Deep Dive: is Solana’s Magic Eden safe to use?

Magic Eden is now the biggest NFT platform on the Solana blockchain. But the question is, is it safe to use?

The team

Most of the Magic Eden’s main team are doxxed and have been into Solana conferences and meetups a good number of times now, decreasing the chances of the platform being a scam to near-zero.

The higher-ups of the team members also have their names listed on Magic Eden’s about page as well, hence you can look up their individual profiles on platforms like LinkedIn.

Sidney Zhang (Co-founder & CTO): Twitter | LinkedIn
Jack Lu (Co-Founder & CEO): Twitter | LinkedIn
Zhuoxun Yin (Co-Founder & COO): Twitter | LinkedIn
Zhuojie Zhou (Co-Founder & Chief Engineer): Twitter | LinkedIn

Also, take note that these people are not some “random nobodys”; they’ve worked at companies such as Uber, Facebook, Coinbase, dYdX, and the like.

Investors

Magic Eden has been doing so well in the Solana NFT space that they got the attention of the biggest crypto and non-crypto venture capital firms like Paradigm Coinbase Ventures, and Sequoia Capital; ending up with Magic Eden raising a whopping $27 million in their Series A funding round.

Controversy

In December 2021, there was some controversy about Magic Eden providing “deceptive” and inaccurate trading volume; with the article writer claiming that apparently, Magic Eden is displaying the trading volume of the entirety of the Solana NFT marketplaces combined, instead of displaying the trading volume of Magic Eden alone.

But regardless — this controversy is concerning data inaccuracy, not concerning platform security or legitimacy.

Conclusion

In conclusion, it’s pretty safe to assume that Magic Eden is a legitimate platform and the team will definitely do their best to secure the platform. Just always remember that there will be risks with concern to cryptocurrency platforms, and also — always use a reputable hardware wallet like the Ledger Nano S Plus or the Ledger Nano X.