Magic Eden, the prominent cross-chain NFT marketplace, is undergoing a major transformation.
Magic Eden, the prominent cross-chain NFT marketplace, is undergoing a major transformation. The company announced on Monday that it will open-source its minting and trading protocols in collaboration with a new Non-Fungible DAO. This move is part of Magic Eden's broader strategy to decentralize its platform and empower the NFT community.
In addition to open-sourcing its protocols, Magic Eden is also planning to launch a crypto token called "NFT" to reward NFT traders. The Non-Fungible DAO will distribute the NFT token to users who actively participate in the Magic Eden ecosystem, including those who use the marketplace and minting protocols across different blockchains.
Magic Eden General Manager Tiffany Huang emphasized that the NFT token will be awarded to users who engage with the protocols governed by the Non-Fungible DAO. While the specific details regarding the token launch, such as the blockchain it will be launched on and the allocation of tokens, are yet to be disclosed, Huang confirmed that users of Magic Eden's protocols will receive the NFT token.
Alongside the NFT token launch, Magic Eden is also expanding its existing Diamonds rewards program to all four blockchains it currently supports: Solana, Ethereum, Bitcoin, and Polygon. The Diamonds program provides users with rewards for completing quests and engaging with the Magic Eden marketplace. The new rewards program will be integrated to the Magic Eden wallet, which is slated to go live soon.
Huang described the Diamonds model and the NFT token drop as "parallel paths" for trading rewards, with the Diamonds program continuing indefinitely. Magic Eden aims to create a sustainable rewards system that benefits both NFT traders and the broader community.
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