Magic Eden, a well-known cross-chain NFT marketplace, is in the midst of a significant transformation, marking a pivotal moment for the platform. In an announcement on Monday, the company revealed its plans to open-source both its minting and trading protocols in collaboration with a newly formed Non-Fungible DAO.
This strategic shift aligns with Magic Eden’s overarching goal of decentralizing its platform and fostering a more empowered NFT community.
As part of this initiative, Magic Eden is set to introduce a crypto token named “NFT,” designed to serve as a reward for active participants within the Magic Eden ecosystem. The Non-Fungible DAO will oversee the distribution of the NFT token, ensuring users engaged in various aspects of the Magic Eden platform, including marketplace activities and the utilization of minting protocols across diverse blockchains, receive due recognition.
Tiffany Huang, the General Manager of Magic Eden, emphasized that the NFT token will be granted to users actively involved in the protocols governed by the Non-Fungible DAO. Although specific details about the token launch, including the blockchain of release and token allocation, are yet to be unveiled, Huang affirmed that users leveraging Magic Eden’s protocols will be eligible for the NFT token.
In tandem with the NFT token rollout, Magic Eden is extending its existing Diamonds rewards program to encompass all four supported blockchains: Solana, Ethereum, Bitcoin, and Polygon. The Diamonds program, which rewards users for completing quests and engaging with the Magic Eden marketplace, will seamlessly integrate into the upcoming Magic Eden wallet.
Describing the Diamonds model and the forthcoming NFT token drop as “parallel paths” for trading rewards, Huang clarified that the Diamonds program is intended to be an ongoing feature. Magic Eden’s overarching vision is to establish a sustainable rewards system that not only benefits NFT traders but also contributes positively to the broader community. Stay tuned as Magic Eden embarks on this exciting journey of decentralization and community empowerment.
