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Gitcoin Virtual Hackathon

Magic Eden: Creator Monetization Hackathon

Oct 28, 2022 - Dec 12, 2022

Magic Eden: Creator Monetization Hackathon

Oct 28, 2022 -December 12, 2022

Magic Eden is the leading NFT platform for discovery, expression, and ownership across digital cultures. With a mission to expand the Web3 ecosystem to the next billion users, Magic Eden pushes boundaries on exploration and experimentation in NFT technology.

Our first Creator Monetization Hackathon — invites you to experiment and innovate with ideas that will allow creators in the Solana NFT space to earn royalties or identify alternative monetization models.

With a total prize pool of $250K 💰 from our Creator Research & Development fund of $1M, Magic Eden is calling for developers, creators and ecosystem partners to join minds and push the boundaries for the long-term growth of the Solana NFT ecosystem.

We also welcome non-web3-natives, newcomers and builders of other chains to participate, learn and think of solutions with us during this month-long Hackathon.

⏰ Timeline

  • The Magic Eden: Creator Monetization Hackathon will commence on Friday October 28, 2022 at 4pm PST
  • Workshops hosted by our Partners (detailed schedule below) Tuesday, November 1 - Monday, December 5
  • All projects must be submitted by Monday, December 12, 2022 at 11:45pm PST
  • Judging - Tuesday, December 13 - Thursday, December 15, 2022
  • Winner Announcement - Friday, December 16, 2022

💸 Prizes: Total Pool of $250k

Track 1: Future of Royalties, Total of $155,000
The first track will focus on the future of royalties. We’re challenging participants to reimagine how royalties should work. Ideas can range from royalty incentivization to more complex models such as dynamic royalties. We are empowering developers with the platform and tools to come up with insightful ways to manage and motivate the payment of royalties.

  • 1st place: $80,000
  • 2nd place: $30,000
  • 3rd place: $20,000
  • 4th place: $15,000
  • 5th place: $10,000

Track 2: Ancillary Revenue Opportunities, Total of $75k
This track will touch upon helping NFT creators develop additional sources of income and monetization opportunities, outside of royalties.

  • 1st place: $30k
  • 2nd place: $20k
  • 3rd place: $15k
  • 4th place: $10k

Bonus Track: Royalty Tracking API (Coral Cube or Helius), Total of $20k
This new bonus track will be rewarded to submissions that successfully implement the Coral Cube royalty tracker API or utilize the Helius API for royalty tracking.

  • 1st place: $15k
  • 2nd place: $5k

Teams can use the below resources when building for this bounty:

We recommend you also attend the 12/2 Helius workshop!

Judges’ Awards, Total of $20k
For solutions that may not fall neatly in the two categories above or other solutions the judges would like to commemorate, we are creating space for honorable mentions via judges’ awards.

  • Judges’ Award 1: $5k
  • Judges’ Award 2: $5k
  • Judges’ Award 3: $5k
  • Judges’ Award 4: $5k

🧑‍⚖️ Judges

The remaining $750K from Magic Eden’s Research & Development fund of $1M will be used for:

  • Our second hackathon (total prize pool of $250K) launching by Q2 of 2023 to continue exploring solutions to creator monetization
  • Grants to creators and developers (totalling $250K). Creators will be eligible for grants to adopt solutions developed in the first and second hackathons while developers are eligible for solutions that expand on the different incentives developed in both hackathons
  • Funding for companies (totalling $230K) who are devoted to working on creator solutions

