclear whether Magic Eden will still use an escrow contract that takes custody of users’ listed NFTs—a leading critique of Magic Eden’s marketplace model that has previously been called out by rivals as a potential security threat. Decrypt asked a Magic Eden representative for clarification, but did not immediately hear back.

As part of the relaunch, Magic Eden will temporarily change its “maker fee” to -0.25% for certain types of transactions. In other words, Magic Eden will pay you to buy and sell NFTs.

If you list an NFT for 100 SOL, Magic Eden wrote as an example, then you’d ultimately get 100.25 SOL if it sells. Similarly, if you make a collection offer on a certain Solana NFT project and it’s fulfilled, then you’ll effectively get a 0.25% rebate on the purchase price. Users can also earn fees for operating automated market maker (AMM) NFT trading pools on Magic Eden.

Tensor Snatched Magic Eden’s Solana NFT Crown. But for How Long?

The Solana NFT space got a shot in the arm with the late April launch of Mad Lads, a buzzy profile picture (PFP) collection that led the market-wide charts. But something else happened amid the trading surge: upstart marketplace Tensor topped the dominant Magic Eden. Tensor launched in 2022, but saw increasing activity after introducing trading rewards in March. Last week, it clinched majority market share by trading volume on Solana. Data collected by Tiexo shows a slight lead by Tensor over th

Market data from Tiexo shows Magic Eden with a lead over the last week, with nearly 44% of trading volume compared to about 40% for Tensor. Over the past day, however, Magic Eden takes a heavier share at 51% of the Solana NFT market compared to about 35% for Tensor.