The Rise of Points-Based Loyalty Models in NFT Marketplaces
The crypto world has been buzzing with the rise of points-based loyalty models in NFT marketplaces. Platforms like Magic Eden, Blur, and Tensor are adopting these models to attract traders and potentially offer token airdrops and other rewards.
Magic Eden Introduces Diamonds Rewards System
Magic Eden recently launched its Diamonds rewards system, starting with Solana and expanding to Bitcoin, Polygon, and Ethereum. This move is seen as an attempt to catch up with Tensor, the leading Solana NFT marketplace.
Blur’s Success with Points Model
Ethereum marketplace Blur was the pioneer of the points model, dethroning OpenSea by dropping millions of dollars worth of BLUR tokens to its loyal users. By the end of the year, Blur had given away $818 million worth of tokens.
Tensor’s Points-Based Loyalty Model
Tensor, another Solana NFT marketplace, also employs a points-based loyalty model. While it hasn’t officially announced a token airdrop tied to the points, there have been hints about it in the past.
Market Share Battle: Magic Eden vs. Tensor
Magic Eden’s introduction of the Diamonds system didn’t result in a significant boost in market share. As of now, Tensor commands about 73% of Solana NFT market share compared to just 22% for Magic Eden.
Broad Landscape: Blur Leads on Ethereum
Looking at the broader landscape across multiple NFT chains, Blur dominates with about 42% market share on Ethereum. Tensor follows with 14.5% market share on Solana, and Magic Eden comes in third with 14%.
Magic Eden’s Expansion and Alliances
Magic Eden is preparing to launch a new marketplace on Ethereum in partnership with Bored Ape Yacht Club creator Yuga Labs. The marketplace has also formed alliances with major Ethereum projects like Pudgy Penguins and Azuki.
Will Magic Eden’s New Marketplace Make a Difference?
The launch of Magic Eden’s new Ethereum marketplace, along with the Diamonds rewards system, may provide a sustainable boost as it competes with other NFT marketplaces. Only time will tell if this shift will turn the tide in their favor.
Hot Take: Points-Based Loyalty Models Shape the Future of NFT Marketplaces
The adoption of points-based loyalty models in NFT marketplaces is reshaping the landscape and creating intense competition among platforms. While some marketplaces have seen success, others are still struggling to gain significant market share. The introduction of token airdrops and rewards adds another layer of excitement for traders. As Magic Eden prepares to expand its presence and form alliances, it remains to be seen if these strategies will be enough to secure a leading position in the NFT marketplace wars.
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