Magic Eden Credit Card

Product Improvement Impact Program
1

  1. Title: Magic Eden Credit Card

  2. Abstract
    Introducing a Magic Eden branded Credit Card, similar to other competitors (crypto.com comes to mind), yet with unique benefits that only Magic Eden can offer, while implementing $ME as much as possible into the features and benefits. Ideally, the Credit Card would be implemented deeply into the Magic Eden Wallet, giving users the opportunity to further use their crypto wallet for purchases outside web3.

  3. Motivation

    • further expanding Magic Eden services in a meaningful way
    • offering unique benefits for traders and the community
    • adding benefits to the $ME token and offering additional reasons for traders and collectors to switch from competitors and use Magic Eden.
    • create additional revenue for Magic Eden

  4. Key Terms

    • offering a Magic Eden branded digital and physical credit card, implemented deeply into the Magic Eden Wallet,
    • giving users the option of settling Credit Card payments directly within their Magic Eden Wallet.
    • offering additional perks and benefits for $ME-stakers (tiers), thus raising the value of $ME

  5. Specification

    Offering a virtual and physical Credit Card that is deeply integrated into the Magic Eden Wallet and offers customers the possibility of using their crypto for CC-purchases, without having to first transfer their crypto to a CEX/competitor.

    Making the best use of $ME to offer unique benefits that competitors cannot offer, such as:

    • Cash-Back in $ME (higher % if auto-stake)

    • possibly offering free subscription services for power stakers and traders (crypto.com does this with Netflix and Spotify).

    • integrating Leaderboard rankings into Cash-Back benefits (which makes sense, since other Credit Card providers offer better rates to power users and the Leaderboard is the ultimate ranking of power trader/users).

    • include Credit Card spending into the Leaderboard rankings in a smart way to offer additional benefits

    • partner with NFT artists and NFT communities to create community-branded, unique physical credit cards that would gather attention on CT and other social media platforms (think Puppets branded Credit Card, or $DOG branded credit Credit Card).

    • establish Magic Eden as the ultimate Credit Card partner for viral NFT/Ordinals/Meme communities.

    • and much more.

  6. Benefits/Risks

    Even though such an undertaking involves massive amount of work for the team, the benefits far outweigh the risks

    Pro:

    1. additional perks for using ME wallet and marketplace
    2. keeping up with competitors, but introducing smart improvements not yet seen anywhere else
    3. significant additional revenue
    4. further utility for the $ME token and stakers
    5. great marketing opportunity, especially if community-branded Credit Cards can be achieved

    Con:

    1. very time-intensive and expensive to implement at first, but very much worth it in the long-run

    Risks:
    Within reasonable limits, since Magic Eden wouldn´t be the first Marketplace/Exchange offering a Crypto Credit Card and there is a lot of information out there what works and what does not from competitors.

  7. Outcomes

    Ideally, this would be a major addition to the Magic Eden wallet, greatly improving the user experience and giving holders even more reasons to use and stake $ME.

    Crucially, keeping everything within the app and not having to transfer your crypto to other services and exchanges.

    If implemented correctly, this should lead to increased transactions, improved user experience and retention and give users even more reason to make Magic Eden Wallet their No.1 crypto wallet.

5 Likes
2

This would be awesome. I am not sure what something like this would look like in terms of actually producing the cards ect but I would definitely use a magic eden card irl. I already use kast and would definitely switch over.

1 Like
3

I like the idea!

I hope you succeed!

2 Likes
4

Ty for the feedback!

5

The complexity with implementing credit card and by extension credit score, collateral backing, etc would be too much, I am more leaning towards a debit card.

1 Like
6

oh yeah for sure, debit card would be just as great to start and lessen the complications