Magic Eden Integrates Metaplex Certified Collection Standard to Marketplace

By Soumen DattaNFT

By establishing a Certified Collection Standard, creators and collectors will have greater trust in the quality and authenticity of their NFTs.

Magic Eden X Metaplex: Certified Collection Standard

As of April 1, Magic Eden will support the Metaplex Certified Collection (MCC) Standard on its marketplace, enabling marketplaces and creators to certify that a particular NFT belongs to a specific collection using on-chain information.

Magic Eden announced the update on April 1 through a Twitter thread, saying it would enhance the trust between creators and collectors that their NFTs are genuine and authentic. As a result of this integration, existing collection owners can migrate their collections and adopt the Metaplex Certified Collection Standard. In addition, each new creator who mints a collection on Candy Machine v2 will also automatically receive certification under the new Metaplex Standard. Notably, Certified Collections by Metaplex were available on Solana Devnet from January 10, 2022.

“‍All Solana NFT creators are strongly encouraged to officialize their NFTs as a Certified Collection so that users of NFT marketplaces can trust and “ape with confidence” into their favorite NFT collections. Metaplex says in their article from January 10. Certified Collections are currently optional, but in the future, maybe required by certain marketplaces.”

Source

Magic Eden will also allow NFTs from Metaplex Certified Collections to be traded immediately without waiting for a review by their team. But in parallel, Magic Eden also made it clear that NFTs and collections that are Metaplex certified but not reviewed by the Magic Eden team: 

– Will not be searchable on the Magic Eden marketplace

– Will include warnings and disclaimers for traders to DYOR

– Will only be accessible through a direct link

To enable searchability and remove these warnings, creators must apply for a Magic Eden Creator Hub listing.

What is Magic Eden?

Magic Eden is a Solana Network NFT platform that facilitates the buying, selling, and minting of NFTs. The NFT transactions are very similar to Ethereum transactions, except that users will have a 0% listing fee and only a 2% transaction fee, lowering the entry barriers for both new and experienced NFT buyers and creators. SOL tokens are the fee payment method. With a market share of more than 90% in secondary trading volume on Solana, Magic Eden offers the most liquidity to creators. Since its launch, Magic Eden has done $200M in trading volume in its first two months to become the dominant NFT platform on Solana.

Know more about Magic Eden 

Twitter | Website | Discord

Source web3wire.news

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