So, this has been a lingering issue in my campaign as I can't pin down the rules on this one. I have ruled it differently according to information I've been getting since the campaign started. We're playing Curse of Strahd and whether or not Crimson Rite makes a weapon magical makes a huge difference for the PC and DM against prominent enemies in this campaign.
My player and I started by agreeing that Crimson Rite makes your weapon magical due to the following passage in the Blood Hunter's rules:
While the rite is in effect, attacks you make with this weapon are magical, and deal extra damage equal to your hemocraft die of the type determined by the chosen rite. A weapon can hold only one active rite at a time. Other creatures can’t gain the benefit of your rite.
And most of the campaign we have been playing it like that. Yet, I always had some doubt in my mind because of the Order of the Lycan subclass.
First, an Order of the Lycan at third level gains:
Predatory Strikes. You can apply your Crimson Rite feature to your unarmed strikes, which you treat as one weapon.
Then, at 7th level they get:
Improved Predatory Strikes. You have a +1 bonus to attack rolls made with your unarmed strike. This bonus increases to +2 at 11th level and to +3 at 18th level. Additionally, when you have an active crimson rite on your unarmed strike while in your hybrid form, your unarmed strikes are considered magical for the purpose of overcoming resistance and immunity to nonmagical attacks and damage.
That last part nags at me because it doesn't make sense. If Crimson Rite makes your weapon magical, and Predatory Strike applies this to your unarmed strikes, your unarmed strikes are already magical from 3rd level on. How come this 7th level feature is an improvement, besides the attack bonus? Why phrase it like that, if Crimson Rite already gave you that benefit? Although the way it's phrased does make it more clear that your attacks overcome resistance and immunity to nonmagical attacks and damage than the passage about Crimson Rite making your weapon magical at level 2 of Blood Hunter.
I'm a fan of Critical Role and just this past week, I came upon an episode (Dec 2019) from season 2 where Mollymauk plays a Blood Hunter Order of the Ghostslayer and Matthew Mercer tells Taliesin that Crimson Rite doesn't make his weapon magical, only the extra rite damage is magical. If you want to check that moment, I have this Youtube link with a time stamp: https://youtu.be/CoomA-qeJMI?si=vY1_DlMPp_HmMIIs&t=8503
I shared this with the player and we even found a twitter of Matthew Mercer explaining this in 2016: https://twitter.com/matthewmercer/status/788925692117344257
The problem is that the class was revised in February 2020, even though the episode I mention above happened 2 months before. I can't seem to find any revision to this rule after the revision of February 2020 and it's making me go crazy. My player is also eager to get to the bottom of this. After some reflection, this comes down to 2 rulings:
1.If we reread the following passage:
While the rite is in effect, attacks you make with this weapon are magical, and deal extra damage equal to your hemocraft die of the type determined by the chosen rite.
I can interpret that what they're trying to say is that Crimson Rite adds magical attacks to your weapon attacks instead of Crimson Rite makes your weapon magical. I don't know why they put it like that because it sounds redundant but maybe they're describing the purpose of such power in the Blood Hunter Class.
2.Maybe I'm reading too much into stuff and the class got revised in February 2020 and
attacks you make with this weapon are magical
means that the weapon attacks in full become magic and it's as simple as that.