🗓 Schedule and Partner Workshops

  • 10/28/22 Hackathon Kick-Off + Magic Eden-hosted Twitter Spaces
  • 10/31-12/5: workshops (Twitch Livestream)
  • 11/1: Quicknode
  • 8:00 AM PST
  • Track: Future of Royalties
  • Name: How to Make Quick NFT Apps on Solana with QuickNode
  • Description: This workshop will talk about the need for an infrastructure provider, inner workings of the QuickNode NFT API and how to make NFT apps at scale utilizing the NFT API.
  • Length: Approximately 1 hour
  • Watch on YouTube
  • 11/4: Galxe
  • 11:00 AM PST
  • Track: Future of Royalties
  • Description: Galxe will discuss the importance and use cases of SBTs in regards to creator monetization. Additionally, the Galxe platform will be demo’d for creators to be able to understand how to leverage Galxe’s tools for brand growth.
  • Length: Approximately 1 hour
  • Watch on Youtube
  • 11/7: Thirdweb
  • 3:00 PM PST
  • Name: How To Create NFTs and a Revenue Share Stream on Solana
  • In this workshop, Jarrod & Samina will deploy an NFT Collection shared among multiple artists, split secondary sales (set royalties) that gets distributed to artists based on the shares. Workshop will cover the entire flow of minting NFTs, setting royalties, listing on Magic Eden directly from Phantom, and demoing the distribution of funds.
  • Length: Approximately 1 hour
  • Watch on Youtube
  • 11/9: Darkblock
  • 10:00 AM PST
  • Track: Ancillary Revenue Opportunities
  • Name: Beyond Royalties: New Revenue Models for NFT Creators with Darkblock
  • Description: Darkblock’s encryption protocol enables creators to distribute, control access to, and monetize multimedia content in a web3 native way using NFTs with decentralized unlockable content. Darkblock turns NFTs into composable delivery channels for multimedia content, which creates a sandbox for creators to explore new revenue streams, including subscriptions, pay-per-view, and the ability to collect royalties on the consumption of content (e.g., listening to a song, watching a video, reading a comic book, etc.).
  • Length: Approximately 1 hour
  • Watch on Youtube
  • 11/11: Raindrop
  • 10:00 AM PST
  • Track: Future of royalties and Ancillary Revenue Opportunities
  • Name: Boots: taking the used car sales out of NFTs
  • Description:
  • Why current NFT royalties are like used car sales and are not sustainable
  • How NFT collections can sustainably earn recurring revenue through boots
  • How trait creators and external artists can earn recurring revenue without having to create an NFT collection from scratch
  • How brands can use NFT collections and boots to engage with their customers and tap into existing communities
  • How Boots sets collections up for gamified experiences that leverage Raindrops Protocol
  • Length: Approximately 1 hour
  • Watch on Youtube
  • 11/14: Solana FM
  • 11:00 AM PST
  • Track: Future of Royalties
  • Name: Solana FM and Managing Your Back End Needs
  • Description: We will be advocating developers on how to manage their own indexers on SolanaFM portal. SolanaFM will be spinning some ideas off on what developers can build after uploading their IDLs, coupled with success stories on what other projects have built using SolanaFM's portal.
  • Length: Approximately 1 hour
  • Watch on Youtube
  • 11/28: H3LIUM
  • 10:00 AM PST
  • Track: Future of Royalties
  • Name: Align By Phase Protocol
  • Description: This tech aligns incentives between communities & teams by creating a financial middle ground out of community-paid royalties. It does this by utilizing a vault governed in equal parts by the team & the community. All royalty funds are deposited in the vault — if the team wishes to use them they must get the community's approval, if the community wishes to use them, they must get the team's approval. NFT projects are equal parts community & business — its time the financial agreement between holders & founders reflect that.
  • Length: Approximately 1 hour
  • 12/2: Helius
  • 10:00 AM PST
  • Track: Future of Royalties
  • Name: Decoding and Tracking NFT Royalty Payments
  • Description: Learn how to decode NFT transactions across marketplaces and track both historical and real-time royalty payments with Helius.
  • Length: Approximately 1 hour
  • 12/5 Horizen Labs
  • 1:00 PM PST
  • Name: Creating Value Through Tokenization and DAOs
  • Description: Web3 technology has driven efficiency and profitability for many Web2 businesses. But going from idea to execution can often be jarring. This workshop will explore the how behind tokenization. It will provide a comprehensive overview of tokenization, including use cases, tokenomics, legal requirements, and launch strategy. In doing so, we hope to educate businesses and consumers in refining their Web3 product strategy.
  • Length: Approximately 1 hour
  • 12/12: submissions due EOD 11:45 pm PST
  • 12/13-12/15: Judging
  • 12/16: Winners + Awards Announced
  • ⚡️ How it works

    1. Check out prizes and bounties in the bounty explorer when the hackathon goes live
    2. Sign up for the hackathon by clicking "Join Now" at the top of this page. 
    3. Join our Discord server and connect with builders
    4. Participate in Workshops & AMAs
    5. BUIDL with your friends
    6. Submit your projects via Gitcoin
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