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Magic Eden X How to Trade NFTs Securely with Low Fees

Q: Okay, 0% fees on Solana sounds too good to be true. What\’s the catch?

A: Honestly? On the Magic Eden marketplace itself for Solana NFTs traded through X, there really isn\’t one for the marketplace fee. It\’s 0%. BUT remember you always pay the blockchain gas fee (usually a few cents on Solana). And crucially, if you buy an NFT listed on another marketplace aggregated by X (like an OpenSea listing), that original marketplace\’s fees might still apply, though X tries to surface the total cost upfront. Always double-check the final confirmation screen in your wallet!

Q: I keep hearing \”aggregator.\” Does that mean Magic Eden X actually holds my NFTs?

A: No! Absolutely not. That\’s a critical point. Magic Eden X is just a fancy interface, a window. Your NFTs live securely in your own wallet (like Phantom, Backpack, or MetaMask). X never has custody. When you buy or sell through X, the transaction happens directly between your wallet and the seller\’s/buyer\’s wallet on the blockchain. X facilitates the process and shows you listings, but your assets stay under your control in your wallet.

Q: How do I know the royalty % I\’m actually paying when I buy? Or if the seller even set one?

A: This is where it gets murky and frankly, kinda annoying. When you buy, you generally pay whatever royalty % the seller chose when they listed the item (using that slider). Magic Eden X should show you the intended royalty percentage during the purchase flow, before you confirm in your wallet. Scrutinize that transaction pop-up in your wallet carefully! It should list the total price breakdown, including the royalty amount going to the creator (if any). If you don\’t see a royalty line item… well, that probably means the seller set it to 0%. There\’s no easy way to filter listings by royalty % paid, which is a bummer.

Q: I tried listing something, but my wallet is asking for crazy permissions! Is this safe?

A: RED FLAG! When listing, the only permissions your wallet (like MetaMask) should typically ask for is approval to list that specific NFT for sale, often requiring a small gas fee to set up the listing contract. It should NEVER ask for unlimited spending approval (\”Approve unlimited [Token]\”) or access to all your NFTs unless you\’re doing something very specific (like setting up a bulk listing tool, which X isn\’t really built for). If you see \”Approve unlimited\” or anything asking for broad access, CANCEL IMMEDIATELY. Revoke any suspicious permissions on revoke.cash (ETH) or Solana tools like Sol Incinerator. Stick to the standard listing flow within X.

Q: Why did my transaction fail? I thought Solana was fast and cheap!

A: Ah, the dreaded failure. Even Solana has hiccups. Common reasons using X: 1) Insufficient SOL for gas: You need a tiny bit of SOL in your wallet, even just 0.01 SOL, to cover gas. If you\’re all-in on NFTs with zero SOL, it fails. 2) Price Slippage: If the floor price moved significantly between you clicking \”Buy\” and the transaction confirming, it might fail if the price difference exceeds the slippage tolerance (usually set low by default). Try again. 3) Someone else bought it first: Aggregators show listings from everywhere, but speed matters. If someone sniped it on the native marketplace milliseconds before you confirmed, your buy fails. 4) Network Congestion: Rare on Solana, but possible during insane meme coin surges, causing delays or failures. Check Solana status dashboards if it\’s widespread. Always check your wallet for an error message first!

Tim

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