Buying NFTs on Magic Eden Guide


- 24/10/2022

Buying NFTs on Magic Eden

On, clubs are able to buy NFTs from Magic Eden directly. In order to do so, the club’s founder or manager has to create a trading proposal.

In role-based and NFT-based clubs, a trading proposal can be created if the club has already held a fundraiser – no matter if a new one is in process. In deposit-based clubs, a trading proposal can only be created if no fundraisers are in process as the voting power in this type of club is determined by one’s contribution to the treasury.

Here’s a step-by-step guide to help you buy NFTs from Magic Eden with your Club.

STEP 1: Create a Proposal

If you’re the club’s manager or founder, you will have a ‘create a proposal’ button on the club’s dashboard. Click on it and choose to create a Trading proposal.

STEP 2: Choose an NFT to Buy

At this step, you will have to insert the proposal title and description. If it is not set by default, click on the ‘NFT to buy’ option and paste the link of the NFT you want to buy*.

As soon as you paste the link, the NFT from Magic Eden will be displayed together with its price**.

You will also be able to see the Max voting time set in the club creation process and insert the external discussion link if there is one.

Once you have filled out all the necessary information, click on the ‘Create proposal’ button and your proposal will be created and visible on your club’s dashboard.

*To find the link, open the NFT you want to buy on Magic Eden and copy the URL from the address bar at the top of your browser. In case you are buying an NFT in a peer-to-peer way, check out this step-by-step guide.

** At the moment, buying NFTs from Magic Eden on has a 0% royalties fee set by default.

STEP 3: Vote on the Proposal

Once the proposal has been created, you will be able to find it under the Proposals section.

Invite your club members to vote on it before the voting ends.

STEP 4: Execute the Proposal

Once your proposal has reached the required approval quorum, any member of the club will be able to execute it.

Click on the ‘Execute proposal’ and the NFT will be successfully bought from Magic Eden and transferred to your Vault*.

*Due to Magic Eden limitations, the execution of your proposal may not succeed from the first try. In case you get an error message, simply try executing the proposal again.

Congratulations! You have succesfully bought an NFT from Magic Eden through platform.

If you need any help, join our Discord and our community managers will assist you.

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